Storage levels dangerously behind schedule

Germany's gas storage facilities are not filling up fast enough, and energy company Uniper is now sounding the alarm. CEO Michael Lewis stated in an interview with the German business newspaper Frankfurter Allgemeine Zeitung that the country risks supply problems next winter if immediate measures are not taken to accelerate the storage pace.

According to data from Gas Infrastructure Europe, German facilities were only 30.6 percent full as of May 27, 2026. In comparison, the level was 38.65 percent at the same time last year — a significant difference that worries industry players.

German gas storage levels are more than eight percentage points lower than at the same time last year
Uniper warns: Germany could face gas shortage this winter - Bilde 1

Lewis: "We will have a problem next winter"

Uniper's CEO is not vague in his warning. According to OilPrice.com, Lewis reportedly said that if storage facilities are not filled quickly, real problems will arise this winter. He has previously argued that full storage is not just about technical supply security, but that it acts as a «shield» for the German economy: full storage can mitigate recessions, stabilize prices, and protect industry from shocks.

The CEO is now asking authorities to introduce incentives that motivate companies to purchase and store gas at a faster pace, which is not necessarily commercially attractive today given market dynamics.

30.6%
German gas storage (May 27, 2026)
38.65%
Same time last year
Uniper warns: Germany could face gas shortage this winter - Bilde 2

High potential costs of unfilled storage

The dangers are not theoretical. An analysis prepared by Frontier Economics for Uniper in October 2025 estimated that if gas storage in northwestern Europe were only 75 percent full during a crisis scenario this winter, the economic damage for Germany alone could approach 40 billion euros. If storage instead reached 90 percent, the estimated damage would fall to around 14 billion euros — a difference of approximately 25 billion euros.

It is worth noting that these estimates are based on modeled scenarios and are not independently verified, but they illustrate the potential exposure if storage levels remain too low.

Historical context: Uniper has been here before

Uniper is no stranger to gas crises. When Russia drastically reduced deliveries through Nord Stream 1 in 2022, the company reported a net loss of around 40 billion euros for that year, after being forced to purchase replacement gas at exorbitant prices. The German state ultimately took over 99.12 percent of the company through an emergency package.

The company has since heavily diversified its supply chains, including through LNG imports. Nevertheless, Europe remains exposed to geopolitical uncertainty and capacity limitations in gas infrastructure.

Norwegian perspective: Norwegian gas is central

For Norwegian interests, the situation is relevant. Norway is Europe's largest gas exporter and the most important alternative to Russian pipeline gas. If Germany and neighboring countries intensify the storage pace throughout the summer and autumn, increased demand for Norwegian gas could provide positive price impulses. Gas prices in Europe are closely monitored by the Oslo Stock Exchange, not least through Equinor's share price development.

It remains to be seen whether German authorities will respond to Uniper's demand for incentives — and whether the market will price in the risk of a tight winter already now.