In a visit to Tihange nuclear power plant on Thursday, Prime Minister De Croo gave assurances that the deal finally signed by the Federal Government and nuclear operator Engie will bring energy security by extending the Tihange 3 and Doel 4 reactors by 10 years.
The agreement sets aside €15 billion for future costs related to the treatment of nuclear waste and commits both parties to restart the two reactors by November 2026 at the latest, though preferably by November 2025. A legal structure dedicated to the two extended nuclear units will be set up and will be owned equally by the Belgian State and Engie.
The total amount of Engie’s nuclear liabilities to Belgium is now at least €23 billion. Under the terms of the agreement, the Engie group will no longer be exposed to future costs related to the treatment of waste, thanks to the transfer of all nuclear waste obligations to the government.
In return, the group will recognise a charge to non-recurring income in the 2023 financial year corresponding to the increase in its commitments under this agreement, net of the adjustment to nuclear provisions, for an amount of around €4.5 billion before tax.
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Engie has welcomed what it calls "a balanced agreement", saying that it "gives it the necessary visibility on the overall amount linked to the management of nuclear waste and significantly reduces the risks linked to the extension of the two units."
On the Government's side, Prime Minister Alexander De Croo asserted that the agreement "strengthens our electricity supply, reduces our country’s energy dependence and guarantees the production in Belgium of low-carbon and cheap electricity."
"The war in Ukraine has profoundly changed the European energy landscape and it has become urgent to get rid of our dependence on fossil fuels and to take our energy back into our own hands. This is what we are doing by extending two nuclear reactors and, at the same time, speeding up the energy transition," added Federal Energy Minister Tinne Van der Straeten.
