CEO of French utility GDF Suez (Euronext: GSZ), Gerard Mestrallet says the company will only invest in life extensions for its three oldest Belgian nuclear reactors from 2015 if they are granted permission to operate for a further ten years.
Mr Mestrallet said that any investment "will be for ten years, so we look at the guarantee and visibility over ten years. If it's not the case, we won't invest and therefore the plants' [lifespan] will not be extended."
The Belgian government announced that it will phase out nuclear power over the next three years, once sufficient replacement generation can be found.
However the government has had to re-examine its phase-out objective after a report highlighted a supply-demand imbalance in the medium term.
Mestrallet said the company would have to invest more than $1.3bn to extend the lifetimes of the three oldest reactors, reports Platts.
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