Germany to increase gas storage levels to prepare for upcoming winters

By Nikita Chaurasia  | Date: 2022-06-20

Germany to increase gas storage levels to prepare for upcoming winters

Germany has revealed new measures to increase gas storage levels ahead of the upcoming winter when it anticipates that Russia may restrict or even stop the whole supply. The country, which depends on Moscow for most of its gas supply, is attempting to fill its gas storage tanks and gradually reduce its imports of Russian energy in the wake of Russia’s invasion of Ukraine.

However, the actions taken recently are implemented based on a plan outlined earlier this year to boost Germany's energy sector and economy with aid payments as it deals with the Ukraine situation, which has eventually driven up power prices.

According to Germany's Economy Ministry, the new measures will boost the country’s reliance on coal-fired power plants and introduce an auction system soon to encourage industries to consume minimally. The latest plan also contains credit lines worth USD 15.8 billion for the gas market operator of Germany to quickly fill gas storage facilities, through a state lender KfW.

Sources claimed that this could be the launch of Germany’s second phase of the emergency plan which begins when there is a significant likelihood of long due of gas supply shortages, which will allow utilities to carry on with higher high gas prices to customers and thus contribute to reducing demand.

Economic Minister Robert Habeck added that Russian President Putin's war of aggression against Ukraine is the direct cause of the stressful situation and soaring prices, but Germany is all set to respond wisely to the situation.

According to the Economy Ministry, restarting coal-fired power plants may add roughly 10 gigawatts of capacity in the event of a dire gas supply crisis. A relevant law is likely to be submitted to the upper house of parliament by 8th July.

Source Credit:

http://www.millenniumpost.in/business/germany-announces-steps-to-boost-gas-storage-482687?infinitescroll=1

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

Walmart to double down on frictionless optical care with Memomi buyout

Walmart to double down on frictionless optical care with Memomi buyout

By Nikita Chaurasia

Walmart Inc. is reportedly planning to acquire the augmented reality optical tech firm Memomi, reflecting the retailer’s commitment to offering frictionless and omnichannel optical care. The buyout could potentially allow Walmart to offer a fun...

Google faces antitrust lawsuit from Danish job search entity Jobindex

Google faces antitrust lawsuit from Danish job search entity Jobindex

By Nikita Chaurasia

Google LLC was reportedly hit with an antitrust case by Jobindex, a Danish online job-search rival, that took its grievance to European regulators asserting that Alphabet Inc.’s subsidiary is unjustly favoring its job-search engine. The comp...

EU vows USD 630 Mn aid to vulnerable countries amidst Ukraine-conflict

EU vows USD 630 Mn aid to vulnerable countries amidst Ukraine-conflict

By Nikita Chaurasia

The European Union has reportedly pledged USD 630 million to support weaker nations to tackle food scarcity that was made worse by Russia's assault on Ukraine. The funds include USD 368 million in aid to increase long-term sustainable food produc...

Ericsson predicts 5G mobile subscriptions to surpass 1 billion in 2022

Ericsson predicts 5G mobile subscriptions to surpass 1 billion in 2022

By Nikita Chaurasia

Swedish telecom and networking giant Telefonaktiebolaget LM Ericsson has reportedly predicted that by 2022 there will be over 1 billion 5G mobile subscriptions worldwide, primarily ascribed to the mounting adoption of the technology by North America ...

Adidas takes Nike Inc. to court over shoe and app patent infringement

Adidas takes Nike Inc. to court over shoe and app patent infringement

By Nikita Chaurasia

German apparel giant Adidas AG has reportedly filed a complaint against its American rival Nike Inc., alleging that the sportswear giant infringed on nine of its patents in terms of customizable shoe technology and smartphone apps. The complaint i...