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1
Preheat the oven to 325 degrees F. Stir the sugar and 2 tablespoons water in a medium skillet.
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2
Bring to a boil over medium-high heat and cook, swirling the pan but not stirring, until deep amber, 5-7 minutes.
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3
Pour the caramel into a shallow 10-inch round cake pan, tilting the pan so the caramel evenly coats the bottom.
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4
Bring a kettle of water to a boil.
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5
Whisk the eggnog and eggs in a large bowl until smooth, being careful not to beat in too much air.
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6
Pour the eggnog mixture over the caramel in the pan, then place in a large roasting pan.
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7
Fill the roasting pan with enough boiling water to come halfway up the side of the cake pan.
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8
Loosely cover the roasting pan with foil and bake 1 hour.
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9
Remove the foil and continue baking until the custard is set but still quivers, 40 minutes to 1 hour.
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10
Remove the flan from the roasting pan and let cool to room temperature, then cover and refrigerate until cold and set, about 2 hours.
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11
To serve, run a thin knife around the edge of the flan, place an inverted flat plate over the pan and flip to unmold.
