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RWE chief says Germany should consider national gas reserve

01/25/2022 | 12:39pm

FRANKFURT, Jan 25 (Reuters) - Germany should think about building a national gas reserve, the chief executive of its largest power producer RWE told a newspaper, amid fears that flows from Russia may be disrupted if it attacks Ukraine.

"Yes, we should think about that. This could go in the direction of stockpiling by the state, as it's the case with oil. But there are also other possibilities," Markus Krebber told Frankfurter Allgemeine Zeitung.

Russia is Germany's largest gas supplier but tensions between Russia and Ukraine and threats of sanctions from the West if there is an invasion have raised concerns over whether the fuel will still be flowing if the crisis escalates further.

"It would definitely mean higher prices. A complete halt could only be offset for a very brief period. Maybe a few weeks," Krebber said, adding there was a mutual dependency with regard to gas deliveries.

"We need Russian natural gas and Russia needs currency. There have been tensions in the past, but the gas always arrived," Krebber said, adding that existing supply contracts were being fulfilled.

"Just getting additional volumes short-term is difficult." (Reporting by Christoph Steitz; Editing by Jan Harvey)

© Reuters 2022
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