06 november 2020
19:17
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Minister of Energy Tinne Van der Straeten (Green) wants to use the money from the nuclear Synatom savings bank for green investments. She is looking at whether the multi-billion fund can be taken out of Engie Electrabel.
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To finance the demolition of the nuclear power stations and the disposal of nuclear waste, operator Engie Electrabel created a fund, Synatom, which at the end of last year already received 13.2 billion euros in sat. But Energy Minister Tinne Van der Straeten (Green) is not reassured that Engie’s money will be available when needed. In its policy memorandum, which was published Friday, Van der Straeten says he wants to review the legislation. She is going to ask the supervisory Commission for Nuclear Facilities to work out a proposal for a new legal framework for the nuclear piggy bank.
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Our priority is to ensure that there are sufficient resources and that they are available on time.
Cabinet of Minister Van der Straeten
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The Commission must investigate the possibility of ‘externalizing’ the Synatom fund, say, taking it under the wing of Engie Electrabel. The responsibility for financing the nuclear cleaning must remain with Electrabel, so that the Belgian state does not have to make up any shortages in the future.
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Van der Straeten also wants to see whether the resources, which are now largely lent to Electrabel itself, cannot be used for investments in the energy transition in the meantime. The disposal of the nuclear waste is not planned until 2050. Until then, the investment of the money should yield an annual return to supplement the fund.
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Electrabel has to repay loans
‘We are going to investigate a spin-off of Synatom, but we cannot anticipate it yet’, says Jonas Dutordoir, spokesman for the Van der Straeten cabinet. ‘Our priority is to ensure that there are sufficient resources and that they are available on time. The legislation on this dates from 2003 and is no longer up-to-date. We want to get things right so that there is a clear framework for closing nuclear power plants by 2025. ‘
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We remain faithful to the legal framework, even if it were to be changed by the minister. The contacts about this are ongoing.
Hellen Smeets
Spokeswoman Engie Electrabel
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At the request of the Nuclear Facilities Supervisory Commission, Electrabel promised to repay a large part of the loans last year. The energy company has committed to pay off 6 billion to Synatom by 2025, providing the fund with the full amount of the nuclear waste management provisions. Synatom is about to grow from a dormant fund with mainly loans to its own shareholder to the largest investment fund in Belgium with an active investment portfolio.
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Engie also promised appoint two independent directors to ensure that the billions are well managed. A year after the announcement, this has not yet happened. “We are open to meeting with the cabinet of the minister soon to finalize the change to the statutes,” says Hellen Smeets, Electrabel spokeswoman. “We are also available to discuss the transfer of provisions. We remain loyal to the legal framework, even if it were to be changed by the minister. The contacts about this are ongoing. ‘
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Cabinet attracts former CEO SCK
Minister of Energy Tinne Van der Straeten has appointed the nuclear engineer Carl Malbrain as deputy chief of cabinet for nuclear affairs, including the Synatom file. Malbrain still headed the Belgian Nuclear Research Center (SCK) in Mol in the early 1990s and has since held top positions with energy and environmental players such as Indaver, Seghers, Thenergo and Korys (Colruyt family).
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