Why has Uniper only filled 70% of its contracted gas storage capacity despite needing to prepare for winter?

Uniper filled only 70% of its contracted gas storage capacity because wholesale gas prices over the summer were unusually high—driven by the war in Iran—resulting in an inverted summer-winter price spread (summer prices above winter prices), which removed the typical economic incentive to store gas; as CEO Michael Lewis stated, 'Now that doesn't mean to say we haven't stored any gas. We've filled around 70% of the gas storage that we've contracted.'

What impact has the war in Iran had on European gas storage and pricing dynamics?

The war in Iran has driven up summer wholesale gas prices, creating an inverted summer-winter price spread that discourages storage—since energy companies usually store gas when summer prices are low—and has also contributed to global LNG price increases, especially after the closure of the Strait of Hormuz, through which 20% of global LNG supply used to pass, according to Uniper's CEO Michael Lewis.

Germany's Uniper Fills 70% of Contracted Gas Storage

Aug 24, 2026

Germany's Uniper reports filling 70% of contracted natural gas storage despite low economic incentives and geopolitical risks. CEO Michael Lewis noted ongoing purchases and a new supply agreement with Equinor amid rising global energy prices.

reuters

2026-08-24

Germany's Uniper Fills 70% of Contracted Gas Storage

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