European Utilities & Clean Energy: 2Q26 power production - lower hydro production across the board except in Sweden

Research evidence excerpt

European Utilities & Clean Energy: 2Q26 power production - lower hydro production across the board except in Sweden

8 July 2026

European Utilities & Clean Energy

European Utilities & Clean Energy: 2Q26 power production - lower

hydro production across the board except in Sweden

In this report, we analyse the 2Q26 power generation figures for France, Germany, Bartlomiej Kubicki

+49 69 717 4418 Austria, Italy, Spain, Portugal, Great Britain, Finland and Sweden, with a particular focus

bartlomiej.kubicki@bernsteinsg.com on renewable energy output and gas demand. Overall, solar output increased yoy, driven

almost entirely by new capacity additions. Hydropower generation was down in all

Thibault Dujardin, CFA geographies but Sweden. Wind production was a mixed bag, up in France offshore, Great

+33 1 58 98 59 16

thibault.dujardin@bernsteinsg.com Britain, Italy, Finland, Sweden and German offshore - but declining in German onshore,

France onshore, Portugal and Spain. French nuclear production saw a 9% increase.

Jorge Alonso Suils

+34 915 893 913 Hydropower generation down in 2Q26 in all geographies but Sweden. Hydropower

jorge.alonso@bernsteinsg.com decreased in Portugal (production -42.7%/storage level -8.5%), Spain (-27.2%/ -1.9%),

Italy (-25.1%/11.8%), Finland (-14.8%/+3.4%), Austria (including pumped storage,

Rory Graham-Watson -10.9%/-1.2%), France (-2.4%/-7.2%) and Germany (including pumped storage, +44 20 7676 7093

rory.graham-watson@bernsteinsg.com production was down -0.4%). On the other hand Sweden saw a production improvement

(+2.6%/-21.3%). Note, however, there is a tough comparative effect versus high 2025

Ken-Ree Choong hydro levels in Spain and Portugal.

+44 20 7676 8243

ken-ree.choong@bernsteinsg.com

Wind production - mixed performance.