Venezuela's interim President Delcy Rodriguez signed a memorandum of understanding with U.S.-based GE Vernova, General Electric's energy division, and state-owned utility Corpoelec to repair, modernize and stabilize the country's struggling national power grid. File Photo by Miguel Gutierrez/EPA
June 16 (UPI) -- Venezuela's government signed a memorandum of understanding with U.S.-based GE Vernova, General Electric's energy division, and state-owned utility Corpoelec to repair, modernize and stabilize the country's struggling national power grid.
The plan aims to restore 1,000 megawatts of generating capacity over the next 24 months and more than 5,000 MW within four to five years.
The agreement, signed Monday by Venezuela's interim President Delcy Rodriguez, comes shortly after the National Assembly approved reforms to the country's electricity law. The changes create a new framework that allows foreign investment in the sector after 15 years of an exclusive state monopoly.
During the signing ceremony, attended by Venezuelan government officials, company representatives and U.S. Charge d'Affaires in Caracas John Barrett, Rodriguez said the project will address both hydroelectric and thermoelectric infrastructure.
