Slaughter and May advised ENGIE S.A. in relation to its negotiations with the Belgian Government concerning a ten-year lifetime extension of two nuclear units
Slaughter and May advised ENGIE S.A. in relation to its negotiations with the Belgian Government concerning a ten-year lifetime extension of two nuclear units. The project includes the structuring and joint venture arrangements between ENGIE and the Belgian State; a new cap on liability for nuclear waste; a contract for difference and remuneration mechanism; and new O&M arrangements in relation to the two nuclear units.
The Belgian Government had previously required the phase-out of all nuclear power in Belgium by 2025 but, given security of supply considerations, requested that ENGIE extend the lifetime of two nuclear units by ten years, with the aim of restarting such units by 1 November 2025.
This is a significant project for ENGIE, as it represents a change of strategic direction with respect to Belgian nuclear power and it will involve an unprecedented lifetime extension for its Belgian nuclear assets on a challenging timetable, requiring a large-scale mobilisation of its human and operational resources.
Slaughter and May is advising ENGIE on all aspects of the transaction.