1. How full are Germany's gas storage levels right now?

Germany's more than 40 gas storage facilities are barely over half full, mainly due to the ongoing closure of the Strait of Hormuz — currently the world's most critical energy chokepoint — because of the Iran war.

According to Gas Infrastructure Europe, the industry body for the continent's gas grid operators, Germany's underground natural gas stores stood at 50.14% on Wednesday. This is the lowest level for mid-August in several years.

Gas storage is around a quarter lower than on the same date last year and more than 45 percentage points lower than in 2023 and 2024, when the country made robust contingency plans due to Russia's war in Ukraine.

That conflict forced Germany, along with the rest of Europe, to reduce its reliance on Russian energy.

The diversification came mainly through higher liquefied natural gas (LNG) imports from the United States and Qatar, as well as additional pipeline gas supplies from Norway.

In the years that followed the outbreak of war, policymakers prioritized boosting gas storage levels ahead of winter, while also cutting consumer and business demand.

2. Why are Germany's gas storage facilities so low?

Normally, traders buy gas at low prices during the summer and store it for winter, where it can be sold at a higher price. This is called the summer-winter price spread.

This year, however, operators have little incentive to fill storage facilities earlier due to higher prices for natural gas and LNG on world markets, due to Iran war disruptions.

European wholesale gas prices remain well above pre-war levels. On Thursday, the benchmark Dutch TTF stood at around €65 ($76) per megawatt-hour, roughly twice as high as the same period last year.

Over the past two weeks, the benchmark has risen by nearly a quarter, because of renewed attacks by the US and Iran. 

Unlike many other European countries where governments buy gas or use strategic reserves to fill storage facilities, Germany relies heavily on private energy trading firms.

Market players are betting on falling gas prices over the next few months if the Iran war ends, allowing them to profit from lower rates.

For LNG, however, Europe must compete with Asia for the same limited supplies, with Asian rivals often prepared to pay more.

Politicians have accused traders of speculating on Germany's energy security, including Left Party lawmaker Jörg Cezanne, who told the Rheinische Post newspaper the tactic was a "gamble."

On Wednesday, a spokesperson for Germany's Economy Ministry said it was "urging traders to increase their gas storage levels."

3. How do Germany's gas stores compare with the rest of Europe?

Germany isn't the only European country with lower-than-average gas supplies.

Storage facilities in the Netherlands, Belgium, Slovakia, Sweden and Latvia are all under 50% full.

As of Wednesday, the average for all European Union countries was 61%, down nearly 17% from last year and nearly a third lower than in 2023 and 2024.

Among the EU nations with the most resilient supply are Spain, Italy, Denmark and Poland.

4. Can Germany still store enough gas for winter 2026?

FNB Gas, an association of gas transmission operators in Germany, warned Wednesday that the government's target of an average gas storage level of 71% by November 1 is now "virtually unattainable."

In a LinkedIn post, it noted that storage rates are currently rising by 0.5 terawatt-hours per day and even if they reached 1.2 terawatt-hours a day, "storage levels ... will be significantly below [the target]."

It also cautioned that "low LNG imports, late or prolonged cold spells and infrastructure failures could jeopardize the gas supply this coming winter."

While the current storage levels are not ideal, Germany's Economy Ministry has repeatedly stressed that the country's gas supply remains secure, citing new LNG sources since the 2022/23 energy crisis.

Germany has quickly built several floating and onshore LNG terminals on its North Sea and Baltic Sea coasts, allowing ship deliveries from the global market.

5. What does Germany's gas shortfall mean for winter prices?

Consumer groups are already warning of higher gas prices this winter.

"We are monitoring gas storage levels very closely and see the potential challenges for the coming winter," Ramona Pop, executive director of the Federation of German Consumer Organizations (vzbv), told the Rheinische Post on Thursday.

Pop urged consumers to "check now whether their contract includes a fixed price that extends beyond the winter," which she said could offer "initial protection against rising prices."

The price comparison site Verivox warned that new consumer gas contracts are already up sharply since early March and could now rise for existing customers.

"For a single-family home with an annual consumption of 20,000 kWh, this translates to additional costs of around €400," it said.

Edited by: Tim Rooks