EU gas reserves significantly below normal: German storage facilities half full

Underground gas storage facilities in the European Union on the eve of autumn remain approximately 62% full, which is 9-10 percentage points below the average level for this time of year over the past five years. The situation is particularly difficult in Germany, where reserves amount to only about half of storage capacity.

According to Gas Infrastructure Europe (GIE), as of August 20, the average storage filling level in the EU stood at 62.04%. Europe has just over two months before the start of the winter season to significantly increase reserves.

Storage facilities are especially important during the cold period: according to EU estimates, during winter they can supply about 30% of gas consumption. The lower the reserves at the beginning of the season, the more Europe depends on current supplies and purchases on the international market.

Germany lags the most

One of the main sources of concern remains Germany. According to data from German gas transport system operators FNB Gas, on August 18 its storage facilities were only 50.06% full. This is the lowest level for this time of year in the available observation period.

Germany's problem is important for the entire European market, as the country accounts for about a quarter of the EU's total gas storage capacity.

German operators warn that the level of about 71% required by national regulations by the beginning of November will be extremely difficult to achieve at current injection rates. Even increasing daily injection to historically high levels may prove insufficient.

For comparison, the situation in Italy is significantly better. According to GIE, on August 21, its gas storage facilities were approximately 80.6% full, meaning the country has already reached the level that the European Commission considers sufficient to ensure supplies next winter.

EU relaxed storage filling rules

The basic EU rule envisages filling gas storage facilities to 90%. However, updated legislation allows countries to deviate from this target by 10 percentage points under difficult market conditions.

Thus, under high prices or other adverse conditions, a level of about 80% may become de facto permissible. In July, the EU Gas Coordination Group also stated that 80% of reserves would be enough to ensure the next winter season.

At the current injection rate of about 0.22 percentage points per day, European storage facilities could theoretically approach 78% in the autumn. However, this calculation assumes that current rates are maintained, while in autumn the speed of gas injection usually slows down.

According to more conservative estimates, by the beginning of cold weather the reserve level may remain closer to 70%, and under an unfavorable scenario - even lower.

High prices restrain gas injection

One of the reasons for the slow accumulation of reserves has been high gas prices after the escalation in the Middle East and supply problems through the Strait of Hormuz. For traders, purchasing gas now for storage and sale in winter has become less economically attractive.

The Dutch TTF gas hub has recently been trading at approximately €60-65 per MWh, and high prices persist in forward contracts for early 2027.

The European Commission currently does not see an immediate threat to gas supply in winter. Brussels points to the significant EU capacities for importing liquefied natural gas and the ability to increase supplies from alternative directions.

At the same time, low reserves make the European market more vulnerable to a cold winter, supply disruptions, or another surge in global gas prices.

Based on materials from: Corriere della Sera, FNB Gas, European Commission