Germany releases 2.5 billion Euros of credit lines to secure gas supplies

INA – SOURCES
 
The German government released another 2.5 billion euros ($2.5 billion) of credit lines to secure gas supplies, as it writes off Russia as a reliable energy supplier.
 
Racing to replace Russian gas supplies with alternative sources, Germany had set aside a total of 15 billion euros in credit lines -- to be disbursed in tranches.
 
Now the first 1.5 billion euros have been nearly exhausted, the government has added another 2.5 billion euros to buy liquefied natural gas.
 
Earlier this year, the federal government commissioned Trading Hub Europe GmbH, known as THE, to replenish gas inventories — and the credit lines are designed to support those purchases.
 
Stockpiles now stand at 90% of capacity and it aims to reach 95% by Nov. 1. That will provide a buffer for this winter, although questions remain about how Europe will cope with the one after.
 
As part of its strategy to cope without Russian gas, Germany plans to deploy a series of floating storage units that receive LNG and convert it back into gas.