Warm Christmas and New Year's Eve will ease the load on Europe's power system

Most of Europe is expected to experience warm weather during the holidays. This will reduce the load on the region's power systems.

Maxar Technologies Inc. released a report that says temperatures are 7 degrees Celsius above seasonal norms in Paris and Frankfurt. Warm weather is expected on Friday and will continue through the first week of January.

The first winter frosts in early December put more pressure on Europe's power systems, but now the forecast predicts no overloads. Europe's gas storage is 83% filled, and natural gas prices in the region fall for the fifth day in a row.

Usually during the holiday season, most offices and companies close, so the demand for electricity and gas drops.

However, the cold and snow will remain in the Scandinavian countries in Northern Europe. In Oslo on Christmas Eve, temperatures may be 11 degrees Celsius below the seasonal average.