Belgium has dropped nuclear phaseout plans adopted over two decades ago. Previously, it had delayed the phaseout for 10 years over the energy uncertainty triggered by Russia’s invasion of Ukraine.
Belgium’s parliament on Thursday voted to drop the country’s planned nuclear phaseout.
In 2003, Belgium passed a law for the gradual phaseout of nuclear energy. The law stipulated that nuclear power plants were to be closed by 2025 at the latest, while prohibiting the construction of new reactors.
In 2022, Belgium delayed the phaseout by 10 years, with plans to run one reactor in each of its two plants as a backup due to energy uncertainty triggered by Russia’s war in Ukraine.
With what money? NPPs only get built on public funds, private equity cannot make the economics viable due to the multi-decade amortization. It’s fine on public debt but breaks down if you have to pay shareholders for billions of euros of loans over 20 years which amounts to so much money the cost is uncompetitive with fossil fuels + renewables. Private equity has been trying to make private nuclear power for 20 years now, mostly with SMRs, with little success and nothing to show for it up to now.
If Belgium ever builds a new NPP, it will be because the government voted on a multi-decade funding plan, which is not guaranteed to happen when the left wants no nuclear and the right wants fiscal austerity. Until then there’s nothing that Engie can do but wait.