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German gas stocks rise faster than expected, says minister

Germany’s gas storage facilities are filling up faster than planned, Economy Minister Robert Habeck said, giving hope that Europe’s biggest economy can avoid acute gas shortages in the Northern Hemisphere winter, which starts in December.

“Reservoirs are filling up faster than specified,” Habeck told Der Spiegel Magazine, adding that the government’s target of reaching 85% of storage capacity by October could be reached in early September.

Germany is in phase two of a three-step emergency plan formulated after a reduction in gas flows from Russia, its main supplier.

Just 9.5% of Germany’s gas consumption in August came from Russia, Spiegel reported, citing data from the energy industry association BDEW. Last year, Russian gas accounted for about 55% of the country’s total consumption.

The government had targeted gas storage levels of 75% by September 1, but storage levels are already at 82.2%, as industry data from European operators group GIE showed on Sunday.

“Companies will then be able to take gas from the storage facilities as planned over the winter to also supply industry and homes,” said Habeck.

Liquefied natural gas (LNG) is also expected to flow to Germany via France after the two countries resolved organizational and technical issues to facilitate supply, Spiegel said, citing a document from the Economy Ministry.

(Edited by Hugh Lawson)

Source: CNN Brasil

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