Europe’s hydro reservoirs are around 16 TWh below normal. The deficit is approximately on the same level as in 2022, but it is distributed differently.
Southern Norway accounts for most of the current deficit. The region has Europe’s largest reservoirs, and NO2 and NO5 together are around 13 TWh short.
Several Regions Are Worse Than in 2022
Several Alpine and Nordic zones are currently in a weaker position than they were in 2022.
Some examples:
- France: 88% in 2022 → 72% currently — the lowest level for this week in data going back to 2015.
- Switzerland: 98% → 88% — the lowest level for this week in data going back to 2000.
- NO2: 65% → 62% — the third-lowest level for this week in data going back to 1995.
Northern Italy is in a better position now, at 62%, compared with 53% in 2022, but conditions remain tight. Only 2022 was lower for the same week, W39, over the last 12 years.
The Surpluses Are in the Wrong Places
The largest surpluses are currently in Iberia and Northern Norway.
However, Iberia has limited interconnector capacity to the rest of Europe, while Northern Norway has limited transmission capacity to Southern Norway.
That means the geographical distribution of Europe’s hydro reserves matters as much as the overall balance.
Why Power Prices Are Still Lower Than in 2022
In 2022, low reservoir levels coincided with both a nuclear crisis and a gas crisis.
EU gas storage is actually lower now than it was in September 2022, but Europe uses less gas, has more LNG import capacity, and gas prices are substantially lower than during the crisis.
France is also back as a net exporter in 2026, supported by stronger nuclear output.
Spot power prices are therefore lower than in 2022, although winter prices are likely to rise from today’s levels.
Follow European Hydro With Energy Maps
Hydro reservoir levels will be important to follow over the coming months.
At Volt Power Analytics, we have just released our new Energy Maps to customers, providing an overview of reservoir filling levels, spot prices, power flows and gas storage across Europe, with more maps to follow.
Contact us for a free trial.
