Greens Accuse Berlin of Gambling on Gas Supplies as Storage Hits Record Lows
Germany's economy ministry will refill gas stocks only in a declared emergency, drawing criticism from the Greens as inventories sit at record lows ahead of winter.
Germany's economy ministry told Montel on Thursday (2026-09-03) that it would intervene to refill gas storage only if "central risk factors for supply security deteriorate" — a conditional framing that left undefined the specific storage level or rate of drawdown that would trigger state buying. The Green party has described that stance as gambling with Germany's energy security. Storage was at record lows at the time, with the 2026-27 heating season weeks away.5
The assessment from DIW, one of Germany's leading economic research institutes, sharpened the challenge on Wednesday (2026-09-02). Its head told Montel that Germany's low storage levels represented a "massively underestimated" risk that policymakers were "not sufficiently managing." There were, DIW warned, "not implausible scenarios" of serious supply stress this winter. DIW's position, that the risk is underestimated rather than merely present, put the institute at odds with the official posture.4
ICE Endex TTF front-month held at €82.22 per megawatt-hour in Friday (2026-09-11) European morning trading. German baseload power stood at €165.43 per megawatt-hour. Both markets have absorbed the storage tightness without a sharp move so far.
Germany moved to address the medium-term supply gap in July. Reuters reported on Tuesday (2026-07-07) that the government was creating a state-owned strategic gas reserve at a cost of up to $1.7 billion (€1.5 billion) to build and fill, with gas injections scheduled for 2027 and 2028. The reserve would hold volumes equivalent to nearly 10% of Germany's total storage capacity, but it would not be operational before next year at the earliest.3
That announcement came when storage stood at 42.88% full, according to Gas Infrastructure Europe data from July 6. Stocks had recovered from near-20% lows recorded in spring. But recovery did not hold: by September 3, Montel reported storage was back at record lows, indicating that summer injection rates were not sufficient to rebuild a seasonal buffer before withdrawal demand returns.3,1,5
An alternative tool was raised in May by the German coal sector. The chairman of the German Coal Importers Association (VDKI) told Montel on Wednesday (2026-05-20) that Germany could conserve gas stocks and offset price volatility by bringing its 6.7 GW of reserve coal-fired capacity back into service. Storage had fallen to nearly 20% by then. Saving gas was "the name of the game," the chairman said.1
Germany's supply diversification has advanced. Russia's share of total German gas supply has fallen to 26%, according to government data, down from 55% under previous administrations. LNG imports have partially compensated, rising to 12% of total German supply in the first half of 2026 from 10% a year earlier, despite supply disruption from the Middle East following the closure of the Strait of Hormuz, Germany's regulator data show.2,3
The economy ministry has not publicly defined what constitutes deteriorating risk factors sufficient to trigger its emergency intervention. That ambiguity leaves traders and gas buyers without clarity on when, and at what storage level, sovereign demand support would materialise. Weekly injection data from Germany's gas network operators over the coming weeks provides the most direct read on whether the storage deficit is closing before withdrawal demand peaks. If it does not close, the ministry's undefined threshold may come into view sooner than official statements have implied.5,4