After much delay, the contours of the third line of electrical interconnection with Spain are finally defined. The boost was given after the signing of a new agreement on the sidelines of the visit of the King of Spain to Morocco.
The Spanish electricity company, Red Electrica, has just unveiled the details of this new deal. The establishment of the third electricity interconnection with Spain is planned before 2026. This project will cost 150 million euros, or nearly MAD 1.6 billion.
An amount financed equally by the electricity companies of both countries (Onee and Red Electrica de España). According to the forecasts of the Iberian company, this new line should bring up to 140 million euros to Spain, the equivalent of MAD 1.5 billion. The two operators will soon begin work.
Morocco already imports 17% of its electricity needs from Spain. The third line will meet the energy and especially electrical demand which increases each year by 5%. The construction of a third electricity interconnection line between Morocco and Spain will allow the integration of renewable energies, mainly photovoltaics into the European electricity system.
A joint declaration of the roadmap for the development of a sustainable electricity market between Germany, France, Portugal, Spain and Morocco was signed in December 2018. This is a step towards the new low-carbon economy model that the EU aims to achieve by 2050.
Morocco aims to further develop its energy cooperation with Spain. Moreover, the supervision of the Energy had called for the creation of a favorable framework for joint ventures between the companies of the two banks. She also emphasized the creation of private-private partnerships to meet the growing demand for energy in Morocco and Spain.