In the world of ‘lobbies’ there are those who attribute to José Luis Rodríguez Zapatero a role of “double agent”. The former President of the Government constantly travels around the world to carry out ‘unofficial’ diplomatic tasks, but also to do his own business. The name of the former socialist leader has once again circulated these days through the think tank circuit associated with a country: Morocco. For one reason: the Alawite kingdom can become the great beneficiary of the fiscal ‘hack’ to Spanish energy companies.
There is no other sector in our country that suffers such a high degree of uncertainty as the energy sector. This week started with the parliamentary ‘grotesque’ starring the PSOE and its partners, who improvised political decisions on the fly that directly impact investment. The same week ends without those affected by the tax policy really knowing what to expect. It is not clear that the ‘tax’ on energy companies will come to fruition, nor the scope it will have if it finally goes ahead.
As of today, there is only a commitment on the table from the PSOE con ERC, collect, Can we y BNGto prolong the controversial ‘rate’. It must be approved before December 31 via decree law and validated later in Congress. It is at this moment when together can take action, knocking down the tax or ‘sweetening’ it with reliefs. Thus, companies and funds that must make long-term investment decisions are unaware of the legal and fiscal scenario in which they will operate in 2025.
That panorama opens two doors. One leads to the paralysis of energy investmentsnew or planned. And the other to the diversion of them. This last option has already been sniffed out by countries eager to attract foreign funds and know-how. Both qualities are abundant in the Spanish energy sector, with leading companies such as Repsol, Moeve (antigua Cepsa), Iberdrola, Naturgy, Endesa o Action.
Sources from the energy sector recalled this week, in the heat of the exchange of cards in Congress, that Rabat will take advantage of the situation to attract million-dollar investments. For more than a decade, the Alawite Kingdom has implemented a plan to become a global reference for new ‘green’ energies. In 2009, the Moroccan Government approved what it called National Renewable Energy Strategy. The objective: to raise the share of electricity generation from ‘clean’ sources to above 40% in a decade.
What Rabat wants is exactly the same as what some large energy companies propose: turning the country into a renewable energy hub. Like Spain, Morocco has good conditions to promote sources such as solar, wind or the new green hydrogen. The North African country has 3,000 hours of solar exposure each year and more than 3,500 kilometers of coastline, suitable for the development of wind energy.
The slow progress of the plan has increased Rabat’s urgency to attract investments, with the focus on UE y United Kingdom. It has postponed its objectives to 2030, but increasing its aspirations (produce more than 50% of electricity with renewables). Hence, any obstacle that affects companies in a leading country like Spain is seen as an opportunity for the kingdom of Mohamed VI. According to Bloomberg, aims to deploy 1.4 gigawatts of wind and solar power from now to 2027. The development of these projects will require investments worth 2.1 billion dollarsvery tempting for the large Spanish energy companies.
Sources familiar with the strategy assure that Morocco is strengthening the lobby in Brussels. The Executive has access to well-connected firms such as Createswhich has representation in the Belgian capital and also in Rabat, where it has an office. Precisely, José Luis Rodríguez Zapatero He is among his advisors. The former president of the Government has magnificent relations with the Alawite kingdom and a splendid network of contacts.
José Luis Rodríguez Zapatero.
Zapatero is well known for his activity as a lobbyist in Latin America. Less aired, however, are its great interests in China and its ties with Morocco. In 2010, shortly after Rabat launched its energy strategy, the then President of the Government organized in Granada a meeting between businessmen from the two countries. There he enthusiastically encouraged investment in the neighboring nation.
Since then, Zapatero has traveled to Morocco with some frequency and keeps his network of contacts well-oiled. An example: in June 2022, when the diplomatic crisis between Spain and Algeria, traveled to the Moroccan capital next to Miguel Angel Moratinoshis former head of diplomacy. Zapatero represents the interests of the Government of Pedro Sanchezbut he also defends his personal interests, which is why there are those who attribute to him that status of “double agent.”
In the coming months, the companies affected by the ‘tax’ will reveal their strategy. Repsol has already announced the transfer of a green hydrogen project to Portugal and Moeve has also made it clear that it will rethink its investments if the weather in Spain remains unfavorable. Business sources assure that, whatever happens with the ‘rate’, trust is broken. And the ban, more open than ever for countries seeking investments, like Morocco.
Source: www.vozpopuli.com
