Germany declares first early warning level in national gas emergency plan

Germany has declared a first early warning level in its national gas emergency plan, energy ministry Robert Habeck said March 30.

The plan was put in place amid a threat of Russian cuts to gas supplies after Germany and G7 countries rejected Russian demands for gas payments in Rubles, it said.

Security of supply continued to be guaranteed with no supply shortages, the ministry said.

"Nevertheless, we must step up precautionary measures in order to be prepared in the event of an escalation from Russia," the energy minister said.

The first of three warning levels is triggered when there is a serious risk of disruption.

It requires a crisis team to evaluate the supply situation so that, if necessary, further measures can be taken to increase security of supply, the ministry said.

The second alert level is activated when there is a disruption to gas supply or exceptionally high demand for gas, leading to a significant deterioration in supply.

The final state of emergency is declared when there is exceptionally high demand for gas or significant disruption to gas supply, with all market-based measures implemented and supply still insufficient.

In this case non-market-based measures can be taken.

Gas prices rose sharply March 30 with TTF front-month trading at Eur123/MWh by 0715 GMT, ICE exchange data showed.

S&P Global Commodity Insights last assessed the contract at Eur106.500/MWh on March 29.