ENGIE extends Belgian nuclear asset terms target to November 4
The proposed transfer covers seven reactors and related liabilities, but the Sept. 30 notice gives no price or signing date.
Ines Halvorsen
Nov. 4 is now the target for preliminary terms covering Belgium's seven-reactor nuclear fleet, ENGIE S.A. EPAENGI said in a Sept. 30 statement. The seven-reactor proposal includes employees, nuclear subsidiaries and associated liabilities, including decommissioning and dismantling obligations. ENGIE, its Electrabel NV/SA subsidiary and the Belgian state, the prospective buyer, had originally aimed to settle heads of terms by Oct. 1.
ENGIE shares fell nearly two per cent to €22.36 on Euronext Paris at 10:21:36 a.m. CEST on Thursday EPAENGI. ENGIE attributed the delay to the complexity and scope of the potential transaction, saying the parties need more time to complete their analyses and discussions.
The Sept. 30 notice changes the target for heads of terms to Nov. 4. It does not give a proposed purchase price, a binding sale agreement or a closing date. A heads-of-terms document would set out the main conditions of a potential acquisition, according to ENGIE's April framework; signing the April letter of intent itself did not commit either side to complete one.
The Belgian state was to carry out a comprehensive due diligence review under that framework. ENGIE said the two sides would negotiate in good faith and that any completed transaction would require definitive agreements and third-party and regulatory approvals. The release did not name an approving body or set a decision date.
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Earlier Waste Agreement Fixed a €15 Billion Payment
A separate Dec. 13, 2023 agreement fixed ENGIE's payment for future nuclear-waste treatment costs at €15 billion across its Belgian nuclear facilities. The same agreement provided for a ten-year operating extension at Doel 4 and Tihange 3 through a venture equally owned by ENGIE and the Belgian state. Its power-generation contract for difference was to use a strike price based on the actual cost of extending operation, with an update planned for 2028.
ENGIE said on March 14, 2025 that the waste agreement had closed after European Commission approval. It said the Belgian government had taken on the risk of future treatment-cost changes. The €15 billion figure belongs to that earlier waste arrangement; ENGIE's Sept. 30 announcement does not give a price for the proposed acquisition of its nuclear activities.
“The Parties acknowledge their intention that the contemplated Transaction should not unduly affect, neither adversely nor positively, the overall financial position of ENGIE and Electrabel,” ENGIE said in its April 30 release.
The April framework also called for interim measures to preserve the value of the nuclear assets during negotiations. Those measures included suspending decommissioning and dismantling work so that the Belgian state would retain its options. The potential acquisition covers the full fleet, not only the two reactors in the earlier operating-extension venture.
The April framework said the Belgian government wanted direct ownership to support longer operation of existing reactors and development of new nuclear capacity. Those aims remain part of a proposed transaction; the Sept. 30 statement addresses the deadline without adding terms for the assets or liabilities. ENGIE and the state next aim to conclude heads of terms on Nov. 4, with definitive contracts and approvals still required for a transfer.
