RWE's CEO, Krebber, affirms the status of gas storage and prices, maintaining a relaxed situation despite the low levels of filling.

The ongoing discussions surrounding the potential restart of the Nord Stream 1 pipeline are centred around easing geopolitical tensions related to Russia's invasion of Ukraine. This pipeline, operated by a consortium including Russian and European energy companies, has been the gas supplier since 2011.

The focus remains on ensuring peace and security before economic discussions can proceed. RWE CEO Krebber, who is also associated with Eon, a company involved in Nord Stream 1, conditions the potential restart on Russia stopping attacks, reliable peace, and security guarantees for Ukraine.

Despite the political uncertainties, the gas market assumes there will be no further deliveries from Russia. However, wholesale gas prices are expected to remain stable at around 30 euros per megawatt hour, putting Germany back at a more normal level after the record prices in 2022 (over 300 euros per MWh). RWE's gas storage, currently 91% full, reflects this stability.

The winter, assumed to be average, also remains unchanged in relation to the discussion on the Nord Stream pipelines. Despite Saxony's Minister President Michael Kretschmer (CDU) advocating for discussions on restarting Nord Stream 1 operations, the call for talks does not imply an immediate change in the assumption of no further deliveries from Russia. Fill levels are also high in other European countries, with Germany's overall gas storage being 73% full.

It is important to note that the stance on the Nord Stream pipelines does not directly affect the current stable gas prices or storage levels mentioned earlier. Krebber remains composed despite lower nationwide gas storage levels and expects stable gas prices to continue.

The political situation in Ukraine remains a key factor in the discussion of restarting the Nord Stream pipelines. As key stakeholders, Russia, Germany (a major recipient), and broader NATO allies view the pipeline in the context of energy dependence and security. Restart demands involve resolving security and political trust issues, particularly in light of sabotage allegations linked to Ukrainian nationals and geopolitical conflicts.

In conclusion, while the potential restart of the Nord Stream 1 pipeline is a topic of ongoing discussion, the current focus remains on maintaining peace and security, with economic considerations taking a backseat for the time being.

RWE's CEO, Krebber, affirms the status of gas storage and prices, maintaining a relaxed situation despite the low levels of filling.