Germany hits record low gas reserves
Gas inventories in Germany have fallen to their lowest level since data recording began in 2011, currently standing at 49% of storage capacity, down from 67% last year. Although the government is trying to reassure markets that there is no expected shortage of supplies this winter, the storage levels will not be sufficient in case of severe weather deterioration, due to high costs and weak economic incentives for storage. The Ministry of Economy has placed the private sector responsible for preparing for winter, and the government is preparing to take emergency measures if the situation worsens, amid an unusual rise in gas prices caused by the Iranian conflict and the Hormuz Strait blockade.
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