Venezuela Signs GE Vernova Deal to Restore Grid Capacity
Venezuela has signed a memorandum of understanding with GE Vernova and state utility Corpoelec to repair, modernize, and stabilize the country’s national power grid, according to government and company statements.
The agreement outlines a phased recovery plan targeting 1,000 megawatts of restored generating capacity within 24 months, and more than 5,000 megawatts over four to five years. The initiative follows recent regulatory changes that opened Venezuela’s electricity sector to foreign participation after years of state control.
GE Vernova conducted a technical assessment of the system prior to the agreement, identifying significant deterioration across generation and transmission infrastructure.
During the signing process, company officials emphasized the urgency of implementation. GE Vernova Chief Sustainability Officer Roger Martella said, “We want to move quickly so the system works as well as possible within a few months, and I believe we can do that together.”
Venezuela’s government described the agreement as part of a broader effort to stabilize electricity supply, which has been affected by prolonged underinvestment and operational constraints across hydroelectric and thermal assets.
The plan includes interventions across generation facilities, transmission networks, and substation infrastructure, with the aim of improving grid reliability and reducing widespread outages.
Officials said the framework also seeks to enable faster deployment of international investment and technical support for long-term system rehabilitation.
Source: ca.finance.yahoo.com
