Germany warned that Russia’s moves to slash Europe’s natural gas supplies risked sparking a collapse in energy markets
, which relies on Russia for more than a third of its gas supplies, enacted the initial “early warning” phase at the end of March, when the Kremlin’s demands for payment in rubles prompted Germany to brace for a potential cutoff in supply. The third and highest “emergency” level would involve state control over distribution.
The daily fill rate dropped by about half on Wednesday to the lowest level since early June, according to figures from Germany’s network regulator, known as BNetzA. At that rate, it would take more than 100 days to reach the target, which would put the country well into the traditional heating season.
Gas is a crucial part of Germany’s energy mix and more difficult to replace than Russian coal and oil, which are being phased out by the end of the year. The fuel is critical for heating homes and for industrial processes in the chemicals, pharmaceuticals and metals sectors.
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