Morocco's energy: Revenue fell 5.4% in the first half of 2026

TAQA Morocco, the operator of the thermal plant in Jorf Lasfar, recorded a decline in its consolidated transaction number during the first half of 2026 to 5,088 billion dirhams, compared to 5,379 billion dirhams during the same period last year, a decrease of 5.4 percent, according to the financial results revealed by the company on Tuesday. More severe decline in Q2 The second quarter of 2026 alone recorded a deeper decline in revenues of 12.8 per cent year-on-year, reaching 2,126 billion AED. The company attributed this decline mainly to the programmed maintenance programs, including a comprehensive repair process that took 25 days for Unit No. 3, as well as the inspection works of Unit No. 2, in addition to the negative impact of the fluctuations in the dollar exchange rate against the dirham. The availability rate of production units decreased during the second quarter to 86.6 percent, compared to 93.4 percent during the same period last year, a decline of 6.8 percentage points, while the availability rate at the level of the first half stabilized at 86.6 percent compared to 91.7 in In contrast, the company increased its investments to 515 million dirhams during the first half of 2026, compared to only 210 million dirhams during the same period of 2025, an increase of more than 145 percent, of which 466 million dirhams during the second quarter alone. The company's net indebtedness decreased by 10.1 per cent, from AED 5,140 billion to AED 4,621 billion. Why this development matters These results come after the company's board of directors, on July 17, 2026, approved a blueprint The restructuring calls for a shift to a holding company model that includes specialized branches in the desalination, renewable energies, natural gas and low-carbon energy sectors. TAQA Maroc, a joint Moroccan-Emirati enterprise, is one of the most prominent actors in the electricity production sector in Morocco, which makes the decline in its financial performance and its coincidence with the increase in the pace of investment an indicator that investors and actors in the energy sector follow closely.