Published by Global Banking & Finance Review®
Posted on February 20, 2026
2 min readLast updated: April 3, 2026
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Germany is weighing market-based reforms to its gas market and leaving open the option of a strategic reserve. Despite low storage, officials say winter supply is secure, while analysts urge a safety net ahead of 2027 rule changes.
BERLIN, Feb 20 (Reuters) - The German government is consulting with stakeholders on how the country's gas market can be developed, an economy ministry spokesperson said on Friday, leaving open the question if the country could create a strategic gas reserve.
"We want the market to fill the gas storage facilities, not the government," the spokesperson said at a regular government press conference.
Here are some details:
* German storages are 21.6% full, the lowest level for thetime of year since at least 2011, Gas Infrastructure Europe datashow * Berlin has repeatedly said gas supplies are secure thiswinter, pointing to new LNG terminals and deliveries bycountries like Norway, Belgium or the Netherlands * The economy ministry says Germany is seeing more gasbookings for next winter than it had for this winter at thispoint in 2025, without providing more details * "So we are optimistic that the market has understoodthat there must now be a return to market-based pricing," thespokesperson says * Commerzbank analysts say expiring EU regulation onminimum storage filling levels on April 1, 2027, and the plannedphase-out of Russian pipeline gas by end of 2027 mean Germanyneeds a safety net * "A central pillar of this instrument could be thecreation of a strategic gas reserve," Commerzbank analysts say(Reporting by Thomas Seythal in Berlin, additional reporting by Nora Buli in Olso, editing by)
Germany is consulting on how to structure its gas market and storage policy, favoring market-led filling of storage while leaving open the option of a strategic gas reserve.
Analysts cite expiring EU storage rules in 2027 and the planned phase-out of Russian pipeline gas by end-2027 as reasons to consider a safety net to bolster supply security.
Yes. The economy ministry says supply is secure due to new LNG capacity and pipeline deliveries from countries such as Norway, Belgium and the Netherlands.
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