Germany raised the level of emergency warning regime for gas

The vice-chancellor explained this by reducing gas supplies from Russia and prices. The first level was introduced back in March

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Germany has raised the emergency warning level for gas to the second level, Vice Chancellor, Economics Minister Robert Habeck said.

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He explained that the reasons were the reduction in gas supplies from Russia and high prices on the gas market. According to Habek, the situation is tense, but so far the security of supplies is guaranteed.

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“We are in a gas crisis. Gas is a scarce commodity, prices are already high, and we must be ready for further increases,” the Vice Chancellor said.

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The second level theoretically assumes that utilities will be able to sell gas to businesses and households at high prices in order to reduce demand. It was they and the companies purchasing gas who insisted on the transition to the second level. At this stage, it is assumed that the market can still withstand the lack of volumes without government intervention. The third, last level will be emergency, the gas market will be regulated by the authorities.