Despite lower gas storage levels across Germany, RWE CEO Markus Krebber remains optimistic.
While acknowledging that storage levels are low for the season, Krebber stated that they do not yet warrant concern. RWE’s storage facilities are currently 91% full and storage levels remain high in other European countries, suggesting sufficient reserves for a typical winter. Nationally, German storage facilities stand at 73% capacity.
Krebber anticipates stable gas prices, citing market expectations of continued supply disruptions from Russia and a moderately cold winter. He projects wholesale gas prices will remain around 30 euros per megawatt-hour, a significant improvement from the record highs seen in 2022 (over 300 euros per MWh), although still above pre-energy crisis levels.
Regarding a potential resumption of operations for the Nord Stream pipelines, Krebber emphasized the primacy of political considerations. He stated that any discussions on economic matters, including pipeline restarts, must follow a cessation of hostilities, a reliable peace agreement and robust security guarantees for Ukraine. The issue is ultimately, he stressed, a political one. RWE maintains a stake in Eon, which in turn is connected to Nord Stream 1. The call for discussions regarding the potential reactivation of the pipelines has also come from Saxony’s Minister President Michael Kretschmer (CDU).