Venezuela Opens Electricity Sector to Private Investment
The unanimous vote lets private firms generate and sell power as officials seek to ease shortages and prolonged blackouts.
- On Tuesday, Venezuela's National Assembly unanimously approved a US-backed reform to open the country's faltering electricity sector to private investment.
- Years of mismanagement and lack of investment since the 2007 nationalization caused dire energy shortages; demand reached 16,400 megawatts in September while the state company generates around 12,000 megawatts.
- Nuris Medina, a 66-year-old lawyer in Caracas, reported daily power outages, saying "power goes out on me every day." Electricity shortages are worse in the country's interior.
- Jorge Rodriguez told reporters the measure would "allow a private party to generate electricity and provide it in exchange for a set charge," while Energy Secretary Chris Wright emphasized using existing infrastructure under a five-year plan.
- Interim leader Delcy Rodriguez has complied with Washington's calls to open nationalized industries to foreign investment, recently opening mining and oil sectors alongside the electricity grid reform.
43 Articles
43 Articles
Radio France Internationale
Venezuela opens electricity sector to private investment
Since the US ouster of Nicolas Maduro in January, interim leader Delcy Rodriguez has complied with Washington's calls to open up nationalized industries to foreign investment. The latest reform measure was approved unanimously on Tuesday by the National Assembly, which is led by Delcy Rodriguez's brother, Jorge Rodriguez. Opposition lawmaker Antonio Ecarri said the reform was necessary "in the face of collapse" of the state power grid and "the d…
Unanimous approval of the reform by the parliament, aiming to increase production and limit long power outages
A bill unanimously approved by the Venezuelan parliament opens the door to private investment in the electricity sector, the nationalization of which was decided in 2007. The post Venezuela: Parliament approved a reform that opens the electricity sector to private individuals appeared first on in.gr.
Venezuela has approved a reform that opens the electricity sector to private and foreign investment. Meanwhile, Nigeria plans to invest about $2 billion in a new transmission network designed to increase the capacity of the national electricity system to at least 19,000 megawatts. Venezuela allows private operators Venezuela’s National Assembly unanimously approved the reform of the Organic Law on the Electricity System and Service. The vote too…
The Venezuelan National Assembly approved the reform of the electric power system law, which opens up segments of the industry to private and foreign investors. "The National Parliament adopted a reform of the Organic Law on the Electricity System and Services at its next meeting on Tuesday," states the statement. The main innovation was the possibility of allowing private and foreign capital to enter certain areas of electricity. Private compan…
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