Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Engie warns of hit from windfall levies, Belgian nuclear provisions

by Staff GBAF Publications Ltd
0 comment

PARIS (Reuters) – France’s Engie warned on Tuesday of an earnings hit from European Union approved windfall levies and larger-than-expected provisions for dismantling Belgian nuclear plants, sending the energy company’s shares sharply lower.

Engie forecast the impact on its group EBITDA from windfall levies in France, Belgium and Italy would be as high as 0.9 billion euros ($957 million)in 2022 and up to 1.5 billion euros in 2023, mostly relating to nuclear operations.

“Engie retains the possibility of contesting taxes that, in its view, do not comply with the legal framework and introduce unjustified discrimination between operators or energy sources, in particular in Belgium and Italy,” it said in a statement.

Separately, Engie said it had been told by Belgium’s Commission for Nuclear Provisions that the financial provisions associated with decommissioning nuclear power stations and spent fuel management would increase by 3.3 million euros.

The increases proposed by the CNP were disproportionate, Engie said, adding that it would submit an adapted proposal.

Engie’s shares were down 6.4% at 0945 GMT, the worst performer on France’s SBF-120 index.

($1 = 0.9406 euros)

(This Dec. 20 story has been corrected to fix figure in paragraph 4 to 3.3 billion euros.)

 

(Reporting by Caroline Pailliez and Gdansk Newsroom; Writing by Richard Lough; Editing by Kirsten Donovan and Alexander Smith)