Germany Plans Publicly-Owned Gas Reserve to Reinforce Energy Security
The German economy ministry is making plans for a publicly-owned strategic gas reserve that would be kept for emergency use, it confirmed on Tuesday, The reserve would have a capacity of about 24 terawatt-hours of gas, roughly 10% of the country's current gas storage capacity and be used in the event of energy infrastructure sabotage or supply shortages like the one that came with the US-Iran war. Stocks would be built up over a two to three year period to minimize impact on gas prices, with the first supply to enter storage in the summer of 2027. The project cost has been estimated by one Reuters source at 1.2 billion to 1.5 billion euros ($1.4 billion - $1.7 billion). Germany's Economy Ministry did not immediately reply to a request for comment.
The German economy ministry is making plans for a publicly-owned strategic gas reserve that would be kept for emergency use, it confirmed on Tuesday, The reserve would have a capacity of about 24 terawatt-hours of gas, roughly 10% of the country's current gas storage capacity and be used in the event of energy infrastructure sabotage or supply shortages like the one that came with the US-Iran war.
Stocks would be built up over a two to three year period to minimize impact on gas prices, with the first supply to enter storage in the summer of 2027.
The project cost has been estimated by one Reuters source at 1.2 billion to 1.5 billion euros ($1.4 billion - $1.7 billion).
Germany's Economy Ministry did not immediately reply to a request for comment.