Electrabel, a subsidiary of ENGIE, announced today its decision to update the agenda of the scheduled revisions of the Tihange 2 and Tihange 3 nuclear units (see appendix page 3).
Thus, the restart dates of these two plants, as of today, are as follows:
- Tihange 2: June 1, 2019 (previously planned on October 31, 2018)
- Tihange 3: March 2, 2019 (previously planned on September 30, 2018)
These calendar revisions result in a shortfall of around 250 million euros at 2018 Group EBITDA and net recurring income Group share.
It should be noted that based on the announcement made today, the availability factor of Belgian nuclear plants is expected at 52% for 2018. For 2019 the availability factor is expected at 74%.
As 2018 is strongly impacted by unplanned nuclear outages, the Group’s general management is fully committed to achieve the financial objectives set at the beginning of the year.
The action plan launched last June (renegotiation of contracts, generation portfolio optimization) combined with the very good performance in other businesses, offset to a large extent the impact from unplanned nuclear outages.
The Group thereby confirms the 2018 financial targets , on net recurring income Group share (at the low end of the 2.45 to 2.65 billion euros range), on net debt/Ebitda ratio and on dividend.
A conference call will be held on Monday, September 24 at 8:00 am Paris time.
Appendix: Electrabel press release of September 21, 2018 (French version)
These targets and indications exclude E&P and LNG contributions and assume average weather conditions in France, full pass through of supply costs in French regulated gas tariffs, unchanged significant Group accounting principles except for IFRS 9 & 15, no significant regulatory and macro-economic changes, commodity price assumptions based on market conditions as of December 31st, 2017 for the non-hedged part of the production, and average foreign exchange rates as follows for 2018: EUR /$: 1.22; EUR /BRL: 3.89 and do not consider significant impacts on disposals not already announced at Dec, 31st 2017.
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