EU Power Demand Below Pre Crisis Levels for Two Years: Moody's

European electricity demand is likely to remain below pre-energy crisis levels for at least another two years according to Moody’s via Montel. Aggregate demand across France, Germany, Britain, the Iberian peninsula, Italy and the Nordic countries is only expected to surpass 2017 levels in 2026.

• Power demand in major European economies is expected to recover by only 1.5% next year due to weak economic output, improving efficiency and weather normalisation. Demand is expected to fall by 5% in 2023.
• Higher gas prices relative to their historical levels are forecast to support power costs for years to come. “Gas will stay the marginal fuel for power generation in most European countries.”
• The combination of renewable energy and nuclear generation are expected to account for around 80% of total power output by 2028 to help depress wholesale power prices over time.