Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

German energy regulator says gas supply looks encouraging

Published 20/10/2022, 11:01
© Reuters. FILE PHOTO: Klaus Mueller, the president of Bundesnetzagentur reacts during an exclusive Reuters interview at Germany's Federal Network Agency for Electricity, Gas, Telecommunications, Post and Railway in Bonn, Germany June 10, 2022.   REUTERS/Wolfgang Ra
NG
-
ENRY
-

FRANKFURT (Reuters) - Germany's energy regulator chief Klaus Mueller described measures to offset Russian imports as "encouraging" in a note issued on Thursday on the status of the gas supply in Europe's largest economy.

"If we continue to meet our savings target of at least 20% in Germany, if three LNG terminals start operating at the beginning of next year at the latest, and if the expected winter-related decline in imports and the rise in currently low exports remain moderate, then we can get through the winter without a national gas emergency," he said in a statement.

Germany last showed a 96.5% filling level of its underground gas storage caverns, surpassing a Nov. 1 target of 95%.

This is the result of a raft of measures after it braced for its first winter without Russian gas in decades after exports from Russia to the West dwindled because of tension over the war in Ukraine. Germany's industry has been hit hard by the stop.

The government has intensified efforts to build up floating LNG terminal operations from scratch to receive supplies from overseas, and to import more gas from western and northern European neighbours through pipelines.

Mueller said the authority had considered four scenarios for the 2022/23 winter that factored in different import and export balance developments and various winter weather, among other factors.

Only in one of the four scenarios was there an as-yet-unqualified possibility of a gas emergency.

© Reuters. FILE PHOTO: Klaus Mueller, the president of Bundesnetzagentur reacts during an exclusive Reuters interview at Germany's Federal Network Agency for Electricity, Gas, Telecommunications, Post and Railway in Bonn, Germany June 10, 2022.   REUTERS/Wolfgang Rattay

But the date of that eventuality has moved to the end of February whereas in August calculations, the Bundesnetzagentur had seen an emergency in November as a possibility.

Mueller again urged consumers to reduce gas consumption.

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.