Germany Eases Gas Supply Fears with Higher Storage Levels

Germans are breathing a sigh of relief as their Federal Network Agency has sought to ease concerns over gas supply during winter. The agency's president, Klaus Müller, noted that Germany's gas storage facilities currently hold around 136 terawatt-hours (TWh), equivalent to slightly more than 55% of total storage capacity.

This is a slight improvement compared to last year, when around 134 TWh were withdrawn during the entire winter period. However, current gas storage levels remain low, and some are calling for changes to make gas storage economically viable again.

Müller emphasized that there is still time to fill the storage facilities before winter sets in, and noted that Germany's LNG terminals are currently operating at around 45% capacity, leaving room for additional imports. He also stated that traders have contractual obligations to supply local utilities and industrial companies, which they can fulfill through pipeline deliveries or withdrawals from storage facilities.

The possibility of government intervention has been discussed, but Müller opposes it, citing the potential costs involved. Instead, he is relying on market forces to fill the storage facilities before winter.