Heat the oven to 350 degrees. Generously coat a 12 cup Bundt pan with non-stick cooking spray with flour. Whisk flour, baking powder, salt and nutmeg in a large bowl. Beat the sugar, butter and 1 tablespoon orange peel in a large bowl at medium speed for 3 minutes or until light and fluffy. Add the eggs one at a time, beating at low speed until well-blended. Beat in the flour mixture in 3 parts alternately with 1 ¼ cup sour cream, beginning and ending with the flour mixture. Stir in the cranberries. Pour the batter into the pan, smoothing the top. Bake for 65 to 70 minutes or until a skewer inserted in the center of the cake comes out clean. Cool on a wire rack for 15 minutes and then invert the cake onto a wire rack. Cool completely. Whisk 1 ¼ cup powdered sugar, ¼ cup sour cream, and ½ teaspoon orange peel in a medium bowl, adding the additional ¼ cup powdered sugar if necessary to reach the desired glaze consistency. Drizzle over the cake and let stand until set. Decorate as desired.