FX.co ★ Germany misses its gas savings target due to cold winter

Cold weather in Europe could hamper the attempts of the German government to cut gas consumption. As saving gas becomes more difficult in such conditions, Germany may soon face a shortage of gas supplies stored for the winter season. According to Die Welt, the country will most likely fail to meet its gas savings targets due to chilly weather. It is reported that gas consumption has increased by 14% compared to the previous week. At the same time, the consumption level is still 13% below average compared to the last four years. Apparently, Germany is falling short of its gas savings targets. Yet, Europe's biggest economy is still determined to wean itself off Russian gas and is doing everything possible to pursue its goal. Earlier, Germany announced the opening of its first liquefied natural gas terminal which is viewed as an important contribution to the country's energy security.