Let’s start with the nuclear provisions. Every three years, the Nuclear Provisions Commission (CPN) re-evaluates the amount that Engie must make provisions, via its subsidiaries Electrabel and Synatom, to dismantle power plants and manage nuclear waste. The latest calculation by the CPN results in an increase of 2.9 billion in the amount payable by Synatom.
”Engie considers that the increases proposed by the CPN are excessive”, says the French group. Its subsidiary Electrabel “will submit an adapted proposal in order to open discussions which should be completed by the end of March 2023 at the latest”. “Engie and its subsidiaries will then assess the advisability of submitting an appeal to the Court of Markets, within 30 days.continues the press release.
And the superprofits
In addition, Engie has quantified the cost of the future tax on excess profits in several countries.
The French group estimates that these measures will have an impact on its EBIT of between 0.7 and 0.9 billion euros in 2022 and between 1.2 and 1.5 billion euros in 2023.”Most of the annual increase being related to nuclear activities in France and Belgium”specifies the French group.
“Engie reserves the right to challenge taxes which, in its opinion, do not respect the existing legal framework and introduce unjustified discrimination between operators or technologies, in particular in Belgium and Italy”the statement added.
During a conference call with financial analysts, one of the leaders of the Engie group also discussed the negotiations with the State concerning the extension of the operating life of Doel 4 and Tihange 3. If progress has been facts, there are still obstacles to overcome. This leader cannot confirm whether the deadline of December 31 will be respected.