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Engie warns on profit following Belgian nuclear outages

Engie warns on profit following Belgian nuclear outages, Bate Felix

  • Engie recurring net seen at low end of forecast
  • * Belgian reactor outages extended over concrete problems
  • * Shares recover following the profit warning (Adds Engie statement on earnings)
  • By Bate Felix PARIS, Sept 21 (Reuters) – French gas and power group Engie warned on Friday that the extended outages at its Belgian nuclear plants would push its 2018 net recurring income to the low end of its 2.45 billion-2.65 billion euros ($2.9 billion-$3.1 billion) forecast range.

It said the longer outages would result in a shortfall of around 250 million euros in core earnings before interest, tax, depreciation and amortisation (EBITDA) and net recurring income……….

It said the longer outages would result in a shortfall of around 250 million euros in core earnings before interest, tax, depreciation and amortisation (EBITDA) and net recurring income.

……..Engie said earlier that following the discovery of problems with the concrete in some of the nuclear plants operated by its Belgian unit Electrabel, it had decided to prolong the outages at its Tihange 2 and 3 reactors.

 Tihange 2 will now restart on June 1, 2019 instead of Oct. 31, 2018 while Tihange 3 will restart on March 2, 2019 instead of on Sept. 30, 2018.

Belgium’s nuclear power regulator said this week it had detected concrete degradation in two bunkers adjoining Electrabel reactor buildings……..https://www.reuters.com/article/belgium-nuclearpower/update-1-engie-extends-outages-belgiums-tihange-nuclear-reactors-idUSL8N1W72O4

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September 21, 2018 - Posted by | business and costs, EUROPE

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