Madar (Rabat) - Morocco spent MAD 17 billion between 2022 and 2025 to prevent electricity price increases, while losses at the National Office of Electricity and Drinking Water (ONEE) are projected to exceed MAD 8.6 billion in 2026, news site Hespress reported on Saturday, October 31, 2026, citing the economic and financial report accompanying the 2027 Finance Bill.
According to the same source, government transfers allowed ONEE to absorb rising international energy costs without passing them directly on to households and businesses. The support kept tariffs stable despite volatile fuel prices but added pressure on public finances.
ONEE posted a net loss of MAD 6.96 billion in 2025, compared with MAD 7.29 billion in 2024, and its deficit is projected to widen to MAD 8.63 billion this year. Its revenue fell 2.5% to MAD 41.47 billion in 2025, partly reflecting the transfer of distribution activities to Morocco's 12 regional multiservice companies.
Its financial debt rose to MAD 55.93 billion, while investment reached MAD 7.36 billion, or 68% of its initial investment budget. The government is preparing a broader restructuring of ONEE, including its transformation into a joint-stock company.
ONEE's 2026-2030 investment plan totals MAD 219.1 billion, including MAD 177 billion for electricity infrastructure and MAD 42.1 billion for drinking water, with private investors expected to finance 72%. Projects include 14.34 gigawatts of additional renewable capacity, expanded storage, stronger interconnections with Spain and Mauritania, and more desalination capacity.
