Engie to Extend Lives of 2 Belgian Nuclear Reactors for $742 Million

 Engie to Extend Lives of 2 Belgian Nuclear Reactors for $742 Million

Engie says it will extend the lives of the Doel 1 and 2 nuclear reactors in Belgium for another 10 years of operation.

Engie will invest 700 million euros ($742.9 million) in Doel for the extensions, in addition to 600 million euros ($636.8 million) for the extension of Tihange 1. For the Doel 1 and 2 extensions, Engie will pay an annual fee of 20 million euros ($21.2 million) to the Belgian energy transition fund from 2016 to 2025.

For the Doel 3 and 4 and Tihange 2 and 3 life extensions, Engie will pay 200 million euros ($212 million) in 2015 and 130 million euros ($138 million) in 2016.

The agreement also includes a resolution of an ongoing dispute between Electrabel and Belgian state law for 100 million euros ($106.2 million) in 2015 and 20 million euros ($21.2 million) in 2016. The deal establishes a stable legal and economic framework for the future.

Engie will also invest in renewable energy, energy storage, gas and research and development.

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