The German government’s budget committee has approved a credit line worth €15 billion to gas market area operators to purchase supply for storage, the economy ministry said in a statement.
Germany faces certain recession if faltering Russian gas supplies stop completely, an industry body warned on Tuesday, and Italy said it would consider offering financial backing to help companies refill gas storage to avoid a deeper crisis in winter.
International media has reported that Europe has started to use gas reserves which were originally meant for the peak of the winter season due this year.
More than 10 billion cubic meters of natural gas has already accumulated in Ukrainian underground gas storage facilities, and these volumes are growing. This development was reported by the Ukrainian Prime Minister Denys Shmyhal on Telegram, as noted by Ukrainian media.
Germany will back Gazprom Germania (the energy business abandoned by Russia’s Gazprom in April) with a loan of close to €10 billion to help bolster the security of Europe’s energy supplies.
Hrvatska Elektroprivreda (HEP), Croatia's state-owned electricity company has been granted a loan from commercial banks in the amount of €1 billion to finance the purchase of electricity, gas, coal and heat and purchase gas to be stored underground at Okoli.