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last mo.

VNG Says Germany’s Gas Supply Secure as Low Storage Clouds Summer Refill

Warped price signals threaten summer refilling, raising the chance of state intervention.

Technische Anlagen zur Speicherung von Erdgas in unterirdischen Kavernen stehen auf dem Gelände der Speicherstation Etzel ESE. Solche Erdgasspeicher dienen dazu, Erdgas zwischenzuspeichern und Schwankungen bei Verbrauch, Importen und Entwicklungen auf den internationalen Energiemärkten auszugleichen.
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Overview

  • VNG, presenting 2025 results Wednesday in Leipzig, said Germany’s gas supply looks stable for the coming winter based on pipeline gas from Norway, Algeria and Azerbaijan plus 10–15% LNG.
  • Storage levels are unusually low at roughly 23% in Germany, 28% in the EU and 18% at VNG sites, with an all-time low of 22.18% logged midweek as the law still requires 80% by November 1.
  • The normal summer–winter price gap that makes storing gas profitable has flattened or flipped after Iran-related disruption near the Strait of Hormuz, which makes refilling now a likely money-loser.
  • VNG urged a Plan B such as a strategic reserve or other backstops, and Business Insider reported this week that Economy Minister Katherina Reiche plans to set up a gas reserve.
  • Hydrogen rollout is running significantly slower than political goals, so VNG will tie new spending to clear rules, even as 2025 results showed €18 billion in revenue and €200 million in profit.