ALL OUR
ENERGY TO
BRIGHTEN THE
MOROCCO OF
TOMORROW
ANNUAL FINANCIAL
REPORT 2022
CONTENTS
INTRODUCTION TO
TAQA MOROCCO
TAQA Morocco in a nutshell
Contributor to Morocco's economic development
TAQA group, a global benchmark in the field of energy transition
A responsible operator committed to sustainable energy
A value-creating model serving Morocco's energy mix
A new strategic 2030 roadmap
ESG
REPORT
- A transformation blueprint focused on sustainable development
- An ESG policy embedded in TAQA Morocco's DNA
- Aligning with the priorities of our stakeholders
- Reducing environmental impact as a priority
- Our employees, at the core of TAQA Morocco's development
- A firm commitment towards the community
- Solid governance underwriting the company's development
BUSINESS
REPORT
- Asset diversification towards low- carbon energy
- TAQA Morocco, producer of energy 4.0
- A continuously improving maintenance policy
- Strong improvement in industrial performance
Annual Accounts
&REPORTS
- Management report
- Statutory accounts
- Consolidated accounts
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INTRODUCTION TO TAQA MOROCCO BUSINESS REPORT CSR REPORT ANNUAL ACCOUNTS & REPORTS
CHAIRMAN'S MESSAGE TAQA MOROCCO
- ABDELMAJID IRAQUI HOUSSAINI
DELIVERING OPERATIONAL EXCELLENCE AND INDUSTRIAL PERFORMANCE IN 2022
For TAQA Morocco, 2022 was a notable year in a number of ways with the exceptional performance of our activities and the many success stories to meet the challenges faced. We achieved a record level of overall availability of 93.9%, generating 15,309 GWH of energy, or 38% of the national demand national demand, thus illustrating TAQA Morocco's central role in meeting the country's current and growing electricity needs.
This performance underscores TAQA Morocco's continuous improvement in operational efficiency and the proven expertise of our human capital.
The year was also marked by geopolitical tensions in Europe resulting in difficulties in the supply of key raw materials, which had a direct impact on their prices on the international markets. Against this backdrop, we met successfully the challenge of securing a steady supply of coal at competitive prices, thereby limiting the impact of rising coal prices on our institutional partners, at the same time as keeping pace with the increase in the demand for energy.
A LOW-CARBON ENERGY PRODUCTION MODEL TO CONTINUE TO SERVE MOROCCO.
In line with Morocco's strategic ambitions, we launched in 2022 a new development cycle with our 2030 diversification strategy. Our recognized expertise in the development of strategic projects, our ability to bring together institutional players, and national and international financing are all factors that support our strategic choices and will contribute to the success of our strategic shift.
As part of this new strategy, TAQA Morocco aims to develop several high-impact projects aimed at the production of 1,000 MW of low-carbon energy allowing a 25% reduction of our carbon footprint. This will strengthen our position as leading IPP in Morocco with a diversified energy mix and by leveraging the multiple expertise of the TAQA Group.
Indeed, in 2022 TAQA Group joined ADNOC and Mubadala to acquire a stake in Masdar (the UAE's national champion of renewable energy), to make it a global reference in the production of renewable energies, green hydrogen and other technologies related to energy transition. In addition, the
STRENGTHENING OUR POSITION AS THE LEADING PRIVATE ELECTRICITY PRODUCER IN MOROCCO WITH A DIVERSIFIED ENERGY MIX
ongoing development of the Noor PV II project with a capacity of 96 MW of solar energy and a wind farm capacity of 95 MW (extendable to 200 MW) in the north of the country, illustrates TAQA Morocco's agility in deploying its diversification strategy.
Reflecting our commitment to succeeding in this strategic shift, TAQA Morocco has adopted a new visual identity that underlines our determination to accompany the evolution of the national energy mix. It highlights our positioning in the different sources of low-carbon energy and our motivation to contribute to the development of seawater desalination in Morocco.
A PLATFORM FOR INCLUSIVE
DEVELOPMENT WITH OUR
STAKEHOLDERS.
TAQA Morocco plays a key role in Morocco's economic landscape and as such, sharing our value creation is an inherent part of our development model. To give this a high profile, we have adopted a CSR charter aligned with the Sustainable Development Goals to respond to national and international challenges. As a committed economic player, TAQA Morocco acts as a true champion of the national IPP industry, mobilizing more than 500 Moroccan companies with a direct impact on job creation, especially among SMEs.
Given the importance of expertise in our business, we pay particular attention to developing the skills of our employees. We are proud of the level of know-how developed locally and the corporate culture that we have built around operational excellence and safety.
We are also committed to promoting diversity within our business, ensuring that recruitment processes are fair and open to all, as well as adopting diversity policies that foster a respectful and inclusive work environment for all employees.
Our non-financial performance and the continuous improvement of our stakeholder involvement has been recognized with the renewal of our CGEM accreditation and the inclusion of TAQA Morocco in Casablanca Stock Exchange's MASI ESG index, which brings together the best performing stocks in terms of extra-financial performance.
Today, more than ever, TAQA Morocco is determined to brighten the Morocco of tomorrow.
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01 INTRODUCTION TO TAQA MOROCCO
- TAQA MOROCCO IN A NUTSHELL
- CONTRIBUTOR TO MOROCCO'S ECONOMIC DEVELOPMENT
- TAQA GROUP, A GLOBAL BENCHMARK IN THE FIELD OF ENERGY TRANSITION
- A RESPONSIBLE OPERATOR COMMITTED TO SUSTAINABLE ENERGY
- A VALUE-CREATING MODEL SERVING MOROCCO'S ENERGY MIX
- A NEW STRATEGIC 2030 ROADMAP
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TAQA MOROCCO IN A NUTSHELL
TAQA Morocco was founded in 1997 and has since become a frontrunner in the country's effort to meet its energy production targets.
Being a forerunner in Morocco's power generation sector, TAQA Morocco aspires to assist Morocco's switch to low-carbon energy sources.
TAQA Morocco draws on its unique know-how as a longstanding energy producer in the country, its solid financial profile, as well as being part of TAQA Group, a world leader in the generation, transmission, and distribution of both electricity and water.
VISION
Reinforce our IPP leadership position in Morocco by diversifying our business portfolio and becoming a reference in the water industry by leveraging off TAQA Group's expertise.
MISSION
Capitalise off our expertise as a historic energy producer and our financial strength to assist the whole Moroccan economy in its energy transition.
AMBITION
Play a key role in the change in Morocco's energy mix.
INTRODUCTION TO TAQA MOROCCO BUSINESS REPORT CSR REPORT ANNUAL ACCOUNTS & REPORTS
VALUES AT THE HEART
OF OUR ORGANIZATION
Security
Sustainability
Excellence
Collaboration
Innovation
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TAQA Morocco SA published this content on 21 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2023 15:49:02 UTC.