Uniper CEO Says Germany Can Reach Gas Storage Target

Chief Executive Officer of Uniper SE Michael Lewis stated that Germany can still achieve its goal of filling gas storage sites to 70% by November 1. Current levels sit at just over 48%, trailing the European average of 59%. This deficit follows cold spells earlier this spring that reduced inventories to 20%.

Lewis noted that market prices must shift to incentivize stockpiling, as conflict in the Middle East has increased summer gas costs. He emphasized that securing sufficient supplies for the heating season requires continued liquefied natural gas imports and a resolution to the closure of the Strait of Hormuz to ensure energy flows to Europe.