Germany cut its natural gas imports by nearly a third in the last year and its storage tanks are nearly full, a sign that it is well positioned for the winter and that the worst fears about its energy situation in the wake of Russia’s invasion of Ukraine have not been realized.
In its efforts to save on energy, the country had committed to conservation strategies, along with exporting less after Russia cut its shipments to the West last year. Germany used to be one of Russia’s main customers for pipeline gas, but following Russia’s invasion of Ukraine in 2022, Germany began creating floating terminals to import liquefied natural gas to compensate.
HOUSE REPUBLICANS FIND BORDER CRISIS ‘STOPPED’ IN EAGLE PASS AFTER CARTELS HALT OPERATIONS
As reported by Reuters, the Bundesnetzagentur agency said Germany had imported 968 terawatt hours of natural gas in 2023. From that amount, the majority was sent in from European countries, with 43% from Norway, 26% from the Netherlands, and 22% from Belgium. What was left was sent from overseas or other European countries.
Gas exports from Germany to neighboring countries also fell by 63% last year, according to Reuters. The 187 TW of recorded exports, down from 499 TW in 2022, were sent to the Czech Republic, Austria, and the Netherlands.
Gas supply is at safe levels, according to the regulator: “Storage caverns are currently 91% filled. That is a very good basis for the remaining winter months.”
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Industry players had made efforts to save supply efficiently, while mild weather also curbed natural gas consumption in 2023 by 5%.
The reduction in Russian exports following its invasion of Ukraine had initially triggered high energy costs, but savings and alternatives helped to cushion prices within the last year. Directly after the invasion, the price of gas increased by around 180%, according to the European Central Bank, with gas prices reaching as high as 350 euros per megawatt hour. Prices now are hovering around 33 euros.
