Germany Weighs Strategic Gas Reserve as Storage Levels Hit Seasonal Low

Germany is consulting on reforms to its gas market as storage levels fall to 21.6%, including discussions around a potential strategic reserve ahead of the EU’s planned phaseout of Russian pipeline gas by 2027.

(Reuters) — The German government is consulting with stakeholders on how the country's gas market can be developed, an economy ministry spokesperson said on Feb. 20, leaving open the question if the country could create a strategic gas reserve.

"We want the market to fill the gas storage facilities, not the government," the spokesperson said at a regular government press conference.

Here are some details:

• German storages are 21.6% full, the lowest level for the time of year since at least 2011, Gas Infrastructure Europe data show
• Berlin has repeatedly said gas supplies are secure this winter, pointing to new LNG terminals and deliveries by countries like Norway, Belgium or the Netherlands
• The economy ministry says Germany is seeing more gas bookings for next winter than it had for this winter at this point in 2025, without providing more details
• "So, we are optimistic that the market has understood that there must now be a return to market-based pricing," the spokesperson says
• Commerzbank analysts say expiring EU regulation on minimum storage filling levels on April 1, 2027, and the planned phase-out of Russian pipeline gas by end of 2027 mean Germany needs a safety net
• "A central pillar of this instrument could be the creation of a strategic gas reserve," Commerzbank analysts say