Ukraine, | Despite Russian Cuts, German Gas Storage is 80% full.

Despite a sharp slowdown in deliveries from Russia due to the conflict in Ukraine, Germany's gas storage tanks are currently more than 80% full, demonstrating steady development.


A/P BERLIN — Despite a sharp slowdown in deliveries from Russia due to the conflict in Ukraine, Germany's natural gas storage facilities are now more than 80% full, demonstrating consistent development.


According to industry data issued on Tuesday, gas storage in the largest economy in Europe has reached 80.14% of its capacity. While noting that storage is "being filled steadily," Klaus Mueller, the director of Germany's network regulator, issued a warning that a three-day suspension of supply through the Nord Stream 1 pipeline from Russia next week "may momentarily depress" the effort.


Electricity is produced from natural gas, which is also used to power industry and heat homes and workplaces. Since Russia invaded Ukraine, the German government has made increasing the reserve a top priority to prevent rationing for the industry as demand grows over the winter.


When Russian state-owned energy giant Gazprom started reducing supplies through Nord Stream 1 in the middle of June, the nation's storage capacity was around 56% full. Technical issues were cited, which the German government regarded as a political ruse.


Nord Stream 1 has been operating at only 20% of its potential in recent weeks. The pipeline will be closed from August 31 to September 2 for what Gazprom described as "regular maintenance" at a compressor station, the company said on Friday.


Reductions in Russian natural gas supplies have affected several European nations, including Germany since the war began. Natural gas prices on Europe's TTF benchmark have reached record highs this month due to dwindling supplies, worries about additional supply cuts, and high demand. This has fueled inflation and increased the possibility of a European recession.


The German government tightened storage regulations a month ago. It increased the benchmarks for October and November from 80% and 90% to 85% and 95%, respectively, and included a requirement that storage is 75% full by September 1 – a goal that has already been attained.


In remarks to the newspaper Rheinische Post, Trading Hub Europe's co-managing director, Torsten Frank, issued a warning: "We will be able to fill several facilities to 95% by November, but not all."


But he added that while he can't rule out regional shortages, he doesn't anticipate a national gas shortage to occur. He declared himself "very confident" that private residences won't experience freezing temperatures this winter.


Before the supply cuts began, little more than a third of Germany's gas supplies came from Russia. Authorities are attempting to promote energy conservation in addition to placing a priority on storage.


#Businesslatestnews #livenews #businessnews


Read more Latest Business News , Today Politics Headline , Today Finace News Update ,Latest Social News Update , World News Highlight , Entertainment Latest News , Today Sports News Update , Education Latest Update , Real Estate Today Update