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Nuclear outages in Belgium could hit Engie's 2018 earnings

Engie SA expects to see a €250 million shortfall in full-year 2018 group EBITDA and net recurring income group share primarily due outages at its nuclear units in Belgium.

The French electric utility said in a June 18 statement that it was planning to reduce the effects on its financial performance and is confident in its "ability to significantly offset the impact of the nuclear unavailability."

The statement came after Engie subsidiary Electrabel SA decided to modify the planned revisions of Tihange 2 and Doel 4 nuclear units, as well as to adjust the end date of the ongoing Tihange 3 revision, after consulting with the Belgian Federal Agency for Nuclear Control.

With this adjustment, Electrabel plans to to inspect the concrete ceilings of the building adjacent to the reactor building for each unit. "Analyses have shown that in these installations, located in the non-nuclear part of the plant, the state of the concrete could be weakened as a result of the hot and humid conditions," the company said.