According to an internal document from the Federal Ministry for Economic Affairs (BMW), the ministry now takes a relatively firm stance against establishing a national gas reserve. The bureaucrats within the ministry only view such a measure as having disadvantages. The document, which was recently updated, suggests that filling gas storage via “Trading Hub Europe” sends “false market signals” and that the responsibility for filling the reserves “fundamentally lies with the market”.
Furthermore, the ministry notes that there is currently sufficient gas available, as well as ample time to fill storage facilities before winter arrives. Statistically, 65% of storage capacity is already booked, an increase from just 52% at this time last year. The improving volatility of prices and enhanced economic incentives are also cited, as the summer-winter spread is narrowing.
This internal paper, titled “Iran Crisis: Alternative Scenarios of Possible Macroeconomic Impacts on the Euro Area and Germany” discusses various potential measures and lists corresponding arguments both for and against them. This public stance contrasts sharply with previous calls from German gas storage operators and advocacy groups. For example, Sebastian Heinermann of the “Energy Storage Initiative” had stated in mid-March that if the state were to consider a strategic reserve, a capacity of approximately 78 TWh would be recommended, suggesting this could compensate for external shocks-such as a failure in the Norwegian import pipelines-for over 90 days.
