The Kingdom of Belgium, ENGIE S.A., and Electrabel NV/SA today announced the signing of a letter of intent, marking the start of exclusive negotiations for the potential acquisition by Belgium of all nuclear activities currently owned and operated by ENGIE and Electrabel.
The proposed transaction would include the entire nuclear fleet of seven reactors, associated personnel, all nuclear subsidiaries, and related assets and liabilities, including decommissioning and shutdown obligations.
This initiative reflects the Belgian government’s strategic decision to take direct control of the country’s nuclear assets. The move aligns with its ambition to extend the operation of existing reactors and develop new nuclear capacity, ensuring long-term energy security, climate goals, industrial resilience, and socio-economic prosperity.
A dramatic reversal in energy policy
The agreement comes after months of escalating disputes between the government and ENGIE over the cost of decommissioning Belgium’s ageing nuclear reactors.
ENGIE had refused to accept revised estimates suggesting decommissioning would cost nearly €3 billion more than the €8.7 billion already reserved. With no resolution in sight, the government concluded that a new deal with ENGIE was impossible, opting instead for a radical solution: acquiring ENGIE’s entire nuclear portfolio in Belgium.
Currently, the Belgian state and ENGIE co-own the still-active Doel 4 and Tihange 3 reactors through the Be-Nuc joint venture, while ENGIE has been preparing the decommissioning of the remaining reactors. Under the proposed deal, ENGIE would exit Belgium’s nuclear sector entirely, transferring all seven reactors—both operational and shut down—to state control.
Race against time to preserve options
Pending the outcome of the negotiations, the parties have agreed on interim measures to preserve the value and integrity of the nuclear activities. These include suspending ongoing decommissioning and shutdown works to ensure all options remain open for the Belgian state.
The suspension is particularly time-sensitive: critical control equipment was set to be removed from Tihange 1 in the coming weeks. Without this equipment, the reactor- co-owned by ENGIE and EDF Belgium – would have been permanently unusable. Tihange 1 is now considered a prime candidate for restart.
The Belgian state will compensate ENGIE for costs already incurred in decommissioning works, buying time to assess the feasibility and cost of the full acquisition.
New opportunities for Belgium’s nuclear future
With this acquisition, the Belgian state gains the autonomy to prepare a 20-year lifespan extension for Doel 4 and Tihange 3 – the most feasible investment – while independently assessing whether other reactors can be safely and economically restarted.
The deal also includes the Doel site, where the now-cancelled Doel 5 reactor was planned, one of the few locations in Belgium where building a new nuclear reactor would be straightforward.
The government will still need approval from the Federal Agency for Nuclear Control (FANC), an independent body overseeing nuclear safety, for any lifespan extensions or restarts.
Financial and operational implications
The signing of the letter of intent does not constitute a definitive obligation to complete the transaction. Its execution remains subject to the negotiation and signing of final agreements, as well as the obtainment of required regulatory approvals and third-party consents.
ENGIE has reaffirmed its commitment to supporting and guiding affected employees throughout this process, maintaining continuous dialogue with employee representatives and implementing appropriate support measures as discussions progress.
The final price of the acquisition remains undetermined, but the government expects it to be relatively low, given the reactors’ age and diminished value for ENGIE.
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