Germany Faces Risk of Empty Gas Storages by February Amid Economic and Geopolitical Challenges

Germany's gas storage levels are alarmingly low ahead of the winter season, sparking warnings from the gas storage association Ines about a potential total depletion by early February 2027 if a very cold winter occurs. As of September 6, 2026, only 54% of gas storage capacity is filled, 19 percentage points less than last year at the same time. To avoid shortages, storage needs to reach 77% by November 1, requiring a sharp increase in the current slow fill rate.

Several factors contribute to this trend. Economic conditions hinder the profitability of storing gas since the current prices of gas for winter use are lower than the cost of purchasing and storing gas now — a phenomenon driven by a negative summer-winter price spread. The war in Ukraine and the recent closure of the Hormuz Strait have elevated gas prices but paradoxically made traditional storage operations unprofitable for market actors.

Ines has called for a comprehensive package of political measures to reduce storage costs and create incentives for gas companies to fill storage facilities adequately. However, the Federal Ministry of Economics, led by Katherina Reiche, has expressed that gas traders are responsible for storage decisions. The ministry highlights Germany’s diversified gas imports through pipelines and LNG terminals established since the Russian invasion of Ukraine, suggesting current supply structures support stability.

The situation underscores the fragility of Germany’s energy security entering winter 2026 and raises urgent questions on the effectiveness of existing policies to safeguard gas supplies during harsh conditions.