Germany bets on a mild winter: But what if prolonged cold sets in...

German households and the country’s industrial sector face the risk of paying billions of euros in additional costs for energy, TodayPress TV reports, citing Bloomberg.

The publication notes that Germany has built up its gas reserves to a very low level. The government, however, is disregarding warnings that this could affect energy security and is hoping for a mild winter with favorable weather conditions.

According to the agency, prolonged cold weather or supply disruptions caused by the conflict in the Middle East could force Germany to compete for energy supplies at a time when global demand for gas reaches its peak.

If wholesale prices remain high, consumers’ fuel costs in Germany could increase by €3.8 billion in 2027.

Germany’s gas storage facilities are currently around 51% full, compared with an average of 63% in European Union countries. Germany’s gas storage facilities are the largest in the EU, and according to the publication, low reserves could also affect other EU member states.

Giymat Mahir