Germany will be able to get through this winter with enough gas even if an “extreme” cold spell hits the region, according to an association of storage operators.
(Bloomberg) — Germany will be able to get through this winter with enough gas even if an “extreme” cold spell hits the region, according to an association of storage operators.
Inventories will be sufficient to meet demand in January and February, the association, known as INES, said in a report Tuesday. In the event of very cold temperatures, stockpiles could bottom out at around 20% in March, but should start to fill up again in April.
“There is no longer any reason to fear a gas shortage,” said Sebastian Bleschke, head of INES. “If the current consumption savings continue, Germany will get through the winter well.”
Germany’s massive effort to replace Russian gas and boost reserves to prepare for the winter is paying off. Storage sites are now 91% full, with levels rising in recent days as a spell of mild weather curbs demand. Temperatures in northwest Europe are forecast near average next week, forecasts show.
If weather conditions remain normal, storage facilities will end March 65% full, according to the group.
Even if there are reduced import volumes of liquefied natural gas or a complete loss of Russian gas supplies via pipelines to Europe, it will be possible to fill up German gas storage sites “extensively” ahead of the winter of 2023-24, the INES study shows.
(Updates with data on storage in second and fifth paragraphs)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.