“The reservoirs are filling up faster than planned,” he told German magazine Der Spiegel, according to a report published on Sunday. The government’s target of reaching 85% of storage capacity by October could be achieved by early September, according to Hambek’s ministry. Germany is currently trying to secure alternative sources of natural gas to prevent an acute shortage during the cold winter months as it tries to wean itself off Russian fuel after the invasion of Ukraine.
Germany is finding alternative sources
Storage levels have already reached around 82%, according to the group of European operators GIE. The next target is 95% by November 1st, which at the current rate should also be met beforehand. However, Russia plans to shut down the Nord Stream 1 pipeline for three days starting August 31. Natural gas flows from Russia have already been reduced to 20% of pipeline capacity for several weeks. But while Russian gas accounted for 55% of Germany’s consumption in 2021, this fell to just 9.5% this August. Gas imports from Norway and the Netherlands now form the bulk of Germany’s supply. Germany is also expecting liquefied natural gas (LNG) flows from France once organizational and technical issues are resolved.
Gas regulator in place
Germany’s natural gas storage will allow supply companies to dip into it when necessary to meet demand, acting as a buffer of sorts in the current volatile market. “Companies will then be able to withdraw natural gas from storage facilities as planned during the winter to also supply industry and households,” Hambeck told Der Spiegel. There were fears — still not entirely allayed — that a gas shortage would force German industry to shut down and, in a worst-case scenario, see households suffer a cold winter without adequate heating. However, Habeck is still under pressure over the recently announced winter gas levy which will see households and businesses pay an extra €0.024 per kilowatt hour. The levy will cover around 90% of the additional costs incurred by gas providers who have to pay extra for fuel, but the cost to users will rise dramatically. ab/fb (dpa, Reuters)
