JThe head of Germany’s energy regulator has warned that the 15 billion euros ($15.64 billion) in credit lines provided by the government to buy gas for storage facilities may not be enough, according to a interview in WirtschaftsWoche magazine.
Germany has sounded the alarm over gas shortages in response to dwindling supplies from Russia, amid a growing energy standoff between the West and Moscow following February’s invasion of Ukraine.
Bundesnetzagentur chief Klaus Mueller said the 15 billion euros may not be enough for Germany to fill its gas storages by winter as the supply shortage could push prices up even higher in the meantime.
Germany has set federal targets to fill its gas storages 80% and 90% by October and November, respectively. Current storage levels are around 61%.
“The higher the price of gas, the more expensive it becomes to meet statutory storage targets for October and November,” Mueller said.
Europe’s biggest economy could also face gas shortages in the coming months if Russian gas flowing through the Nord Stream 1 pipeline, which is due to be temporarily shut down for maintenance in July, does not resume, Ms. Mueller.
“Based on our recent experience with Russia, it would be irresponsible to assume that everything will be fine on its own.”