Belgium to buy back nuclear plants from ENGIE in policy U-turn

The Belgian government has signed a Letter of Intent to acquire Electrabel's (ENGIE) entire nuclear operations in the country, marking a dramatic reversal of Belgium's two-decade-old policy to phase out atomic energy. Prime Minister Bart De Wever stated that the country aims to reduce its reliance on fossil fuel imports and gain greater autonomy over its energy supply. The negotiations will include all seven reactors managed by ENGIE, encompassing staff, assets, and liabilities such as waste management. Of these seven reactors, only two are currently operational and generating electricity, and the agreement would suspend the planned dismantling of the remaining facilities. Belgium originally approved nuclear phase-out legislation in 2003 amid safety concerns, which prohibited the construction of new nuclear power plants and limited the operating lifetimes of existing ones to 40 years. According to the International Energy Agency, the share of electricity generated by the country's reactors has declined from approximately 60 percent in the early 2000s to about 40 percent today. The recent policy reversal follows surging energy prices triggered by the war in Ukraine, as well as recent disruptions caused by the ongoing blockade of the Strait of Hormuz, which sent Belgium's energy inflation up 10.6 percent in April. European Commission President Ursula von der Leyen recently stated that Europe's departure from nuclear power had been a "strategic mistake," reflecting a broader continental shift toward reviving homegrown nuclear energy to stabilize markets.