Is there a gas shortage?

Not yet.

In the warm season, even more gas comes to Germany than is consumed.

Therefore, the memory can be filled further.

But since mid-June, only 40 percent has flowed from Russia via the main Nord Stream 1 pipeline.

Gazprom justifies this with the missing Siemens components for a compressor station.

They were stuck because of the sanctions in Canada, the West was to blame.

The federal government considers this to be a pretense and accuses Moscow of using gas as a weapon.

Could the situation worsen?

Helmut Buender

Business correspondent in Düsseldorf.

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Christian Geinitz

Business correspondent in Berlin

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Timo Kotowski

Editor in Business.

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Yes.

On the one hand, Nord Stream 1 will be completely shut down for ten days on Monday for regular annual maintenance.

Normally, more gas then runs through the Ukraine pipeline, but that is only operational to a limited extent because of the war.

There is also the fear that Russia will not turn on Nord Stream 1 again.

Then the caverns could no longer be filled and there might be a "gas shortage".

Berlin could declare a gas emergency, assign the Federal Network Agency to the gas industry.

What threatens gas importers?

They are obliged to perform their services and have to deliver agreed quantities of gas at agreed prices to their customers – industry, public utilities and other suppliers.

Your own supplier, Gazprom, doesn't care about the contracts and delivers less.

The gas trader Uniper Gas therefore has to buy gas at sharply increased prices.

He remains stuck on the cost difference, since fast price transfer is not possible at all or only to a limited extent.

That's why the industry loses tens of millions every day.

If nothing changes, the importers will run out of steam.

In the event of their bankruptcy, the supply chains would collapse and households and companies could no longer receive gas.

What can be done about it?

First of all, the owners are asked.

The Finnish state-owned company Fortum is behind Uniper.

He grants Uniper a credit line of 8 billion euros, but expects Germany to help too.

The government is doing this, for example by amending the Energy Security Act EnSiG.

As an appendix to the Replacement Power Plant Availability Act, the amendment is to be passed before the summer break on Friday.

Paragraphs 24, 26 and 29 are decisive there. Article 29 should apply “priority”, then 26 could be used or alternatively 24, but not both.

How can the state step in?

Paragraph 29 enables the federal government to buy into gas importers.

Companies can apply for this "stabilization measure" at the Ministry of Economics, which decides together with the Ministry of Finance and the Chancellery.

A legal claim does not exist.

The equity injections in the Corona crisis are a model.

A law grants corporate law simplifications, for example in the case of capital increases.

The issue price of the shares can be lower than the market price.

The general meeting can also request price reductions for the federal government.

The capital contribution as a silent partner may take place without the approval of the general meeting.

If the federal government takes control, it is exempt from the obligation to make a takeover bid.

The regular budget should be used for financing.