Germany gas stocks at record September low, INES says

Germany's gas stocks were at a record low for the start of September, storage operators' lobby INES said on Tuesday, warning that the time left to refill reserves before winter was running short.

INES said storage sites were at 53 percent of capacity at the start of September, compared with 71 percent at the same time last year. The European Union average was 67 percent, according to the Aggregated Gas Storage Inventory platform.

“Since INES began keeping records 15 years ago, no comparably low storage level has been recorded at this time of year,” the group said. It warned that the “window for sufficient refill is closing”.

INES said reaching almost the level required by law by November 1 would require more gas to be injected than during the previous three months combined.

Berlin has played down the risk of a winter supply shock. An economy ministry spokeswoman said last week that, based on current knowledge, a gas shortage was not expected next winter, while acknowledging that the situation was “more strained” than before last winter.

Germany is reportedly discussing supplies with utility groups Uniper and SEFE. Foreign Minister Johann Wadephul visited Algeria last week with a business delegation seeking long-term deals to diversify Germany's gas supply.

Germany mandated minimum gas storage levels after the rise in gas prices in 2022.