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The German government has instructed the state-owned energy company SEFE Energies for Europe GmbH to purchase and store natural gas in the next few weeks. Given the current unusually low inventory levels, the region is under pressure to increase reserves before winter sets in. SEFE said in an email statement that the company has been told to inject 8 terawatt-hours of natural gas into the gas storage facility by December 15. A spokesman for the German Ministry of Economy called the move “an important additional measure to improve the resilience of Germany's gas supply.” Since the outbreak of the war in Iran, the Strait of Hormuz has been almost completely closed, causing about one-fifth of the world's liquefied natural gas transportation to be interrupted, forcing European and other regional buyers to scramble to find alternative supplies. A spokesman for the German Ministry of Economy said that Economy Minister Katherina Reiche has been closely monitoring developments in the gas market and has formulated countermeasures according to various situations. The Ministry of Economy said that Reiche decided to take this measure after consulting with German Chancellor Mertz. The spokesperson said that the main reason for implementing the move was the persistence of geopolitical risks.
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The German government has instructed the state-owned energy company SEFE Energies for Europe GmbH to purchase and store natural gas in the next few weeks. Given the current unusually low inventory levels, the region is under pressure to increase reserves before winter sets in. SEFE said in an email statement that the company has been told to inject 8 terawatt-hours of natural gas into the gas storage facility by December 15. A spokesman for the German Ministry of Economy called the move “an important additional measure to improve the resilience of Germany's gas supply.” Since the outbreak of the war in Iran, the Strait of Hormuz has been almost completely closed, causing about one-fifth of the world's liquefied natural gas transportation to be interrupted, forcing European and other regional buyers to scramble to find alternative supplies. A spokesman for the German Ministry of Economy said that Economy Minister Katherina Reiche has been closely monitoring developments in the gas market and has formulated countermeasures according to various situations. The Ministry of Economy said that Reiche decided to take this measure after consulting with German Chancellor Mertz. The spokesperson said that the main reason for implementing the move was the persistence of geopolitical risks.
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