Germany Downplays Low Gas Storage Levels Amid Winter Worries

Germany's Economic Affairs and Energy Ministry is seeking to calm concerns over the country's low natural gas storage levels. As of Friday, German storage sites stood at 50.19% full, well below typical refill season levels and beneath the European average of 61.82%. The ministry acknowledged the shortfall but maintained that 'based on current information, a gas shortage is not expected this coming winter.'

Despite the low storage levels, the government emphasized that security of supply does not depend on a single percentage, citing the interaction of storage, pipeline imports, LNG, infrastructure, and demand. Officials urged against focusing on any single number, instead arguing that primary responsibility for winter preparedness still rests with gas companies and traders.

The ministry also signaled its readiness to step in if conditions deteriorate, stating that 'if key risk factors for security of supply worsen significantly, the state can and will respond.' However, it cautioned against premature state purchases, noting that government interventions can drive up prices and weaken market preparedness.