After 19 months of negotiations, the agreement secures the principles established back in July. It outlines a fixed sum of 15 billion euros that ENGIE will pay for nuclear waste management, removing uncertainties that were affecting accounting provisions. Additionally, it establishes a dedicated legal structure for the two extended nuclear reactors, jointly owned as a 50/50 division between ENGIE and the Belgian State.
The Group achieved a balanced risk distribution. Electricity will be remunerated through the Contract for Difference (CFD) mechanism, ensuring a guaranteed minimum price for the extended units’ power production. Based on actual costs, this price will be set in 2025 and adjusted in 2028.
For the transaction to be finalized, the Belgian government must make the necessary legislative changes before the June 2024 elections. The European Commission, currently undergoing consultation, will also need to approve the agreement.
Did You Know?
ENGIE, via its subsidiary Electrabel, operates the five nuclear reactors in production in Belgium. These reactors generate one-third of the country's consumed electricity. Two units were decommissioned in 2022-2023: Doel 3 and Tihange 2, both of which Electrabel is dismantling responsibly.