Morocco Exports 4.5% of Electricity Production

Morocco Exports 4.5% of Electricity Production
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Morocco Exports 4.5% of Electricity Production

Morocco Exports 4.5% of Electricity Production

Morocco has begun to promote its new image as a source of clean energy, by implementing mega projects to exploit wind and solar energy to generate electricity.

The Kingdom has become an exporter for electricity after being an importer, through the high-voltage lines linking Algeria and Spain.

During the first seven months of 2019, the value of its electricity exports increased by 916.5 percent, accounting for 4.5 percent of its electricity production, up from 0.6 percent in 2018.

Morocco’s domestic electricity consumption, in turn, rose by 0.7 percent after a 1.4 percent decline during the same period last year.

Electricity production during this period increased by 24.4 percent after a six percent increase over the same period last year due to a 47.2 percent increase in private sector production after 4.2 percent in 2018 when many projects had become fully operational.

In addition to that, a significant rise was seen in the production of projects developed under the law (13-09), which allows Moroccan companies from the private and public sectors to use renewable energies to produce electricity needed and sell the surplus locally or export it through contracts with industrial customers.

Electricity production increased by 59.3 percent in the first seven months of this year.

While the National Office for Electricity and Drinking Water’s (ONEE) production had seen a decline during this period by 22 percent.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.