SEFE, the energy security arm created from Gazprom Germania, faces a capital gap exceeding 5 billion euros to replace undelivered Russian gas. This figure was disclosed by SEFE’s Managing Director, Egbert Lage, during an interview carried by Der Spiegel.
May 12 marked a turning point when Russia placed almost all German subsidiaries on its sanctions list and halted gas deliveries to them. Lage noted that following the sanctions the company effectively lost access to both pipeline gas and liquefied natural gas.
He explained that, given the current circumstances, the liquidity needs total a little over four billion euros, while replacing undelivered Russian gas requires just over five billion euros.
According to Lage, Germany can expect to navigate this coming winter without reaching the highest danger level, the emergency stage that requires gas rationing. He pointed to storage levels around 78 percent as a reassuring sign for this period of the year.
Further, Lage observed a drop in overall consumption driven by high energy prices, suggesting Germany could weather the winter without a severe energy shortage.
Gazprom Germania GmbH and Gazprom Marketing & Trading Ltd. were halted by Gazprom on March 31. In response, Germany’s Federal Network Agency (BNetzA) placed Gazprom Germania GmbH under state control and renamed the entity SEFE Securing Energy for Europe to reflect its new mission and status. [Source: Der Spiegel]