Germany's gas storage misses 70% target, but regulator sees supply as secure

Storage falls short of target

Germany's gas storage was about 61.17 percent full at the end of October, according to Gas Infrastructure Europe data cited by Bloomberg, below the roughly 70 percent average it aimed for on 1 November. The Bundesnetzagentur's website lists 80 percent as the normal requirement for that date, but six sites face a 45 percent target, which produces the 70 percent average. The EU average is around 75 percent. On Saturday, one day before the deadline, the national level stood just above 61 percent.

Germany, end of October (GIE data)61.17%

Germany, 1 November average target70%

EU average (around 75)75%

Italy (latest, per FT)91%

Germany, end of October (GIE data)

61.17 %

Germany, 1 November average target

70 %

EU average (around 75)

75 %

Italy (latest, per FT)

91 %

Data from the article text

Regulator sees supply as secure

Klaus Müller, head of the Bundesnetzagentur, told Reuters on Sunday that Germany remains safely supplied with gas even without reaching the storage targets. He pointed to LNG terminals that can import gas and said:

“It is no longer absolutely necessary for secure gas supply that the storage targets are met.”

A spokeswoman for the economy ministry said fill levels alone are not decisive, since actual withdrawals and ongoing imports also count. The regulator rates the risk of a tight gas supply as low and sees no need to act, although it could withdraw booked storage capacity under the Energy Industry Act if required.

Prices and the Iran war

Gas prices are a key reason for the shortfall. The Iran war and disruption to international energy trade made procurement more expensive, so buying gas over the summer and storing it for winter was less attractive to traders. European gas prices have already tripled this year, and in late October benchmark prices rose above €100 per megawatt-hour for the first time since December 2022. Economy Minister Katherina Reiche (CDU) had instructed the federally owned energy company SEFE in late September to store more gas, and a ministry spokeswoman said Germany should get well through the winter. Müller warned that costs are rising:

“Gas has become considerably more expensive, and unfortunately all customers must be aware of that.”

Warnings from industry and opposition

The storage association INES reads the shortfall differently. Its managing director, Sebastian Heinermann, called it a 'warning signal' and said Germany enters the heating season with smaller safety reserves, which raises vulnerability, particularly at extremely low temperatures or if gas imports are disrupted. INES's model calculations suggest a very cold winter could cause considerable supply shortfalls. The association represents operators including SEFE, Uniper and VNG, which hold more than 90 percent of German storage capacity, and it wants state-subsidised cheap loans to make injecting gas more attractive. Green energy policymaker Michael Kellner accused Reiche of insufficient precaution, saying storage levels are as low as ever and there is no safety buffer. Tim Kehler, a board member of the gas and water industry association, said the targets are a safety net and that missing them carries no sanctions:

“The traders have stored the gas ordered for winter for their customers and continue to do so.”

Pressure from other EU countries

Pressure is also building across the EU. A senior Italian official accused Germany of burdening the rest of the bloc by missing its 80 percent storage target. Italy's stores are 91 percent full after the country paid €300 million to secure reserves. Germany chose not to force storage operators to fill up over the summer and relied on market incentives instead, while high prices and gas-fired power demand during the European heatwave kept prices elevated. Because Germany is the EU's biggest gas user and has the largest storage facilities, its continued spot-market purchases could push up prices for other countries. Gas storage typically provides up to a third of EU gas demand in winter. EU energy commissioner Dan Jørgensen said at a meeting of energy ministers in Luxembourg that he does not expect a security of supply issue as such.