Economy Ministry: Germany enters Phase 2 of emergency gas plan

Germany's Economy Ministry declared on Thursday the phase two of the emergency gas plan due to a cut in supply from Russia and high prices.

Additional takeaways

Government will not trigger clause allowing companies to pass on price increases at this time.

Security of supply is currently guaranteed, but the situation is tense.

If gas supplies from Russia remain at current low level of 40%, 90% storage level by December hardly achievable without additional measures.

Prices are high already, need to be prepared for further increases.

Germany to provide 15 bln euros in credit lines for filling gas storages.

Germany will launch a gas auction model in summer to encourage industrial gas consumers to save gas.