Germany is moving to create a state-owned strategic emergency reserve of natural gas to boost its energy security, the Economy Ministry of Europe's biggest economy said on Tuesday.
Earlier today, Reuters reported that the strategic government-owned reserve would require up to $1.7 billion (1.5 billion euros) to build the reserve and buy the gas to inject into the storage in 2027 and 2028.
The emergency gas reserve would hold volumes of gas equivalent to nearly 10% of all the gas storage capacity in Germany. The funding for the reserve will come from a levy on gas consumers, the German Economy Ministry said today.
The purchases of gas for the reserve would be spread over two to three years, so as not to impact the price of gas.
The initial injection of gas into the new emergency reserve is expected to take place in the summer of 2027, as Germany looks to boost its energy security and avoid gas shortages and gas and power price spikes.
Earlier today, Reuters reported that the strategic government-owned reserve would require up to $1.7 billion (1.5 billion euros) to build the reserve and buy the gas to inject into the storage in 2027 and 2028.
The emergency gas reserve would hold volumes of gas equivalent to nearly 10% of all the gas storage capacity in Germany. The funding for the reserve will come from a levy on gas consumers, the German Economy Ministry said today.
The purchases of gas for the reserve would be spread over two to three years, so as not to impact the price of gas.
The initial injection of gas into the new emergency reserve is expected to take place in the summer of 2027, as Germany looks to boost its energy security and avoid gas shortages and gas and power price spikes.
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