German gas storage operators are confident that there will be no shortage for the remainder of the current winter. They, however, express concern about the next heating season, which begins at the turn of 2026/27.
The Initiative Energien Speichern (Ines)-which represents more than 90 % of Germany’s gas storage capacity-reported that the current fill levels are already sufficient, even under extreme cold, to supply the entire season. The focus now shifts to refilling the facilities during the summer months.
Because of geopolitical tensions and sharply higher gas prices, the market has little incentive to store gas fully. Currently, gas is cheaper on the free market for delivery in the upcoming winter than for summer supply. This means private actors have little reason to buy expensive summer gas and store it, instead preferring cheaper direct winter deliveries. Should supply routes be cut off, even the best delivery contracts could fail, causing supply disruptions.
Consequently, operators are calling for a debate on protecting storage fill levels. Ines chief Sebastian Heinermann suggested that the state consider establishing a strategic reserve of about 78 TWh. Such a reserve could cushion exogenous shocks-like a Norwegian pipeline outage-for more than 90 days.
While the closure of the Strait of Hormuz does not instantly restrict technical supply to Europe or the filling of German storages, it has driven significant price rises in global LNG markets. Ines notes that the resulting competition between Asia and Europe is pushing prices higher.