On Monday 22 July, the European Commission announced that it had opened an in-depth investigation into the compliance with European rules of measures that Belgium plans to take to support the extension of the working life of two nuclear reactors (Doel 4 and Tihange 3, jointly owned by Electrabel, a subsidiary of Engie S.A. with an 89.8% stake, and Luminus, a subsidiary of EDF).
This support comprises financial and structural provisions, including: - the creation of a joint undertaking between the Belgian State and Electrabel, which, together with Luminus, would own the power stations and their production; - the issue of shareholder loans; - an equity injection of around €2 billion by the Belgian State and Electrabel; - a contract for differences for the duration of the extension.
The measures also include the transfer of Electrabel’s liabilities to the Belgian State and the sharing of risks and legal protection in the event of future legislative changes.
The Commission will examine these various elements. It considers, among other things, that the Belgian measure appears justified, but takes the preliminary view that these elements should be examined together as a single intervention and imply State aid. (Original version in French by Émilie Vanderhulst)