The agreement comes after years of blackouts, lack of maintenance, and energy deterioration
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Venezuela signed a memorandum of understanding on Monday with representatives from General Electric and GE Vernova to advance the recovery of the National Electric System, an infrastructure that has been hit for years by blackouts, lack of investment, and operational deterioration under socialist management.
The agreement was announced at the Miraflores Palace in Caracas, with the participation of Delcy Rodríguez, the Minister of Electric Energy, Rolando Alcalá, authorities from the state-owned Corpoelec, and executives from GE Vernova. Also present was the Chargé d'Affaires of the United States in Venezuela, John Barrett.
Delcy Rodriguez at the signing of the agreement at the Miraflores Palace
According to Venezuelan state television, the understanding aims to strengthen electricity generation and modernize the country's technological infrastructure. The initial goal set by Rodríguez is to recover 1,000 megawatts during the first 24 months of work and exceed 5,000 megawatts within four years.
Roger Martella, corporate director of GE Vernova, stated during the presentation that the company's mission is to help electricity reach all users and affirmed that there is already an agreement on the technical aspects to move forward quickly. According to the translation broadcast in the official transmission, the company expects the system to function better in the coming months.
Rodríguez requested that the memorandum be turned into a contract in the short term to initiate the works. The official stated that the recovery of the electric system aims to improve service for the population and, at the same time, facilitate conditions for new international investments in Venezuela.
The understanding is also linked to the oil sector. Rodríguez noted that discussions and progress are being made in electricity generation for Petróleos de Venezuela, although she did not provide further details. Energy stability is key to sustaining oil production, one of the country's main economic sectors.
The Director of General Electric at the Miraflores Palace
During the presentation, Venezuelan authorities indicated that technical teams from Corpoelec, the Ministry of Energy, and GE conducted a survey of the electric system for several weeks, covering both hydroelectric and thermoelectric generation, as well as substations and strategic plants.
The agreement with GE Vernova adds to other recent moves by the Venezuelan government to attract private and foreign investment to the energy sector. Among them is the announcement of an understanding with IMPSA to advance the completion of the Tocoma hydroelectric plant in the Bolívar state.
