The head of Germany’s energy regulator warned that credit lines worth 15 billion euros ($15.64 billion) provided by the government to buy gas for storage facilities may not be enough, according to an interview in WirtschaftsWoche magazine.
Germany has warned of gas shortages in response to dwindling supplies from Russia in the escalating energy standoff between the West and Moscow following the invasion of Ukraine in February.
Bundesnetzagentur head Klaus Muller said the 15 billion euros may not be enough for Germany to fill its gas storage until winter, as shrinking supplies could push prices even higher in the meantime.
Germany has federal targets to fill its gas storage to 80 percent and 90 percent by October and November, respectively. Current storage levels are around 61 percent.
“The more gas prices rise, the more expensive it becomes to meet the statutory storage targets for October and November,” Mr Mueller was quoted as saying.
Europe’s biggest economy could also face gas shortages in the coming months if Russian gas flows through the Nord Stream 1 pipeline, due to be temporarily shut down for maintenance in July, are not resumed, warned Mr. n Muller.
“Based on our recent experience with Russia, it would be irresponsible to assume that everything will be fine by itself.
Add Comment