Germany plans to spend 1.5 billion euros on emergency gas reserve — agency

Germany plans to spend 1.5 billion euros on emergency gas reserve — agency The reserve will contain about 2.3 billion cubic meters of gasLONDON, July 7. /TASS/. The German government plans to spend 1.5 billion euros on an emergency gas reserve, Reuters reported, citing a source. According to the source, the reserve would be intended to safeguard against extreme situations such as sabotage of critical energy infrastructure or a severe global gas shortage. The plan, being drafted by Germany’s Economy Ministry, is expected to be approved by the cabinet in mid-August. The reserve will contain about 2.3 billion cubic meters of gas, equivalent to roughly 10% of Germany’s gas storage capacity. The cost of building the reserve, purchasing the gas and injecting it into storage is estimated at 1.2-1.5 billion euros, spread across 2027 and 2028. In addition, annual running costs are estimated at between 150-180 million euros, Reuters noted. 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