Germany (bbabo.net), - Since the end of August, the price of gas on the European stock exchange has almost halved. On the one hand, the EU countries have created a significant amount of fuel in storage. On the other hand, German companies are reducing gas purchases for government loans at any price.

According to the EEX platform, the price of spot gas on the TTF exchange dropped today, September 20, to $ 1,700 per thousand cubic meters, and futures for October - to $ 1,900. This is almost twice as low as gas was traded at the end of August.

Deputy Director of the National Energy Security Fund (NESF) Aleksey Grivach notices that EU storage facilities are full. According to GIE, by 85%. At the same time, the industry is standing, the expert adds. In August, German industry, for example, cut consumption by 22%, according to data from the Federal Grid Agency.

One of the main drivers was the decline in gas purchases by Uniper and Gazprom Germania. The latter operates three UGS facilities and was nationalized by the German government in April. Due to the decrease in Gazprom's supplies, traders switched to alternative purchases and Berlin expanded their credit lines by more than 10 billion euros. Under these conditions, companies bought gas at any price, which was one of the reasons for record quotations.

For example, Uniper pumped up to 62 million cubic meters per day into its storage facilities in August, and Gazprom Germania - up to 47 million cubic meters. And their total share in the injection of gas into German storage facilities reached almost 70%. In September, Uniper reduced the rate by almost three times, to 19 million cubic meters, and Gazprom Germania - by 10 or more times, to 2-5 million cubic meters per day.

The almost two-fold drop in gas prices is a serious relief for the European market. However, prices continue to be abnormally high. In September last year, the average price on the German Gaspool exchange was $650 per thousand cubic meters, which is almost three times lower than current prices.

The risks of winter have not gone away, they remain, the deputy director of the FNEB notes.

Despite the fact that the average filling level of European storage facilities exceeded 85%, UGS facilities are only one source of gas for the EU during the heating season. As noted by Gazprom, the current reserves in German storage facilities will cover only two months out of six, with consumption at the level of the last warm winter season. At the same time, even this year's maximum LNG supplies cannot cover Russian gas imports. Without a reduction in consumption in the EU, the difference and, accordingly, the deficit could be 16-18 billion cubic meters. The German regulator estimated the shortage of fuel in Germany at more than 10 billion cubic meters if Gazprom completely stopped supplies. The Federal Network Agency proposes to reduce consumption by at least 20% and find additional sources of gas imports, in addition to new LNG terminals, which will be launched in January.

The rush to buy gas has led not only to more active filling of storage facilities, but also to negative consequences that Germany may feel for years to come. In August, German industry stopped more actively. She cut consumption by 22%. At the same time, the average price of local products increased by almost 46%.

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