Dunkerque LNG, with a capacity of 13 bcm per annum, is one of Europe’s largest LNG terminals and the only one with a direct connection to two markets: France and Belgium. Operating since January 2017, it currently benefits from an exemption from economic regulation but will fall under the French regulatory tariffs system ATTM once that exemption expires.

In 2024, a NERA team led by George Anstey and Dominik Hübler undertook a vendor due diligence of the terminal’s expected future regulatory framework. The NERA team provided bidders with an overview of the current regulatory framework for LNG terminals in France and how it compares to LNG terminals in other European countries, including Belgium, Germany, Italy, Portugal, and Spain. The NERA team also provided a forecast of potential future regulatory developments on RAB, WACC, and outperformance as well as a comparison with other regulated French infrastructure. Finally, the team assisted the sellers’ financial advisors with the development of the regulatory sections of the financial model and provided Q&A support to bidders on regulatory topics.

On 17 September 2025, Asterion Industrial Partners, an independent investment management firm focused on infrastructure investments in the European mid-market, announced the acquisition of a 25% stake in FluxDune and, indirectly, an approximately 15% stake in Dunkerque LNG.

The NERA team consisted of George Anstey, Dominik Hübler, Clemens Koenig, Ole Scheuermann, Lucas Skrabal, and Bruno Goes. NERA experts regularly advise on transactions in the energy and infrastructure sectors, providing regulatory and commercial due diligence advice on LNG terminals, network assets, renewables, conventional power plants, and district heating providers.