Germany's Gas Storage Target Still Within Reach, Says Uniper CEO

Germany's gas storage sites are currently at just over 48% capacity, lagging behind the European average of about 59%. Uniper SE Chief Executive Officer Michael Lewis says the country can still reach its target of filling gas storage sites to 70% by November 1.

'We can still get there, but we do have to see the market prices move to incentivize the filling of the storage,' Lewis said in an interview with Bloomberg Television. The war in the Middle East has pushed up gas prices, making it more expensive to buy fuel during the summer than in winter and discouraging stockpiling.

Lewis notes that the forward curve is starting to rise, and people are beginning to think about the coming heating season. However, he emphasizes that storage levels are only one part of ensuring sufficient supplies for winter, as Europe also depends on liquefied natural gas imports from abroad.

When asked about possible government intervention to boost storage levels, Lewis expressed caution: 'ad-hoc interventions are always unpredictable' and best avoided.