Germany Rejects Italy's Blame Over Gas Prices

German officials have rejected accusations from Italy that last-minute efforts to replenish natural gas inventories are driving up prices across Europe. An economy ministry spokeswoman stated that the procurement and storage activities by state-owned company SEFE do not push up European gas prices.

The pushback followed remarks from an Italian energy ministry official who blamed German stockpiling for pushing benchmark gas prices above €100 a megawatt-hour. The Italian official argued that prices would otherwise be closer to €70 and noted that Italy may have to help cover any German shortfall during a cold winter.

The disagreement underscores rising friction regarding Europe's energy security costs as winter approaches. Germany acknowledged it will fall short of its 70% gas storage goal, with its storage sites currently at roughly 62% compared to Italy's 91%.