Company Overview of Electrabel s.a.
Electrabel sa produces, supplies, and sells electricity. The company operates and manages nuclear power stations, combined-cycle gas turbine plants, a wind farm, a pumped-storage station, and a conventional thermal power station. It also sells natural gas, and provides energy products and services. The company serves retail and business customers in Belgium. Electrabel sa was formerly known as Verenigde Energiebedriijven van het Scheldeland and changed its name to Electrabel sa in July 1990. The company was founded in 1905 and is based in Brussels, Belgium. Electrabel sa operates as a subsidiary of GDF SUEZ S.A.
Simon Bolivarlaan 34
Founded in 1905
Key Executives for Electrabel s.a.
Vice-Chairman and Chief Executive Officer
General Manager Human Resources, General Manager of IT and Member of General Management Committee
Secretary and Non-Executive Director
Compensation as of Fiscal Year 2015.
Electrabel s.a. Key Developments
Electrabel Halts Operations at Tihange 3 Nuclear Reactor in Belgium
Aug 14 15
Electrabel, the Belgian unit of French utility Engie, has stopped operations of unit 3 at the Tihange nuclear
power station located on the right bank of the Meuse River in the Belgian district of Tihange. A technical glitch on the electrical power supply occurred during maintenance period of control system, leading to automatic shutdown of the reactor on 13 August. The Unit 1 is currently undergoing maintenance period that will last till September, while operations at the second unit were halted following detection of cracks on core tank.
Belgian Government and Electrabel Agrees on Lifetime Extensions for Units 1 and 2 of the Doel NPP
Aug 1 15
The Belgian government and Electrabel, have agreed on lifetime extensions for units 1 and 2 of the Doel NPP. The agreement will be drafted into law for parliamentary approval. However, nuclear regulator, the Federal Agency for Nuclear Control (Fanc), must still give final approval on whether the two units can safely continue operating beyond their 40-year design lifetime. In June 2015, the Belgian lower house of parliament approved government proposals to extend the lifetimes of Doel-1 and -2. Electrabel shut Doel-1 in February 2015 when it reached the end of its 40-year operating life. Doel-2 is scheduled to be taken offline on 31 March 2016. The longer lifespan, until 2025, was necessary to ensure security of electricity supply in Belgium. The need to increase energy security was partly impelled by failures in other nuclear reactors. About half of Belgium's electricity supply comes from seven reactors. Three were offline for months on end in 2014, another two suffered temporary shutdowns. Doel 3 and unit 2 at the Tihange NPP, which each supply around 1,000MWe (13% of Belgium's electricity) have been unavailable for more than a year undergoing repair of 'microcracks' in the pressure vessels. They are scheduled to restart 1 November 2015 The tax to be paid by Belgium’s nuclear operators has also been revised. Marghem said negotiations had been completed on a fee for the continued operation of the two reactors and on the revision of the 'nuclear contribution'. Under the agreement, Electrabel must pay an annual fee of €20 million ($22 million) between 2016 and 2025 for continued operation of Doel 1 and 2 to the energy transition fund set up in June. For operation of Doel 3 and 4 and Tihange 2 and 3 plant operators must pay a lump sum of €200 million in 2015 and €130 million in 2016. This was an increase on the fees of €100 million for 2015 and €20 million for 2016 set by a December 2006 law. From 2017, the government will revise the contribution according to a formula that takes into account the evolution of the costs, production volumes and the price of electricity. The ministry said the nuclear contribution was based on calculations by the Commission for the Regulation of Electricity and Gas, which put the profit from all the activities of Belgium's nuclear operators (Electrabel, EDF Luminus and EDF Belgium) at some €434 million. It also takes into account production and the structural downward trend in wholesale electricity prices. Electrabel's parent company, Engie, said the new agreement 'establishes a stable legal and economic framework for the future'. Under current Belgian law, nuclear power is to be phased out by 2025. Doel 3 and Tihange 2 look set to close when they reach the end of their 40-year lives in 2022 and 2023, with Doel 4 and Tihange 3 along with the life-extended Tihange 1 following suit in 2025.
ENGIE Reportedly Plans To List Electrabel
Jun 29 15
ENGIE SA (ENXTPA:GSZ) intends to list Electrabel s.a. in order to share the rising costs of its nuclear activities, La Lettre de L'Expansion reported without citing its sources. ENGIE seeks to attract new investors, including potentially the Belgian government, the report stated. “The idea of bringing in partners is one that the Belgian government put on the table,” Chief Executive Officer Gerard Mestrallet said on July 1, 2015 in Paris. “The subject has been brought up. The door isn’t closed.”
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