Can Germany reach its 95% gas storage target two weeks ahead of schedule to survive the first Russian gas-free winter in decades?
Financial Associated Press, October 14 (by Bian Chun) As Russia’s first gas-free winter in decades approaches, Germany, Europe’s largest economy, has ushered in rare good news: two weeks ahead of schedule Many key targets for natural gas storage have been achieved.
“Yes, it has reached 95%,” confirmed Beate Baron, spokeswoman for the German Ministry of Economy, the data for the sector released at the end of Thursday.
The level of natural gas storage in Germany reached 95.14%, according to data updated Thursday by the European energy data platform AGSI.
The pressure on the energy market is expected to ease
With inventories peaking, Germany cannot stock more natural gas, which could be good news for global energy prices.
In recent months, a battle for natural gas has spurred a sharp rise in global gas prices as Russia cuts off supplies and Europe scrambles to find alternative sources. Although gas prices in Europe have now fallen sharply from their August highs, they are still high.
The EU had previously set a gas storage target of 80% by 1 November. According to official data, this goal was achieved earlier than expected. This should ease the pressure on the energy markets, assuming temperatures do not plummet.
The risk has not been eliminated
The sudden disruption of Russian gas supplies dealt a severe blow to Germany, which stepped up efforts to fill gas storage facilities to withstand the winter and avoid rationing.
95% is the national average level of gas accumulation that the German authorities intend to reach by 1 November. Previously, Germany reached 85% of its gas storage target a month ahead of schedule.
Germany’s progress in gas storage has reduced the risk of implementing energy rationing, but this does not mean that the risk is eliminated, and how it turns out depends on how much businesses and households reduce their energy consumption and how much it will be cold this winter.
Klaus Mueller, chairman of the German Federal Network Agency, previously said that even if the natural gas storage facilities in Germany are 100% full, they will only last two and a half months if Russia completely cuts off the supply.
Unless households can reduce their gas consumption by at least a fifth, it will be a challenge to avoid an emergency when rationing could be introduced, Mueller said.
James Henderson, president of the Oxford Institute’s gas research program, said last month: “Even at 100% storage levels, it may not be enough to get us through the winter. So we may have some sort of crisis around. in January or February, which is in Much depends on the temperature. “
