05AB1E, 9 44 2 bytes
-2 thanks to ovs.
и.«mGm Try it online!Try it online! Beats all other answers
и.«mGm # full program .«G # reduce... и for N in [1, #2, list3, of..., # implicit input... #, implicit input... и G # s... minus 1].«.. m # left bypush... # (implicit) first element in reduceinput... m # to the power of... # implicit input... # (implicit) secondor elementtop inof reduce,stack endif reduce not first iteration # implicit output