1200w will be plenty. I suspect they may have a slightly lower power draw for the 5090 than the 4090. It seems 12vhpwr is here to stay and they won't want a repeat of melty-gate.
In the longer term, it's very likely that at some point in the next few years, the EU will slap a limit on the power draw for PC components. GPUs may be limited to 300... 250... maybe even 200w. With the TV power draw restrictions, there were loopholes that have allowed 8k TVs to survive, but they may well have learned from those. But Nvidia, AMD and Intel should all be working to get their power draw down, or else preparing to exit one of their biggest markets.