European Utilities & Clean Energy: 3Q26 power production - uneven hydrology but power demand turns positive

In this report, we analyse the 3Q26 power generation figures across France, Germany, Austria, Italy, Spain, Portugal, Great Britain, Finland and Sweden, with a particular focus on renewable energy output, and gas demand. Overall, solar output increased yoy, primarily driven by new capacity additions. Hydropower performance was more mixed, declining in Austria, Germany, Sweden, Italy, France and Spain, while increasing in Finland, Portugal and Great Britain. Wind generation also showed divergent trends, up in Germany (both onshore and offshore), Great Britain, Finland and Sweden, but falling in Portugal, Italy, Spain and France (both onshore and offshore). French nuclear generation declined 6.1% in a context of curtailments linked to severe drought conditions. Power demand rebounded: EU electricity demand rose 1.4% yoy in 3Q26, bringing growth for 9M26 to 0.8% yoy, according to Eurelectric data;