On Wednesday, Minister Van der Straeten was interviewed, alongside representatives of Creg, the federal body responsible for controlling electricity prices, and Elia, the manager of the electricity transmission network in Belgium. Questions came from all sides. N-VA, MR, Open VLD, Vooruit, PS, Ecolo-Groen, PTB wanted as many answers as possible to reconstruct the chronology of the facts. Objective: to demonstrate that someone – the minister? government commissioners – knew costs were exploding but did nothing.
The timeline under the microscope
The Elisabeth project saw the light of day in October 2021. The initial cost was 2.2 billion. The Creg had already issued a negative opinion. A first decision fell to the Council of Ministers in December 2021. At the end of 2022, the cost estimate had already been increased to 3.6 billion. This information was only delivered to the federal parliament halfway through 2023.
At the start of 2024, the file for the state concession arrived, this contract which allows Elia to occupy a plot of land in the North Sea. The complete file prepared by the administration was sent to the minister on January 31. The Finance Inspector issued a notice on February 5. The Minister of the Budget, Vincent Van Peteghem (CD&V), gave his agreement on February 21. An inter-cabinet working group (IKW) meeting took place the next day. And finally, the decision to approve the land concession by the De Croo government in the Council of Ministers falls on March 1, 2024. At that time, the minister and the other members of Vivaldi still thought that the cost of the project was remained at 3.6 billion, they answer.
The Princess Elisabeth energy island will cost much more than expected: billions of euros in additional costs
On April 12, Elia reported a letter it received from the CREG asking them a series of questions about their tariff report for the 2023 financial year. On May 31, the Creg questioned Elia about a potential price increase. On June 11, Elia responded to the Creg by recognizing that there was indeed a significant increase in costs (more than 300%).
November 2024, MPs wonder. Following the invasion of Ukraine, which began on February 24, 2022, the cost of construction materials has only increased. During this whole period, no one thought that costs would follow the market curve?
On the Elia side, the situation was particularly critical on Thursday. The board meeting finally allayed fears. The Minister of Energy is waiting to see what the studies commissioned will say about the project. With any luck, the cost of raw materials could come down again soon. But given the geopolitical tensions that are accumulating (Trump’s presidency, war in Ukraine, etc.), the projections seem to go in the other direction.
