European Utilities "EU power demand: April demand up >2% [Erratum]" Kelly

研报英文原文证据摘录

European Utilities "EU power demand: April demand up >2% [Erratum]" Kelly

Global Research

12 May 2026ab

European Utilities Equities

Europe including UKEU power demand: April demand up >2%

[Erratum] Utilities

Christabel Kelly

Analyst

christabel.kelly@ubs.com

Bottom line: Demand uptick in April before & after adjustments +44-20-7568 2358

Ember late last week released preliminary (unadjusted) power demand and generation Mark Freshney

data for EU-27 for April 2026. Demand is still structurally below the levels pre-energy Analyst

crisis. Key observations below: mark.freshney@ubs.com

+44-20-7568 3989

Demand up in April: Unadjusted EU-27 power demand was up in April 2026 at

+2.5% y/y, and when adjusting for calendar and weather effects (UBSe base Wanda Serwinowska, CFA

model) demand was +1.8% y/y. YTD demand was +2.0% y/y, but remains below Analyst

wanda.serwinowska@ubs.com

the Jan-Apr 2015-19 average (pre-COVID and 2022-23 energy crisis) by 3.2%.

+44-20-7568 3980

Our view: Several grid operators and generators (in the 1Q26 earnings call)

suggested demand may be at the start of a higher demand growth. But they Gonzalo Sanchez-Bordona

flagged the need to address constraints in the local grid and interconnection in Analyst

gonzalo.sanchez-bordona@ubs.com

order for demand growth to sustain over the medium- and long-term.

+34-91-745 4147

Continued momentum in renewables as generation mix shifts: Power Anna Webb

generation in April 2026 was up 2.3% y/y. Renewable generation growth remains Analyst

strong (wind +4.5TWh, solar +4.3TWh) at +13% y/y, partly displacing the share of anna.webb@ubs.com

coal (-1.5TWh) and gas (-1.6TWh) and other fossil fuels in the overall generation +44-20-7568 8293

mix.

Hydro output declined in Iberia: Hydro production in April was down 11% y/y