Germany's Gas Market Faces Winter with Low Storage, Diversified Imports

Germany's gas market is facing winter with low storage levels, but supply risks remain contained thanks to its diversified LNG and pipeline import portfolio. According to the Traders Union, German gas storage sites are currently at 57% capacity, which is historically low for late September.

VNG Chief Executive Ulf Heitmueller notes that storage is only one element of supply security, and the country's robust gas system is more resilient than in 2022 due to increased access to LNG and a wider range of supply sources. The company has procured 409 terawatt hours of gas in 2025 and ranks among Germany's largest importers.

The European gas prices have more than doubled this year to about 75 euros per megawatt hour, driven by the Strait of Hormuz closure impacting global LNG supply. Heitmueller warns that further import losses or infrastructure disruptions could trigger price spikes this winter, especially if combined with colder weather.