Engie: Belgium enters exclusive negotiations to acquire the group's nuclear fleet
The Belgian State, Engie, and its subsidiary Electrabel, have signed a letter of intent opening exclusive negotiations for Belgium to take over all of the French group's nuclear activities in the country. The parties aim to conclude a MoU by October 1, 2026.
According to Engie's press release this morning, the transaction in question would cover the entire fleet, namely seven reactors, the relevant personnel, all nuclear subsidiaries, as well as all associated assets and liabilities, including dismantling and decommissioning obligations. Pending the outcome, the parties have agreed to suspend ongoing dismantling work in order to preserve all options for the Belgian State.
According to Engie, this initiative is part of the Belgian government's strategy to resume direct ownership of its nuclear assets, with a view to extending the operation of existing reactors and developing new capacity. The transaction is expected to have no undue impact, neither negative nor positive, on the the group and its subsidiary's financial position.
However, the signing of the letter of intent does not constitute a firm commitment: the transaction remains subject to the finalization of definitive agreements and the receipt of regulatory approvals.
ENGIE is a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With more than 90,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to individuals, local authorities and businesses.
Every year, ENGIE invests on average EUR 12 billion to drive forward the energy transition and achieve its net-zero carbon goal by 2045.
The turnover achieved in 2025 amounts to EUR 71.9 billion. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Euro 100, MSCI Europe) and non-financial indices (DJSI World, Euronext Sustainable - Europe 120 / France 20, CAC 40 ESG, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select and Stoxx Europe 600 ESG-X).
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
