French energy giant Engie, formerly known as GDF Suez, has signed an agreement with the Belgian government to extend the life of two nuclear power plants by 10 years.
Engie will invest EUE700million in the Doel 1 and 2 reactors for the 10-year extension to its plants, in addition to the 600 million euros for the extension of Tihange 1.
Besides nuclear Engie will also invest in renewable energy, energy storage, gas, and research and development in the next decade.
The agreement also includes the resolution of an ongoing a dispute between Electrabel and Belgian state for an amount of 100 million euros in 2015 and 20 million euros in 2016.
Engie currently employees 18,000 employees in Belgium.
The company cut its 2015 earnings forecast by 100 million euros in October as the halt of its Doel-3 and Tihange-2 nuclear plants in Belgium was extended until the start of next year.
The shutdowns are trimming the group’s net recurring income by about EUR40million a month on average, Engie said.
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