The Belgian State (“BEGOV”), ENGIE S.A. (“ENGIE”) and Electrabel NV/SA (“Electrabel”) today announced the signing of a letter of intent setting out the framework for exclusive negotiations regarding the potential acquisition by the Belgian State of all of ENGIE's and Electrabel's nuclear activities (the “Transaction”).
The envisaged Transaction covers all nuclear activities currently held and operated by ENGIE, Electrabel and their subsidiaries, including the entire nuclear fleet of seven reactors, the personnel concerned, all nuclear subsidiaries, as well as all associated assets and liabilities, including decommissioning and dismantling obligations.
This initiative reflects the Belgian government's strategic decision to take direct ownership of the country's nuclear assets, in line with its ambition to extend the operation of existing nuclear reactors and develop new nuclear capacity in Belgium. In doing so, the Belgian government is taking responsibility for Belgium's long-term energy future, aiming to build a financially and economically viable business that supports security of supply, climate objectives, industrial resilience and socio-economic prosperity.
In accordance with the letter of intent, the Belgian State will carry out a comprehensive due diligence review of the nuclear activities. The parties will negotiate in good faith with a view to concluding, by 1 October 2026, a memorandum of understanding setting out the main terms and conditions of the Transaction. The parties express their intention that the envisaged Transaction should have no undue impact, whether negative or positive, on the overall financial situation of ENGIE and Electrabel.
Pending the outcome of the negotiations, the parties have agreed on appropriate interim arrangements to preserve the value and integrity of the nuclear activities, including the suspension of ongoing decommissioning and dismantling works, in order to ensure that all options remain open for the Belgian State.
ENGIE reaffirms its commitment to accompanying and supporting the employees concerned throughout this process, through ongoing dialogue with staff representatives and the implementation of support measures adapted to the progress of the discussions.
The signing of the letter of intent does not constitute a firm commitment to conclude the Transaction. Completion of the Transaction remains subject, among other things, to the negotiation and signing of definitive agreements and to obtaining the required approvals from third parties and regulators.