Belgian State Paid More for Nuclear Power Than It Received

New figures published by La Libre Belgique reveal that between autumn 2025 and the end of March 2026, the Belgian state paid more under the guaranteed electricity price mechanism for the Doel 4 and Tihange 3 nuclear reactors than it received from electricity sales. The disclosure, by journalist Laurent Lambrecht, comes amid intensifying debate about the cost and future of nuclear energy in Belgium.

Background: A Reversal of Nuclear Policy

Belgium’s relationship with nuclear power has been marked by dramatic policy shifts. A 2003 law mandated the complete phase-out of all seven nuclear reactors by 2025. However, Russia’s invasion of Ukraine in February 2022 triggered a European energy crisis, prompting the previous “Vivaldi” coalition government under Prime Minister Alexander De Croo to activate its “Plan B” — extending the life of the two newest reactors, Doel 4 (near Antwerp) and Tihange 3 (near Liège), for an additional 10 years.

To convince French energy group Engie to reverse its plans to close the reactors, the government made significant concessions. Engie transferred responsibility for nuclear waste to the Belgian state in exchange for a payment of €16 billion and secured a guaranteed return on investment through a Contract for Difference (CfD) mechanism, commonly known as a “strike price.”

As World Nuclear News reported, the European Commission approved the revised state aid measure in February 2025, concluding that the support was “necessary, appropriate and proportionate” to ensure security of supply. The final agreement between Engie and the Belgian government was signed on March 14, 2025.

How the Strike Price Mechanism Works

Under the CfD system, a minimum price is guaranteed for the electricity generated. When wholesale market prices fall below this strike price, the state compensates the operator. When market prices rise above it, the operator pays the state back. Analysts at EnergyVille/VITO have estimated the strike price for the extended reactors at between €65 and €75 per megawatt-hour.

Between autumn 2025 and March 2026, wholesale electricity prices in Belgium were relatively moderate due to mild winter conditions and increased renewable generation. This meant the market price fell below the guaranteed strike price, triggering net payments from the state to the operators rather than revenues flowing to the state.

Political Fallout and Renegotiation Pressure

The timing of the disclosure is politically sensitive. Energy Minister Mathieu Bihet (MR) has already expressed a desire to renegotiate the terms of the deal, arguing that the conditions secured by Engie were too favorable. In December 2025, Bihet stated that a strike price of $40/MWh would be “unattainable” given the contracts signed by the previous government, as reported by La Libre Belgique.

The new figures strengthen the hand of those calling for renegotiation. L’Echo has previously reported that the guaranteed profitability mechanism for Engie raises significant questions, with the impact measured in “hundreds of millions of euros per year” for the state budget.

A Broader Shift in Nuclear Policy

Belgium’s nuclear landscape has changed dramatically since the extension deal was signed. In May 2025, the Belgian parliament voted 102-8 to extend the reactors’ life until 2045 and to allow construction of new nuclear capacity, as S&P Global reported.

Then, in a surprise move in April 2026, the government announced it would take over Engie’s entire nuclear fleet, as Brussels Signal reported. Prime Minister Bart De Wever framed the acquisition as essential to guarantee secure, affordable, and low-carbon baseload power for decades to come.

What’s Next

The financial performance of the current CfD arrangement will be a critical factor in future negotiations. The figures released cover only the first few months of operation — a period when prices were relatively low — and may not be representative of long-term trends. However, they provide ammunition for critics who argue the deal was too generous to Engie.

With the government now moving toward full nationalization of nuclear assets, the question of whether the existing contract terms can be renegotiated — and what the ultimate cost to Belgian taxpayers will be — remains open. The Hedera fund, which manages the €16 billion transferred for nuclear waste management, also faces challenges including insufficient returns and incomplete governance structures.

As Belgium navigates its nuclear future, the balance between energy security, fiscal responsibility, and the transition to renewable energy will remain at the center of political debate.