Overview
- AGSI+ data show German storage near 36%, well below roughly 58% at the end of January 2025 and 76% a year earlier.
- A prolonged cold spell has driven unusually fast withdrawals, with levels dropping by about 30% over roughly six weeks.
- The Bundesnetzagentur maintains there is no current shortage and remains in the emergency plan’s early‑warning stage, leaving market participants responsible for securing volumes.
- Pipeline flows and new LNG terminals are supporting inflows, with about 106 TWh of LNG imported in 2025, roughly a tenth of total gas imports.
- Industry groups warn that insufficient refill increases the challenge for winter 2026/27, while recent wholesale price swings have grown, with limited immediate impact on most household contracts.