Uniper Reaches 70% Gas Storage Fill Rate Amid Market Challenges
Germany's Uniper has achieved an impressive 70% fill rate of its contracted gas storage despite challenging market conditions. The company's CEO, Michael Lewis, attributed the lack of incentive to store gas to an inverted summer-winter spread caused by the war in Iran.
Lewis noted that wholesale prices over the summer have been higher than those for winter, making it less profitable to store gas. However, recent improvements in price spreads have provided stronger incentives for storage, and Uniper is continuing to buy gas and store it where possible.
As of mid-August, German gas storage levels stood at just over 50% capacity, significantly lower than last year's 76%. The Iran war has also disrupted global liquefied natural gas (LNG) supply, lifting prices around the world and presenting a challenge for European gas markets.