SHEM is owned by SNCF, the French state rail operator. SNCF has confirmed the planned sale. The SNCF board will vote on the sale on November 19. The Belgian newspaper L'Echo reported that Electrabel would be offered a further 40% of the company in 2005.
In November 2002, Electrabel concluded a commercial and industrial cooperation agreement with SHEM. Under the terms of this agreement, Electrabel will buy all of SHEM's annual electricity output (773 MW generation capacity installed in 49 hydropower stations), as well as programming SHEM's generation operations, and had the option of buying 80% of the unit from SNCF.
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