Operators of German gas storage report that no shortages are expected for the rest of this winter, even under extreme cold, but they are increasingly concerned about the heating season that will begin at the end of 2026/27. The current fill levels already secure full supply until the end of the current winter, according to the Initiative Energien Speichern (Ines), which represents more than 90 % of Germany’s storage capacity.
The focus now shifts to summer refilling. Because of geopolitical tensions and sharply higher gas prices, the market lacks economic incentives to fully store gas for the upcoming winter. Gas sold for delivery next winter is cheaper than summer gas, so private buyers have little reason to purchase expensive summer gas and store it, when it should be cheaper to bring it directly in winter. If supply routes were disrupted, a good contract would not prevent outages.
To address this, operators are calling for a debate on how to secure storage refilling. Sebastian Heinermann, head of Ines, suggested that the government consider building a strategic reserve of about 78 TWh. Such a reserve could absorb external shocks-such as a Norwegian pipeline outage-for more than 90 days.
While the closure of the Strait of Hormuz has not created immediate technical constraints for Europe’s gas supply or for German storage refilling, it has driven up global LNG prices. According to Ines, the resulting competition between Asian and European bidders is pushing prices higher.
