Energy, EDF, Engie, Nuclear. Walk in the shade

Published on 23 Dec. 2021 at 18: 13

There is strength in unity, affirms the motto chosen by the Belgian kingdom, no doubt to prove its sense of humor. The shortest jokes remaining the best, the investors yawned at the umpteenth fall of the joke which has lasted for eighteen years on the shutdown of Electrabel nuclear power plants providing half of the country’s electricity.

They will all close within four years, promised, unless next year the government decides otherwise or if the regulator encourages it to keep two reactors in operation beyond 2025, although their operator deemed it impossible. The 2.9 billion euros of depreciations passed by its parent company Engie, which put it in net loss last year, have in any case long since recorded this exit which “Would green” its profile a little more with the most doubtful managers about the atom.

Belgian history could seem anecdotal if it were not symptomatic, for Engie as for EDF, short circuits caused by state ukases, which disconnect them from their own stock market story.

While the seven to eight-fold increase in electricity and gas “spot” prices this year favored the titles of integrated energy companies, those of the two French people, red lanterns in the European sector since February 2020, are the exception that proves the rule. The discount of Engie, of 34% on its peers, persists despite 4 to 5 billion euros of additional value from disposals compared to the initial expectations of analysts. Sol non lucet omnibus…