Germany enters winter with gas storage near 61% as European prices return to 2022 crisis levels

Germany is entering the winter heating season with gas storage at just over 61%, far below its usual early-November level, as benchmark European gas prices briefly returned to €100 per megawatt-hour for the first time since December 2022.

Germany’s network regulator said storage stood at 61.7% on Thursday. Gas Infrastructure Europe data showed it at 61.35% on Oct. 30, compared with about 75% across the EU.

The current German storage rules translate into an overall Nov. 1 target of roughly 70%, although individual facilities face different requirements. Germany is therefore set to begin November materially below that benchmark.

The Federal Network Agency said supplies remain secure and stressed that storage levels alone no longer determine resilience because Germany now has LNG terminals, Norwegian pipeline supplies and access to a highly integrated European gas network.

Still, the agency said current storage levels are “significantly lower” than in comparable periods in recent years and that it is taking the situation seriously.

European benchmark gas prices briefly touched €100/MWh this week, their highest since December 2022, as Middle East shipping disruptions tightened LNG supply and Europe entered winter with historically low inventories.

Germany’s Economy Ministry has maintained that even an exceptionally cold winter could be managed, while acknowledging that higher storage would be preferable.

Berlin is also preparing to replace mandatory storage-filling targets with a national strategic gas reserve from 2027. A draft seen by Reuters would create a reserve of about 24 TWh, designed to cover the loss of Germany’s largest gas-import infrastructure for around 30 days.

Cold weather remains the biggest risk. Italian Energy Ministry official Alessandro Noce warned that the European benchmark could rise to €150–€180/MWh in a cold January.