Germany reaches 75% gas stocks target ahead of schedule

A view of pipes at the landfall facilities of the ‘Nord Stream 1’ gas pipeline in Lubmin, Germany on July 21, 2022. REUTERS/Annegret Hilse

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FRANKFURT, Aug 14 (Reuters) – German gas storage facilities were slightly more than 75% full last Friday, weeks ahead of targets, data from European operator group GIE showed on Sunday.

Germany has 23.3 billion cubic meters (bcm) of underground gas reserves, slightly more than a fifth of the 100 bcm of gas it will use in 2021.

The Rehden storage unit, which has 4 bcm, was 54% full, GIE data showed.

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Germany is in the second phase of a three-phase emergency plan created after gas flows from main supplier Russia were cut. This creates serious headaches for German industry, which accounts for a quarter of the country’s gas demand.

Russia has drastically cut flows to Europe through the Nord Stream 1 pipeline since mid-June and currently supplies only 20% of agreed volumes, blaming faulty and delayed equipment, while Europe says the move is politically motivated.

The government had set a target of reaching 75% gas storage level by September 1. Further targets are 85% by October 1 and 95% by November 1, which are included in several provisions aimed at helping Germany avoid gas. 2022/23 winter crisis.

Provisions include higher imports of liquefied natural gas (LNG) and incentives to reduce energy consumption. Read on

Separately, Germany’s gas market operator THE is set to announce gas prices to be charged to consumers on August 15 to help Uniper. (UN01.DE) And other importers face rising prices. Read on

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Reporting by David Goodman Editing by Vera Eckert

Our Standards: Principles of Thomson Reuters Trust.

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