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POWER: EU Grants Support for Belgian Nuclear Extension

POWER
Energy BulletsBelgiumEurozoneBulletPower BulletsCommodities

EdF and Engie’s Electrabel have received the approval from the European Union for financial support for the lifetime extensions of Belgium’s Doel 4 and Tihange 3 nuclear reactors according to Bloomberg. 

  • As part of the approval, Electrabel will transfer liabilities to the Belgian government against a lump sum payment of €15bn.
  • The EC was probing the support for proportionality and potential competitive distortion.
  • "The Commission concluded that the aid is necessary and appropriate to achieve the objective pursued, as well as proportionate as it is limited to the minimum necessary, while competition distortions caused by the measure are minimised," the EC said, cited by Reuters.
  • The Doel 4 and Tihange 3 nuclear plants lifetime has been extended until 2035. 
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EdF and Engie’s Electrabel have received the approval from the European Union for financial support for the lifetime extensions of Belgium’s Doel 4 and Tihange 3 nuclear reactors according to Bloomberg. 

  • As part of the approval, Electrabel will transfer liabilities to the Belgian government against a lump sum payment of €15bn.
  • The EC was probing the support for proportionality and potential competitive distortion.
  • "The Commission concluded that the aid is necessary and appropriate to achieve the objective pursued, as well as proportionate as it is limited to the minimum necessary, while competition distortions caused by the measure are minimised," the EC said, cited by Reuters.
  • The Doel 4 and Tihange 3 nuclear plants lifetime has been extended until 2035.