Germany Misses Gas Storage Target as Prices Soar

Germany has missed its gas storage target for the start of winter. Now, the EU's largest economy faces a difficult heating season as the European gas benchmark topped 100 euros per MWh last week and has stayed there since. Higher prices may turn out to be the smaller problem. A supply crunch would be worse.

Every European Union member state has an obligation to secure enough natural gas ahead of winter to fill 80% of storage capacity. Germany has failed to do that, only filling its storage to about 61%. This is problematic because Germany has the EU's biggest gas storage capacity, accounting for over a fifth of the bloc's total capacity.