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Released February 18, 2014 | JOHANNESBURG
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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Morocco is to implement electricity-generating solar and wind power projects in its eastern and southern regions. These projects will involve investments of about $11 billion and will allow the country to transform from an importer to an exporter of alternative-sourced energy by 2020, with the construction of five solar power stations, according to a report in Al-Hayat.
In 2013, imported oil and oil-derivatives cost Morocco $13 billion. Energy subsidies currently cost about $4.3 billion in the local market, compared to $6.5 billion in 2012. This situation hurts the trade balance, the overall financial balance and the budget deficit, which is estimated at 6% of gross domestic product (GDP). It is reported that the 9,000 megawatts (MW) of new energy planned will represent a 20% increase over current production.
The resulting energy surplus will be sold to nearby countries in Europe and Africa. The export of North African energy is happening in the grid between Algeria and Spain.
Scientific research is a key element for the overall power project, as it has been in Morocco for the automotive, airplane and smart phone industries, in which the country is a regional pioneer. Morocco will become the leading Arab and Middle Eastern country in the use of clean and sustainable power sources early in the next decade.
North Africa is seeing strong competition for the funding of energy projects, particularly between Morocco and Algeria. Morocco has the promise of international support, including backing from the U.S.
Major discoveries of fossil energy sources have been revealed, on which hopes of future revenue have been pinned. The government is in the process of lifting subsidies in the hydrocarbons sector.
For related information, see November 5, 2013, article - Morocco Secures Funding for Two Concentrating Solar Power Projects.
View Project Report - 300018695 3000143792
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
In 2013, imported oil and oil-derivatives cost Morocco $13 billion. Energy subsidies currently cost about $4.3 billion in the local market, compared to $6.5 billion in 2012. This situation hurts the trade balance, the overall financial balance and the budget deficit, which is estimated at 6% of gross domestic product (GDP). It is reported that the 9,000 megawatts (MW) of new energy planned will represent a 20% increase over current production.
The resulting energy surplus will be sold to nearby countries in Europe and Africa. The export of North African energy is happening in the grid between Algeria and Spain.
Scientific research is a key element for the overall power project, as it has been in Morocco for the automotive, airplane and smart phone industries, in which the country is a regional pioneer. Morocco will become the leading Arab and Middle Eastern country in the use of clean and sustainable power sources early in the next decade.
North Africa is seeing strong competition for the funding of energy projects, particularly between Morocco and Algeria. Morocco has the promise of international support, including backing from the U.S.
Major discoveries of fossil energy sources have been revealed, on which hopes of future revenue have been pinned. The government is in the process of lifting subsidies in the hydrocarbons sector.
For related information, see November 5, 2013, article - Morocco Secures Funding for Two Concentrating Solar Power Projects.
View Project Report - 300018695 3000143792
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
