Germany enters winter with gas storage at just 62% as Europe’s prices pass €100

Germany is heading into winter with its gas stores far emptier than usual, and the shortfall has turned into a row between two of Europe’s biggest economies.

Germany’s energy regulator put storage at 61.7% full on Thursday, 29 October, about 8.3 percentage points below the roughly 70% average target due on Sunday, 1 November. It is the lowest fill for this time of year in Gas Infrastructure Europe data going back to 2011. Storage across the European Union stood at about 75%, while Italy’s sites were almost 91% full.

The benchmark European gas price, the Dutch TTF contract, briefly passed €100 per megawatt-hour on 28 October, its highest since December 2022. It traded at €100.37 that afternoon, more than three times the level of about €32 before the Iran war began in late February.

Italy has blamed Germany for part of the rise. Alessandro Noce, an Italian energy official, said Germany had delayed filling its stores and that its late buying had added roughly €30 per megawatt-hour to the benchmark. Germany rejected that claim on Friday, 31 October, when a spokeswoman for its Economy Ministry, Susanne Ungrad, said the accusation was baseless. Berlin has now told importer SEFE to buy and store more gas.

Why it matters

Gas in storage is Europe’s cushion for cold weather. When stores are low, a cold snap can force countries to buy gas at short notice, when prices are at their highest. That can push up heating bills and costs for factories that use large amounts of energy.

The row also matters because Europe buys gas in one connected market, so one large country’s late purchases can raise the price paid by its neighbours. Disruption to liquefied natural gas shipments linked to the conflict involving Iran has also tightened supply, mainly from Qatar.

What happens next

The immediate test is the weather. Germany’s regulator has said supply is secure and that a normal winter would be covered, although stores would be very low by the end of winter. A very cold winter would leave Germany buying expensive gas at the last minute.

Noce has warned that the benchmark price could reach €150 to €180 per megawatt-hour if January is cold. That is a warning about a possible outcome, not a forecast. If prices stay high, other governments may press for stronger joint buying or storage rules.

This article is for general information and education only. It is not legal or financial advice.

Sources

• https://eutoday.net/germany-italy-gas-storage-dispute-europe-energy-crisis/ (EU Today, 31 October 2026)
• https://clashreport.com/world/articles/german-gas-storage-hits-record-seasonal-low-as-prices-top-100-crrtixy7se (Clash Report, 31 October 2026)
• https://www.europesays.com/europe/171295/ (Europe Says, 31 October 2026)
• https://app.ekkow.com/1488206750126047654 (Euronews, via Ekkow, 28 October 2026)