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Morocco's Energy Landscape
Installed capacity (MW) Source: Energy Information Administration (EIA)
Attributes
Known for its diverse open market, political stability and sunny coastline, Morocco is the 5th largest economy on the African continent and the leading African country in the quality-of-life index 2023. (Outsourcing Destination Guide Morocco, US News)
With its mountainous terrain and a portion of its land mass covering the Sahara Desert, Morrocco benefits from plentiful sunshine as well as substantial wind resources both inland and on the coast.
With very limited fossil fuel reserves, over 90% of Morocco’s energy needs are met by imports including refined oil, gas, and coal. (World Bank)
With high renewable energy potential in both solar and wind, alongside its geographical location between Europe and the rest of Africa – Morocco plans to be a leader in the production of green fuels both for domestic use and export. (Trade.gov)
Morocco boasts 100% electrification both in urban areas and rurally. When Morocco's energy consumption reached an all-time high In Q3 2023 due to accelerated demand for cooling and refrigeration in hot temperatures, the country was able to meet this demand with a significant contribution from renewable and low carbon energy sources. (Energy & Utilities, Ministry of Energy Transition and Sustainable Development)
Economic landscape
Negatively impacted by the pandemic, Morocco’s government acted quickly to implement regulatory reforms aimed at maintaining the country’s status as one of the most attractive destinations for investment on the continent – particularly for renewable energy. (Oxford Business Group)
As global economic tensions ease and foreign demand for goods and services rebounds Morocco's gross domestic product (GDP) growth is expected to significantly increase in 2023 with a forecast 3.1% versus 1.3% in 2022. (OECD, EBRD)
Morocco’s inflation rate saw a prolonged increase in 2023, driven majorly by a spike in food prices. As international and external pressures are expected to continue easing, inflation is expected to continuously decrease until 2028 (BAM, Statista)
Opportunities
In Q2 2023 Morocco discovered new gas reserves that would increase its own natural gas production by 300% with the potential to cover 40% of domestic consumption. Having terminated an agreement to obtain gas via the Maghreb Europe Gas Pipeline (GME) with Algeria due to discontent between the two countries in 2021, the new discoveries mark an important step in Morocco’s planned energy consumption reversal from 90% imports to 80% local production by 2050. (Atalayar)
As Morocco continues to capitalise on year-round sunshine with the development of new solar energy solutions, in 2023 the EU committed $688.6 million to support Morocco’s transition to “green energy” while satisfying high demand for solutions in fragmented markets impacted by climate change. (Arab News)
In Q3 2023 Morocco invested $5.6 billion in domestic clean-energy projects totalling approximately 1,000 megawatts. This is the most capacity the Energy Transition and Sustainable Development ministry has ever approved in a single year. (Morocco World News)
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