The Norns, daughters of Erda, have been spinning the rope of destiny in the shadow of the World Ash, near the Fountain of Wisdom, since time immemorial. Wotan sacrificed one of his eyes so that he could drink from the spring. When he broke off one of the tree's branches for a spear, the tree died of its wounds and the spring dried up. The Norns have moved on to the cliff of Brünnhilde. Gunther, chief of the Gibichungs, and his sister Gutrune are the legitimate children of Grimhilde. Hagen, their half-brother, is the illegitimate son she bore to Alberich for payment. Hagen is thus the product of a lack of love and the pursuit of power: his father created him solely to get the ring back.
Prologue
The Norns continue to spin the rope of destiny, even though they no longer know everything that has happened, is happening, or will happen. They are not even sure if the light they see is dawn or the fire surrounding the rock. As night approaches, their images fade. Alberich's curse on the ring gnaws at their rope. It breaks. The Norns return down to their mother Erda. From now on, humanity alone will be responsible for its fate. Brünnhilde urges Siegfried to activity in the world. He gives her the ring in gratitude for all she has taught him and as a token of their love. In turn, she gives him her horse.
Act I
Gunther is busy thinking about whether his fame is worthy of the name Gibichung. Hagen points out that there is a vast treasure that the Gibichungs have not yet earned, and also that neither Gunther nor his sister are married. Hagen advises Gunther to marry Brünnhilde, the noblest woman in the world. He suggests that Gutrune use an elixir to make the hero Siegfried fall in love with her. Brünnhilde is protected by the fire that surrounds her rock, but Siegfried can win her for Gunther.
At that moment, Siegfried's horn is heard. Gunther greets Siegfried with a welcome. They exchange vows of friendship. Hagen inquires about the Nibelung treasure. Siegfried shows him the helmet and explains that he has left everything except a ring, which he gave to Brünnhilde. Hagen tells him that the helmet can turn whoever is wearing it into whatever he wants and take him instantly wherever he wants. Gutrune carries the magic potion. Siegfried drinks to his beloved Brünnhilde. But as soon as he sips, he falls passionately in love with Gutrune, having lost all memory of Brünnhilde. For Gutrune's sake, he offers to help Gunther win the woman he desires. Gunther describes Brünnhilde and the fire that surrounds her rock. Siegfried offers to use the helm to win her for Gunther. Gunther and Siegfried take an oath of blood brotherhood. Hagen does not participate, explaining that his cold blood would spoil it. Gunther and Siegfried depart, leaving Hagen at the post. He gloats about the success of his plans and hopes to get his hands on the ring.
Brünnhilde is startled by the arrival of her sister Waltraute. She misunderstands the reason for the visit, deciding that Wotan has forgiven her and that Waltraute has come to share her love and joy. Waltraute explains to her that on the contrary, Wotan knows nothing about her mission. He sits silently in Valhalla with his broken spear in hand, awaiting the end that will be known by the ravens he has led away. But he has told the Waltraute that if Brünnhilde returns the ring to the Rhinemaidens, she will save him and the world. Now Brünnhilde is indifferent to Valhalla's fate. She flatly refuses to give the ring, a pledge of Siegfried's love. Waltraute leaves in despair.
Brünnhilde sees the flames encircling the rock burst into flames. She hears Siegfried's horn and goes to meet him, only to find him in Gunther's form. Siegfried, disguised as Gunther, snatches the ring from her hand. He says that his sword Nothung will separate them that night.
Act II
As Hagen sleepily is at his post, Alberich reminds his son to nurture the spirit of hatred in his soul, to think of Siegfried's destruction and how to get the ring. Day dawns and Alberich disappears from Hagen's mind.
Siegfried returns with the news that Brünnhilde has submitted to him in the guise of Gunther. Gutrune gathers all the women to attend her party, leaving Hagen to summon the men.
Hagen blows his horn, calling the men to battle. He then announces the wedding of Gunther and Brünnhilde. The men laugh at his sinister joke. Hagen reminds them that they must protect Brünnhilde and take revenge if anyone has acted unjustly towards her.
When Gunther welcomes Gutrune and Siegfried as the second married couple, Brünnhilde is horrified that her beloved does not recognize her. She notices the ring on his finger and accuses him of stealing it from Gunther. Siegfried remembers that the ring came from the Nibelungs' treasure. Enraged, Brünnhilde circles Siegfried, accusing him of having slept with her. He swears on the tip of Hagen's spear that he kept his word to Gunther. She swears that she told the truth and insists that Siegfried must die for his betrayal. Siegfried invites men and women to attend his wedding reception.
Brünnhilde ponders the mystery. Hagen offers to avenge her, but she admits that she used magic to make her lover invincible. After all, she has left his back unprotected, as no hero would turn his back on his enemies. Hagen realizes that this is where he can strike him down. Brünnhilde insults Gunther for his cowardice. Together with Hagen, she convinces him that Siegfried must die. Gunther thinks of how Gutrune will suffer, but Brünnhilde curses her for stealing Siegfried's love. Hagen suggests that the murder be presented as an accident during the hunt. Gunther and Brünnhilde turn to Wotan, the god of oaths, asking for revenge for the wrong done to them. Hagen summons his father Alberich and awaits the day when the Nibelungs will once again come into possession of the ring.
Act III
The Rhinemaidens still dream of the gold that was stolen from them. Siegfried appears, they flirt with him and ask him for the ring on his hand. When he is almost willing to give it to them, they warn him that he is cursed by the Nibelung who stole the gold from them, forged the ring, and then lost it. Siegfried is doomed to die unless he gives them the ring. Their threats leave him insensitive. He refuses to give them the ring. The Rhinemaidens decide to ask Brünnhilde for help.
Hagen, Gunther and the men arrive. Siegfried tells them that the Rhinemaidens have warned him that he will die. As Gunther sullenly broods, Hagen asks Siegfried to tell them of his youthful adventures. He tells them about Mime, about Nothung, about his fight with Fafner, about the birdsong he found out, about how he found the ring and the helmet and killed Mime. When Siegfried's memory begins to falter, Hagen offers him a drink. Siegfried now remembers how he heard about Brünnhilde, how he walked through the fire, woke her up and hugged her. Hagen points out the ravens circling Siegfried and then flying off towards the Rhine. Hagen stabs him in the back, saying that he has punished him for perjury. Before he dies, Siegfried remembers how he woke Brünnhilde from her sleep.
Gutrune's nightmares wake her from sleep. When Siegfried's body is brought in, she lunges furiously at Gunther. He accuses Hagen, who justifies his deed and demands the ring as payback. Hagen kills Gunther. Brünnhilde intervenes to quell the altercation. She has heard the Rhinemaidens and now understands everything. She orders a huge funeral pyre for Siegfried to be glassed from the river. Sends Wotan's ravens back home with disturbing tidings. Takes the ring and tells the Rhinemaidens to take it from her ashes, now purified by fire from the curse. Once the pyre is lit, Brünnhilde mounts her horse, Grane, and enters the flames with him. The fire is kindled when the Rhine overflows its banks and the Rhinemaidens swim to retrieve the ring. Hagen tries to stop them, but they drown him. The hall of the Gibichungs collapses. Gradually the flames intensify, Valhalla and the gods sitting in it are seen in the sky. As the Rhinemaidens celebrate the return of the ring and its gold to the river, flames rage in the hall of the gods, finally hiding it from view completely. All the gods are destroyed in the all-consuming fire.
