Jan Woitas/dpa
Following the 2022 energy crisis, Germany introduced some of the strictest requirements in Europe for filling underground gas storage facilities. This policy helped prevent fuel shortages in subsequent winters, but at the same time changed the behavior of market participants.
As Die Welt notes, mandatory quotas force traders to purchase gas even when market conditions make such transactions economically unprofitable. As a result, the cost of ensuring energy security is rising, while commercial incentives for gas storage are declining.
Additional pressure is coming from changes in the pricing structure of the European gas market. Whereas companies used to be able to rely on the traditional seasonal price differential—buying gas in the summer and selling it in the winter at a profit—this model now works much less effectively. This makes it more difficult to fill storage facilities using market mechanisms alone, the publication notes.
The government is taking on more and more responsibility
The problem has proven so serious that the German government is preparing to establish a separate strategic state gas reserve, as reported by Logos Press.
According to the Ministry of Economy’s plan, the reserve—with a capacity of about 24 TWh—will be used exclusively in emergency situations—for example, in the event of a prolonged halt in imports or disruptions to energy infrastructure. The project is estimated to cost €1.2–1.5 billion and is expected to be financed through a special levy on gas consumers.
In doing so, Berlin is effectively acknowledging that ensuring energy security can no longer rely entirely on market mechanisms.
The New Price of Energy Independence
Germany’s history reflects a broader European trend. Following the reduction in Russian gas supplies, the priority has shifted from minimizing fuel costs to ensuring the stability of energy supplies.
This means that spending on reserve capacity, strategic reserves, and the protection of critical infrastructure is gradually becoming a permanent part of energy policy. In essence, Europe is shifting from a “cheap gas” model to a model of “expensive but more reliable security.”
For businesses, this means continued higher energy costs and the introduction of new mandatory payments related to ensuring the reliability of supplies. At the same time, the government’s role in managing energy reserves is growing—a trend that, just a few years ago, was considered incompatible with the principles of a liberalized market.
