Report published August 24, 2026
Bernstein Utilities Daily: European Energy, Gas Storage, and Grid Infrastructure (August 24, 2026)
Source and citation context
- Issuer
- Bernstein
- Report date
- August 24, 2026
- Analysis as of
- August 21, 2026
Authors / editors: Jorge Alonso Suils, Bartlomiej Kubicki, Thibault Dujardin, Rory Graham-Watson, Ken-Ree Choong
Finvaulta summarizes Bernstein's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Bernstein's Utilities Daily covers key updates across European and US utilities, including French corporate surtax extensions, Spain's nuclear life extension impacts on solar, and EU winter gas storage shortfalls. It also includes the comprehensive Bernstein European Utilities coverage table and recent research catalog.
Key Takeaways
- 1.Spain's 2GW Almaraz nuclear plant life extension to 2030 is projected to cut annual gas demand by ~7% and add over 30 TWh of generation, while putting economic pressure on solar capture prices.
- 2.EU gas storage replenishment faces challenges, with analysts projecting inventories will only reach 70-73% by the start of winter against the bloc's revised 80% target due to weak injection price incentives.
- 3.France is considering extending its surtax on large-company profits into 2027, maintaining a top effective corporate tax rate of 36.1% for large corporations.
Table of Contents
- European Utilities & Clean Energy
- FEATURED RECENT RESEARCH
- HEADLINES
- FRANCE & BELGIUM
- GERMANY
- IBERIA
- NORDICS
- PAN/OTHER EUROPE
- US
- RESEARCH & MODEL LIBRARY
- MARKETING DECKS
- REGULATED NETWORKS PRIMER SERIES
- PM CHEAT SHEETS
- BLACKBOOKS
- FUNDAMENTAL NOTES/RECENT RESEARCH
- COMMENTS/QUICK TAKES
- BERNSTEIN TICKER TABLE
- DISCLOSURE APPENDIX
Report data
BERNSTEIN TICKER TABLE — as of August 21, 2026.
| Metric | Estimate | Context |
|---|---|---|
| French Corporate Surtax Revenue (2026 Budget Projection) | 7.3 EUR billion | Revenue expected from the exceptional contribution on profits of large companies in France. |
| French Headline Corporate Tax Rate (Large Companies) | 36.1% | Total corporate tax rate combining standard 25% corporate tax rate, surtax, and social contribution. |
| Spanish Gas Demand Reduction from Almaraz Nuclear Extension | 7.0% | Annual gas demand reduction resulting from extending the 2GW Almaraz nuclear power plant until June 2030. |
| Russian Share of Spanish LNG Supply | 27.8% | Russian LNG share rose from 17.9% YoY to 27.8% (3.74 bcm, up 46% YoY) ahead of the 2027 EU ban. |
| PJM Transmission Congestion Costs | 6.0 USD billion | Surged 43% YoY from $2.1bn in 1H25 to $6.0bn in 1H26. |
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Authors / Editors
Reported Data Context
- French Corporate Surtax Revenue (2026 Budget Projection): 7.3 EUR billion (2026) · Source: French Finance Act / Les Echos
- French Headline Corporate Tax Rate (Large Companies): 36.1 % (2026) · Source: Les Echos
- Spanish Gas Demand Reduction from Almaraz Nuclear Extension: 7.0 % (Annual) · Source: S&P CERA / Platts
- Russian Share of Spanish LNG Supply: 27.8 % (2026) · Source: Platts
- PJM Transmission Congestion Costs: 6.0 USD billion (1H 2026) · Source: Monitoring Analytics / Reuters