Uniper Fills 70% of Gas Storage Despite Challenging Market

Germany's energy company Uniper has filled 70% of its contracted natural gas storage capacity, despite wholesale prices offering little economic incentive to store gas during the summer months. According to CEO Michael Lewis, an inverted summer-winter spread in the market made storing gas less lucrative compared to selling it on the market.

However, Lewis noted that the price spread has moved in the right direction over the last few weeks, and Uniper is still buying and storing gas where there's a suitable incentive. The company recently signed a 30 terawatt hour per year deal for pipeline natural gas imports from Norway with supplier Equinor starting from January 1, 2027.

As of Thursday, German storage levels were at just over 50% of capacity, compared to 76% a year ago and around 62% in European Union countries. Lewis emphasized the importance of securing gas for customers, citing the closure of the Strait of Hormuz as a challenge that has lifted prices worldwide.