The Iran war distorts the gas price curve, Uniper achieves 70% of its gas storage target against the trend

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智通财经2026/08/24 09:11

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Uniper's CEO stated on Monday that despite high summer wholesale electricity prices leading to insufficient economic incentives and the complexity of the market environment caused by the Iran war, the company has still managed to fill 70% of its contracted gas storage capacity.
The current spot market is showing an abnormal term structure with summer prices higher than winter prices, which has significantly weakened the typical seasonal motivation for gas storage. However, in recent weeks, the price differential has started moving in a favorable direction.
Uniper continues to purchase natural gas on the market every day and stores it in locations with reasonable incentives. The CEO emphasized that the company will maintain this operational strategy.
As of last Thursday, Germany’s overall gas storage level was slightly above 50%, much lower than 76% at the same time last year. The average gas storage rate among EU countries is around 62%. The Iran war has pushed gas prices higher, making summer storage less attractive compared to direct sales.
Earlier that day, Uniper signed a pipeline gas import agreement with Norway’s Equinor for 30 terawatt-hours annually, to commence in early 2027, but this offers no direct contribution to restocking for the upcoming winter.
The closure of the Strait of Hormuz has cut off approximately 20% of the global LNG supply route, driving up international gas prices. The CEO admitted this is a significant challenge that requires a diplomatic solution, and the company will do its utmost to secure gas supply for its clients.

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The Iran war distorts the gas price curve, Uniper achieves 70% of its gas storage target against the trend

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