E It’s as bizarre as it is predictable: The stocks in German gas storage facilities meet legal requirements, but there is a broad discussion about the stocks. Federal Minister of Economics Katherina Reiche (CDU) repeatedly emphasizes that there will be no gas shortage. “There’s no point in worrying,” she says. But obviously many people don’t trust the roast.
Not only energy experts, but also many citizens look suspiciously at the filling levels of the gas storage facilities and count: 75 percent in November, 55 percent at the turn of the year, and after the freezing cold January just over 30 percent Beginning of February. In February 2025, the warehouses were twice as full. It will probably be 14 percent at the end of March, says the association of gas storage operators. Even when temperatures return to normal. That sounds worrying. The fear of drastic price increases is great.
Because: The Federal Republic has never had such a small gas supply. The assurances from the ministry that, unlike before, a lot of gas comes to Germany via LNG terminals and that high storage levels are therefore not so important, is by no means a reassurance. After all, most LNG comes from the USA – and can be declared a bargaining chip by Donald Trump from one day to the next.
So it’s no wonder that the public’s eyes are on the filling levels of the gas storage facilities. In newspapers, television programs and social media these days, the question of whether there is a threat of a supply shortage is being discussed again and again. No, federal government representatives regularly say. Opposition politicians and energy experts do not yet fear a gas emergency, but they warn of sharply rising prices. There are also repeated calls for a national gas reserve, based on the national oil reserve. This is a 90 day emergency supply.
Reiche underestimates the energy price trauma
Warnings and demands reach an audience that… the energy price crisis after the start of the Russian war of aggression on Ukraine is still in our bones. Minister Reiche may no longer be aware of it, but it is certainly clear to many citizens: after gas deliveries from Russia stopped, prices exploded. The traffic light government spent a lot of money to curb the immense costs with price caps for citizens and companies.
Nevertheless, the ever-higher energy bills were a major burden, especially for people with low incomes. Many sat at home in thick sweaters and turned down the thermostat. The temperature was lowered in official offices. Municipalities thought about warming rooms in order to be able to protect citizens in the event of a heating failure. A number of industrial sectors have still not recovered from the price shocks at that time. In energy-intensive industries such as chemistry or steel production, production has still not reached pre-war levels.
The minister grossly underestimated the energy price trauma in Germany. The gas storage operators warned back in the summer that the storage facilities were not well filled and it could become scarce if the cold continues. To be on the safe side, the state could and should have ensured that more gas was stored. But Minister Reiche rejected that. The market should solve that, she thought. Economists say again and again that economics is 80 percent psychology. This also applies to price formation on the energy markets. Apparently ideology is more important than psychology. This is now taking its toll.
The mild December ensured that the storage facilities were not even empty and that the legal requirements could just about be met as of February 1st. The minister was lucky, not right. That’s a big difference. And: Winter is not over yet.