Germany rejects Italian claims that gas stockpiling is raising European prices
Economy ministry spokeswoman Susanne Ungrad denied that German efforts to replenish natural gas inventories are driving up prices across the continent.
Germany has rejected accusations from Italy that recent efforts to replenish natural gas inventories are increasing prices across Europe, according to Mint.
Economy ministry spokeswoman Susanne Ungrad stated at a press conference on Friday that Germany firmly rejects the claim that procurement and storage, such as through SEFE, drives up European gas prices.
The dispute arose after Alessandro Noce, a senior official at Italy’s energy ministry, blamed German stockpiling for pushing benchmark gas prices above €100 a megawatt-hour this week. Noce argued that prices would have been closer to €70 without these efforts.
Noce noted that while Italy spent approximately €300 million on winter preparations, Italy might have to help cover any German shortfalls if the winter is particularly cold.
Germany's storage sites are currently about 62 per cent full, while Italy's are at 91 per cent and the EU average is 75 per cent.
Ungrad also acknowledged that Germany will not meet its 70 per cent gas storage goal due this Sunday.