Germany downgraded its gas-supply emergency status from the “alarm” to the “early warning” phase, with Economy Minister Katherina Reiche saying diversified imports and stable prices mean state intervention is no longer required. The shift comes after Berlin abolished a storage levy that had cost consumers an estimated €3.4 billion since 2022. Storage facilities are only about 50 % full, and the country’s largest underground site at Rehden failed to allocate injection capacity at its latest auction, raising doubts over whether Germany can meet the government’s revised target of 80 % fill by 1 November. Analysts warn the shortfall could tighten the market if the coming winter proves colder than normal. At the same time, the cabinet is drafting amendments to the Foreign Trade and Payments Act to prevent any sale or reactivation of the Nord Stream 2 pipeline, a Gazprom-owned asset registered in Switzerland. Officials say closing the legal loophole is necessary after interest surfaced from Russian and U.S. investors in acquiring the damaged conduit. Reiche reiterated that no Russian liquefied natural gas is being unloaded at German terminals and that LNG currently covers roughly 8 % of national demand. Nevertheless, state-owned energy firm SEFE has booked about €2 billion worth of Russian LNG for delivery in 2025 via terminals in France, Belgium and Spain, underscoring Berlin’s continued reliance on indirect Russian supplies. Wholesale gas prices are hovering near €34 per megawatt-hour after easing from last year’s peaks, yet traders say sustained injections will be needed through summer to build a safety cushion before heating demand returns.