The claim

Over the course of the winter, Germany sells gas reserves from its storage facilities to the “highest bidder” foreign companies. The gas that was purchased by the federal government from “Trading Hub Europe” is also not reserved for Germany.

Our conclusion

The claim is mostly true. Germany can sell excess gas on the market if statutory storage targets are met by November 1, 2022 (95%) and February 1, 2023 (40%). The gas is always sold according to the principle of supply and demand; It is therefore freely available on the market, both for German and foreign companies.

the media outlet Börse- Online headlined: “German gas reserves go to foreign companies with the highest bidders in winter.” One sentence from it, “ Even the gas that Trading Hub Europe (THE) acquired with financial state aid, is not reserved for German gas customers ,” is quoted on social media.

Storage targets must be met

According to the Energy Industry Act, it is specified exactly how much gas must be contained in German storage facilities. This year's revised paragraph 35 contains legal filling level requirements for German gas storage systems. Accordingly, the gas storage facilities had to be 75% full on September 1st, 85% on October 1st and 95% on November 1st.

The press spokeswoman for the Federal Ministry for Economic Affairs and Climate Protection, Susanne Ungrad, told Correctiv that gas could only be sold if these legal storage targets were met:

“In a market economy, the gas in the storage facilities belongs to the traders who rent their gas quota in the storage facilities. These must adhere to the regulatory requirements for storage and withdrawal. Every storage operator is allowed to sell gas as long as he always complies with the filling level requirements of the law, even in the event of a sale, and can provide proof of this.

So it logically follows that only excess gas could be sold.

Supply and demand: principle for gas sales

Susanne Ungrad continues:

“Sales from storage follow supply and demand and therefore the highest price offer and the most liquid market. Demand in Germany is high because Germany is the largest member state of the EU and there is also high demand due to a high industrial structure. Given the high demand, supply and demand come together in the German market.”

The gas that was purchased for Germany by “ Trading Hub Europe ” can only be sold according to the principle of supply and demand, as the company itself has confirmed: It can be “purchased using market procedures [...] from the relevant market players and be used". The market players include not only Germany, but also other companies that are registered at German trading points.

This means that every gas on the market is freely available or cannot be reserved for one or more countries, regardless of who or who it was procured for.

How much gas is needed? – Can something be sold?

According to current data from “AGSI ”, Germany (as of October 24th, 2022) is currently at 97.18% filling level, above the legal filling level of 95% as of November 1st. However, the next set date by which a certain percentage must be contained in the gas storage facilities is February 1st, with the prescribed filling level at 40%.

According to the BMWK, there are no specified interim statuses for this period - how quickly and how much gas will be sold, and how the so-called “withdrawal path” will proceed, is therefore open. In this regard, Ungrad writes that the Energy Industry Act ensures that there is a gas supply in winter and that “in the peak month of February, there are still enough substantial amounts of gas in the storage facilities at 40 percent”. However, there are no specific guidelines for gas sales per month between November 1st, 2022 and February 1st, 2023.

“This is how we use Germany’s LNG purchases [liquefied natural gas purchases, note d. Red.] currently - pending the development of our own infrastructure - the landing points in Rotterdam or Dunkirk, through which LNG has been regularly coming to Germany for months. France, for example, has delivered gas from France to Germany for the first time in recent weeks. And gas from the storage facilities in Germany can also be sold into the German and European markets.”

First of all, Germany has to survive the heating season itself!

However, it is questionable whether any part of the stored gas will remain over the course of the winter. In another report we have already informed you that German gas stocks will last longer than (as falsely claimed ) only until Christmas, as Germany will continue to import gas over the winter. Nevertheless, this is essential because, according to current estimates, the gas will be sufficient for around two and a half months, depending on temperatures, imports and actual consumption, as Robert Habeck announced in a press conference on October 12, 2022.

Ungrad is also calling on behalf of the federal government to save gas: “We urgently need to save money. Together with the many other measures we have taken, this can help prevent a gas shortage in the winter, which will then affect everyone here in Germany would."

Conclusion
The claim is mostly true. Germany can sell excess gas on the market if statutory storage targets are met by November 1, 2022 (95%) and February 1, 2023 (40%). The gas is always sold according to the principle of supply and demand; It is therefore freely available on the market, both for German and foreign companies.

source

Corrective

Author: Nick L.


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