NUGEN Partner ENGIE Wants OUT of Nuclear….

Moorside – Engie
[Machine Translation] The French group is trying to abandon its projects in Turkey and Great Britain. A split of the Belgian subsidiary is envisaged. Nuclear power is soon over for Engie. For a few months, the French energy company has begun a major strategic shift by focusing on renewable energies. But this volte-face requires first of all to get rid of its historical activities. According to several sources close to the management, the group seeks to emerge from its two major nuclear projects in Turkey and Great Britain. “Engie wants to give it up because it no longer has the resources to finance such expensive projects,” says one of these sources, “but this is problematic because we have to get out of partnerships with Areva and Toshiba.” In 2013, Engie won a € 17 billion contract in Turkey for four medium-power reactors (Atmea) in cooperation with Areva. Difficult to “let go” this alliance Franco-French while the specialist of the atom is in full public rescue. He would risk losing one of the few future contracts that hold out his arms. Three years ago, it was an alliance with the Japanese Toshiba that had been launched for the construction of three reactors in Britain for 12 billion euros. Here again, an exit of this project would require to break with an old partner: Toshiba-Westhinghouse. The manufacturer of nuclear power plants that built Engie’s in Belgium. It is now all the more difficult to abandon these British reactors that the French State (33% shareholder of Engie) pushed for EDF’s two EDF at Hinkley Point. Engie does not want to officially announce its exit from nuclear power because the group still owns seven reactors in Belgium. The group is waiting for the green light from the Belgian regulator to extend the life of the plants from 40 to 50 years. “Once we have visibility, we can relaunch the split Electrabel” acknowledges a close to the management. The Belgian subsidiary of Engie could thus be split from the group to get rid of it. The group will then definitely turn its back on its history in the nuclear busines
BFM Business 7th Dec 2016

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6 thoughts on “NUGEN Partner ENGIE Wants OUT of Nuclear….

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