Information on the target
The transaction under consideration involves the entirety of the nuclear operations currently owned and operated by Engie in Belgium. This includes the complete nuclear fleet, comprising seven reactors located at Doel and Tihange, as well as the associated personnel, all nuclear subsidiaries, and any related assets and liabilities, including decommissioning obligations. Negotiations are set to conclude by October 1, 2026, with a memorandum of understanding outlining the key terms and conditions of the deal.
In the interim, all decommissioning activities at the nuclear plants have been immediately suspended. This strategic initiative reflects the Belgian government's decision to assume direct ownership of the country's nuclear assets, aiming to extend the operation of existing reactors and develop new capacities. The Minister of Energy, Mathieu Bihet, emphasized this move as a coherent political vision to ensure affordable, controllable, and decarbonized energy while enhancing Belgium's strategic autonomy and sovereignty.
Industry overview in the target’s specific country
The Belgian nuclear industry has undergone significant changes in recent years, particularly following the enactment of legislation that facilitates the return of nuclear energy in the country. Currently, only two of the seven reactors in Belgium are operational, specifically Doel 4 and Tihange 3, which have been extended for an additional ten years. These reactors are currently offline for maintenance to ensure they can operate until 2035, with intentions from the government to potentially extend their operation beyond that date.
Historically, the Tihange 1 reactor was decommissioned in October 2025 after 50 years of operation, and there are plans to prioritize its reactivation. Meanwhile, Doel 1 and Doel 2 have been permanently shut down since 2025, with nuclear fuel already removed as part of the decommissioning process. However, actual dismantling has yet to commence for these reactors.
Doel 3 and Tihange 2 were taken offline in 2022 and 2023, respectively, following the discovery of thousands of anomalies in their reactor vessels. While significant preparatory work has been completed, including the removal of nuclear fuel and disassembly of steam turbines, formal nuclear dismantling operations have not yet begun. Engie has submitted a decommissioning request for these facilities, but local legal challenges regarding permits for deconstruction have emerged, indicating ongoing complexities in the regulatory landscape.
The response from industry stakeholders has been mixed. Organizations such as Voka, representing Flemish employers, have welcomed the federal government's plans to reclaim nuclear power plants, emphasizing the need for …