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GE Vernova plans to add 1 gigawatt of power capacity in Venezuela within two years, U.S. says

From ABC Color · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Official statement New plan
  • GE Vernova plans to add one gigawatt to Venezuela's electricity system within two years and five additional gigawatts over the next four years.
  • The agreements cover thermal and hydropower generation, transmission and distribution infrastructure, and key substations.
  • The company signed strategic agreements with PDVSA and Corpoelec as Venezuela seeks to restore electricity infrastructure serving its oil industry and national grid.

GE Vernova plans to add one gigawatt to Venezuela's electricity system within two years, followed by another five gigawatts over the next four years, according to the U.S. Embassy in Caracas.

The planned work will cover thermal and hydropower generation, transmission and distribution infrastructure, and key substations. The embassy said the projects would substantially expand Venezuela's energy capacity.

The announcement followed a visit to Caracas by U.S. Energy Secretary Christopher Wright. In the presence of Venezuela's acting leader, Delcy Rodríguez, state oil company PDVSA signed a strategic alliance with GE Vernova to restore electricity infrastructure used by the hydrocarbon industry.

The agreement will cover thermal and hydropower generation, transmission and distribution infrastructure, and key substations.

· U.S. Embassy in CaracasThe embassy described the scope of the planned energy projects.

GE Vernova also signed an agreement with state electricity company Corpoelec to advance projects aimed at strengthening the national power system, Venezuelan state television reported. PDVSA President Héctor Obregón said the company was planning oil activity responsibly and described the GE Vernova agreement as a way to restore generation and transmission facilities for the hydrocarbon sector.

"One of the obligations established in the new models and contracts is the producer's own generation," Obregón said. "Every investor who comes to the field will be required to make the corresponding generation profitable or lease it." Venezuela has experienced electricity-supply failures for years, particularly in regions far from Caracas. The government blames foreign sanctions, especially those imposed by the United States, while the opposition and experts cite corruption and inadequate maintenance among other factors.

One of the obligations established in the new models and contracts is the producer's own generation. Every investor who comes to the field will be required to make the corresponding generation profitable or lease it.

· Héctor ObregónThe PDVSA president explained an obligation for oil producers under new contracts.
About this summary

Originally published by ABC Color in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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