Germany to set up state gas reserve after missing winter storage targets

The ​German government will ​go ahead with ‌a planned ​24-terawatt-hour state gas reserve to be funded by ‌user surcharges, the economy ministry said, following criticism over missed storage targets for the winter ‌heating season this year. The additional state buffer, ‌which amounts to about 10% of the nation's gas storage capacity, will be accumulated over ⁠up to ​three years, ⁠the ministry said in a statement on Wednesday.

The ⁠ministry stressed it does not replace ​stock-keeping in the private sector. "The gas reserve does ⁠not relieve market participants of their responsibilities, which ⁠include ​winter preparedness as well as meeting supply obligations," it said.

To fund the ⁠effort, households would likely see 0.3% to 0.5% higher ⁠gas ⁠prices, the ministry said. ($1 = 0.8957 euros)