June 18, 2018 / 7:39 AM / a month ago

Belgian reactor closures to hit Engie 2018 profit

PARIS (Reuters) - French gas and power group Engie on Monday said that unscheduled outages at its Belgian nuclear reactors will have an impact of 250 million euros ($289.15 million) on its 2018 core and net profit.

The company added that it was confident that it would be able to compensate this negative impact on the back of the commercial dynamic of group activities, as well as the performance of its midstream gas business and hydropower assets in France.

Engie’s Belgian unit Electrabel on Friday announced a revised maintenance schedule for its nuclear reactors, including an extension of the closure of the Tihange 3 plant because of problems with deteriorating concrete.

In a statement, Engie said that the various outage schedule revisions add up to seven months of additional outage for a second-generation reactor. It added that there would be no impact on 2019 earnings.

Engie said it will detail the financial impact of the outages when it releases first-half earnings on July 27.

Engie shares were down 1.7 percent in early trading.

Reporting by Geert De Clercq ; Editing by Matthias Blamont

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