Germany reduces target level for gas storage

Ahead of the European Union, the Energy Minister has reduced the target level for German natural gas storage from 90% to 70% as of 1 November. The required storage level will vary depending on the type of storage capacity (aquifers, salt cavities). Some capacities may only be filled to 45%, while others will have to be filled to 80%, bringing the average fill rate to 70%. The government's objective is to reduce natural gas prices and give more scope to market mechanisms for gas storage. The European Union is also expected to decide on a reduction in the target fill rate.