Climatescope 2025

Madagascar

With a power score of 2.13, Madagascar ranks number 40 among Emerging markets and number 10 in Africa.

Power score
2.13/5

Fundamentals2.64/5
Opportunities1.59/5
Experience1.64/5
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Ranking over time2.13/5

Explore the ranking over time

MarketComparison

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Overview

Madagascar has a power score of 2.13, which puts it at rank 40 in the Emerging Markets power ranking. The power score of Madagascar is higher than the average of 1.91 in Africa.

Regional comparison chart

In the chart above all geographies within the region are arranged by power score from left to right. The circles are sized based on the population.

Power

Power policy

Madagascar implements policies in 5/8 categories tracked by Climatescope; Renewable energy target, Feed-in tariff/premium (utility-scale), Support for customer-sited generation (rooftop and self-consumption), Tax incentives, and Priority generation dispatch

Renewable energy target
Auctions/tenders (utility-scale)
Feed-in tariff/premium (utility-scale)
Support for customer-sited generation (rooftop and self-consumption)
Tax incentives
Renewables mandate/RPS/Supplier Obligation
REC'S - Renewable Energy Certificates
Priority generation dispatch

Power prices and costs

The average electricity price in Madagascar has decreased from ~$118/MWh in 2023 to ~$116/MWh in 2024. Since 2019, the average electricity price in Madagascar has fluctuated between ~$116/MWh in 2024 and ~$185/MWh in 2019.

Electricity prices in Madagascar (2019-2024)

Power market

The top amount of capacity installed in Madagascar in 2024 was in Oil and diesel at 382MW, up from 381.9MW in 2023.

Installed capacity (2019-2024)

Electricity generation (2019-2024)

The technology with the largest share of electricity generated in Madagascar in 2024 was Oil and diesel at 1.32TWh, down from 1.35TWh in 2023.

Investment in Madagascar (2019-2024)

Utility privatisation

Which segments of the power sector are open to private participation?

generation
transmission
retail

Doing business and barriers

Type
Question
Availability
Bilateral power contracts
Can a C&I (Commercial and Industrial) customer sign a long-term contract (PPA) for clean energy?
Currency of Corporate PPAs
Are other PPAs (eg. corporate PPAs) signed in or indexed to U.S. Dollars or Euro?
Fossil fuel price distortions - Subsidies
Does the government keep the wholesale price of electricity from fossil fuels artificially low through subsidies?
Fossil fuel price distortions - Taxes and carbon prices
Does the government significantly increase the wholesale price of electricity from fossil fuel through targeted taxes and/or carbon prices?
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