Electrabel launches multi-billion-dollar nuclear savings fund in Belgium

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The energy company Engie Electrabel is about to create one of the largest investment funds in Belgium. The operator of the Belgian nuclear power plants will transfer € 4.3 billion from the Luxembourg Nuclear Investment Fund to Brussels.

The capital is transferred to the Belgian Nuclear Liabilities Fund (BNLF), which can become the largest investment fund in the country. By the beginning of 2022, the portfolio will already amount to€ 6 billion, according to time.

Through diversified investments, the Belgian fund should generate sufficient returns to finance the management of nuclear waste in the coming decades.

The billion-dollar operation fits in with the redrafting of Electrabel’s nuclear Money Box Synatom, which at the end of last year contained nuclear facilities worth 13.8 billion euros. Of this, EUR 6 billion will be used to finance the decommissioning of nuclear power plants and EUR 7.8 billion will go to spent fuel management and disposal of nuclear waste.

The transfer comes at the joint request of the committee on nuclear facilities and of Energy Minister Van der Straeten, according to the minister.

‘We want the resources for nuclear fuel management and decommissioning to be effectively present in our country. A recent legislative change in Luxembourg could block these funds in the event of a nuclear accident’, says Van der Straeten.

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Oliver I. Kjeldsen

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