 |
| Germany will avoid gas shortages this coming winter. (Source: AFP) |
Gas reserves in Europe's largest economy are nearly full, Habeck said. Germany's Federal Gas Regulatory Authority said gas storage was 97% full, slightly above the government's target of 95% by the end of September 2023.
If all goes well, the country will get through the winter without any problems.
"However, Germany still needs to be cautious, after the recent pipeline leak between Finland and Estonia or the strike that took place at gas production facilities in Australia in September 2023."
Europe's largest economy was heavily dependent on Russian gas supplies via pipelines before the conflict in Ukraine broke out. After the conflict broke out, supplies were cut, while the main pipeline linking Russia to Germany across the Baltic Sea was damaged.
In response, Germany has reduced its gas consumption, while looking for new sources of supply to avoid severe shortages.
Among the measures Germany has taken is the decision to restart coal-fired power plants.
Mr Habeck said there would be no need to operate coal-fired power plants during the coldest months at the end of the year. Rapidly increasing gas imports thanks to the construction of several LNG terminals would ensure the country's supply.
* On October 11, at the Russian Energy Week, President Vladimir Putin said that European countries will continue to buy liquefied natural gas (LNG) from the US, despite the fact that it is 30% more expensive than Moscow's gas.
“I think European countries will continue to buy. Depending on how many contracts they sign, it means they will have to buy within the framework of existing contracts. Europe has doubled its purchases of LNG from the US, which is 30% more expensive than Russian gas,” he said.
According to a report by the US Energy Information Administration (EIA), like in 2022, the European Union (EU) and the UK will remain the main destinations for US LNG exports in the first half of 2023, accounting for 67% of total US exports.
Five countries – the Netherlands, the UK, France, Spain and Germany – imported more than half of all US LNG exports.
In addition, the Russian President also noted that LNG supplies from the Middle East have increased, but due to high gas prices from the US, European businesses' profits are falling and competitiveness is declining.
Source
Comment (0)