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Venezuela has signed an agreement with US energy giant General Electric (GE) to rebuild its deteriorated national power grid, interim President Delcy Rodriguez said on Monday.
Rodriguez announced the deal while speaking at the presidential palace alongside GE representatives, describing it as a significant step toward restoring electricity services in the country.
She said the agreement marked what she called an “historic step” in efforts to recover essential public services, particularly electricity supply, which has been severely affected by years of underinvestment and infrastructure decline.
Most parts of Venezuela, including the capital Caracas, currently experience prolonged daily blackouts lasting several hours as the country struggles with an ageing and overstretched power system.
Rodriguez, who has been in office since the removal of former President Nicolas Maduro in January, said initial discussions with General Electric began in April as part of broader efforts to stabilise the energy sector.
She noted that the government’s goal under the new agreement was to significantly increase electricity generation capacity over the coming years, targeting an additional 1,000 megawatts within the first two years and up to 5,000 megawatts within four years.
The discussions come with her government under pressure from the United States to open up its oil and energy sector to American firms as part of wider economic reforms.
Venezuela’s infrastructure has continued to deteriorate following more than a decade of economic challenges and political tensions, which officials in the past have partly attributed to international sanctions.
The country currently consumes more electricity than it generates, with estimated demand far exceeding available supply, according to energy analysts.
The national electricity grid was previously nationalised in 2007 under former President Hugo Chavez as part of a broader state control policy over key sectors of the economy.
Officials say the new partnership is expected to focus on modernising key infrastructure and improving reliability in electricity distribution nationwide.
