The Belgian nuclear reactors contributed 1.285 billion euros to Engie’s total gross profit (EBITDA) last year, a decrease of almost 15 percent. That is the result of a double movement. The Doel 3 and Tihange 2 nuclear reactors have been closed, resulting in a reduction in production capacity. All kinds of nuclear taxes amounted to 333 million euros. But the remaining reactors were running more than in 2022, with an availability of 88.8 percent. The price that Engie received for its electricity also increased, which led to 363 million in additional income.
Renewable energy
Nuclear power stations remain a side activity for Engie, which is even set aside in the figures. The company sees its future in renewable energy, gas and grid management. As is known, the extended nuclear activities were introduced reluctantly and after long negotiations.
According to CEO Cathérine Macgregor, the agreement with the Belgian government on responsibility for nuclear waste means that Engie has largely eliminated “the risks surrounding the evolution of the costs of nuclear waste”. Engie sees the agreement itself as “a balanced risk sharing”.
In total, Engie achieved a gross profit of 15 billion euros last year, despite declining turnover. This amounted to 82.6 billion euros, compared to 93.9 billion euros the year before. This year is also looking good. Engie expects a net profit of between 4.2 and 4.8 billion euros in 2024, compared to a previous forecast of 3.8 to 4.4 billion.
Tipping year 2026
The prospects for the years after 2024 are less rosy, with 2026 as the turning point year. By then, the company wants to have made additional investments in renewable energy, but according to forecasts, electricity prices will have fallen again.
Engie also expects a decline in its nuclear result as a result of the closure in 2025 of the additional nuclear reactors in Belgium, and of the investments of 1.6 to 2 billion euros in the lifespan extension of Doel 4 and Tihange 3. Profits would fall to 3.9 to 4.5 billion, where previously 4.1 to 4.7 billion had been expected.
At the same time, Engie is investing in renewable energy and battery storage. For example, the company will build a 200 megawatt battery in Vilvoorde next year, linked to a fifteen-year contract with grid operator Elia from 2027. 41 percent of Engie’s capacity consists of renewable energy.
