US-Venezuela energy deal targets grid stability within a year
A US-brokered deal with GE Vernova seeks to stabilize Venezuela's power grid in 6-12 months and add 6 GW of capacity.
A new agreement between Venezuela and US energy firm GE Vernova is designed to stabilise the country's struggling electricity network within a year, according to US Energy Secretary Chris Wright. Speaking in Caracas before returning to Washington, Wright said the immediate focus would be on restoring existing equipment to working order, stabilising the grid, and expanding hours of service.
The deal, signed during a ceremony overseen by Venezuela's interim President Delcy Rodriguez, covers rehabilitation of critical infrastructure, including the Guri Dam. Built in the 1960s, the dam is currently generating only half its designed capacity due to aged turbines and transmission lines.
Under the agreement, GE Vernova plans to bring 1 gigawatt (GW) of new power online within the first 24 months, followed by an additional 5 GW over the subsequent four years. Rodriguez described the pact as a "historic step," coming after she urged power conservation last month due to drought conditions linked to the El Nino weather pattern. The grid was already facing outages, and the call followed twin earthquakes in June that killed thousands.
Opposition leader Maria Corina Machado responded that only a "serious, democratic government" could offer the stability investors require. GE Vernova has not yet commented on the deal.