Germany has entered a new market for natural gas

The German gas market manager has bought 35.7 terawatt-hours of gas to save it to ensure the country’s energy security amid fears that Moscow could turn off taps to Europe. in retaliation for EU sanctions against Russia for invading Ukraine.

Trading Hub Europe (THE) announced that the purchase cost 481 million euros ($ 502 million), while it was held through a public tender held in June, which was the second this year.

This is one of the initiatives presented by the German government in May with the aim of boosting the country’s energy supply.

“By awarding the tender, the supplier undertakes to store, with proof of the degree of fulfillment at the key date, and to ensure that part of the quantity will be available to THE at all times,” the managing firm said in a statement. , adding that “in order to meet these obligations, the provider must either store a quantity of gas or use a quantity that has already been stored”.

In the first public tender for the acquisition of natural gas, which took place in May, he once bought a quantity corresponding to 48.3 terawatt hours, for a price of 370 million euros.

It is noted that Germany consumed natural gas last year which corresponded to 1,033 terawatt hours.

According to THE, a double-digit number of gas providers showed interest in both tenders.

Germany’s underground gas storage caves, which can cover 25% of the country’s annual needs for industrial and domestic use, are currently 55.2% full. In the winter the fullness was extremely low as the Russian Gazprom failed to fill its facilities in German territory.

By October, the occupancy rate is expected to reach 80%.