Germany’s natural gas storage facilities were approximately 50% full in late August 2026, well below the roughly 71% level targeted for Nov. 1. Industry experts have called that goal "virtually unattainable" at current injection rates, raising the risk of billions of euros in additional energy costs for households and businesses. A cold winter or supply disruption could force Germany to compete for liquefied natural gas (LNG) on the spot market when global demand is highest. Geopolitical tensions surrounding Iran have tightened global gas markets, while Germany remains without the cheap Russian pipeline gas it relied on before Russia’s 2022 invasion of Ukraine. Uniper CEO Michael Lewis said the company has filled around 70% of its contracted storage capacity despite an inverted summer-winter price spread, but its agreement with Norway’s Equinor for 30 terawatt-hours of annual pipeline supply will not help this winter. Germany’s government has adopted a relatively calm stance and appears to be relying partly on mild weather, while industry groups and transmission operators warn that refilling is lagging. Storage levels fell to between 20% and 30% during the winter of 2022, highlighting the country’s vulnerability. LNG can supplement pipeline supplies, but the closure of the Strait of Hormuz, through which 20% of global LNG supply used to pass, has lifted prices worldwide.