Germany’s €15 billion credit line for gas may not be enough, the regulator warns

blank

The head of Germany’s energy regulator warned that the 15 billion euros ($15.64 billion) in credit lines provided by the government to purchase gas for storage facilities may not be enough, according to an interview with WirtschaftsWoche on Monday.

Germany has sounded the alarm over gas shortages in response to dwindling supplies from Russia in an escalating energy standoff between the West and Moscow following February’s invasion of Ukraine.

Bundesnetzagentur chief Klaus Mueller said the €15 billion might not be enough for Germany to fill up its gas storage facilities by winter, as the supply tightening could drive up prices even further in the meantime.

Germany has nationwide targets to fill up its gas storage tanks to 80 percent and 90 percent by October and November, respectively. Current inventories are around 61 percent.

“The more the gas price rises, the more expensive it becomes to achieve the statutory storage targets for October and November,” Müller was quoted as saying.

Europe’s largest economy could also face gas shortages in the coming months unless Russian gas flows resume through the Nord Stream 1 pipeline, which is due to be temporarily halted for maintenance in July, Mueller warned.

“After our recent experience in dealing with Russia, it would be irresponsible to assume that everything will be fine on its own.”

Germany moved into the second phase of a three-stage emergency gas plan last month after Russia reduced supplies via the Nord Stream 1 pipeline. It’s a step before the government rations fuel consumption.

Russia could suspend gas flow through the pipeline beyond a planned maintenance shutdown this month, Economy Minister Robert Habeck said on Saturday.

https://www.independent.ie/business/world/germanys-15bn-credit-line-for-gas-might-not-be-enough-regulator-warns-41811516.html Germany’s €15 billion credit line for gas may not be enough, the regulator warns

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button