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🇻🇪 Venezuela /Economy & Trade

National Electrical System Recovery in Venezuela Requires $20 Billion Investment

From El Nacional · (1h ago) Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

TLDR

  • Venezuela's national electrical system requires an estimated $20 billion investment for recovery, according to the Association of Electrical and Mechanical Engineering.
  • The Venezuelan College of Engineers has not been invited to participate in the national electrical system recovery plan.
  • Experts suggest incorporating large-scale renewable energy sources like wind and solar, citing an unfinished wind energy project in Paraguaná as a potential example.

The recovery of Venezuela's national electrical system demands a staggering investment of $20 billion, according to Gelvis Sequera, president of the Association of Electrical and Mechanical Engineering. This figure underscores the profound challenges facing the country's energy infrastructure, which has suffered from years of neglect and underinvestment.

The recovery of the national electrical system requires an estimated investment of 20 billion dollars.

— Gelvis SequeraPresident of the Association of Electrical and Mechanical Engineering stating the financial requirements for Venezuela's electrical grid.

Sequera expressed concern that the Venezuelan College of Engineers has not been formally included in the planning process for the electrical system's recovery. He emphasized that short-term solutions are insufficient and that a comprehensive, long-term strategy is essential. The association's call for inclusion highlights a desire for greater technical input and transparency in addressing this critical national issue.

Looking towards sustainable solutions, Sequera pointed to the potential of renewable energy sources. He specifically mentioned the unfinished wind energy project in the Paraguaná Peninsula, which could potentially supply electricity to the Zulia and Falcón states. This highlights a missed opportunity and the need to revive and complete such vital projects to diversify Venezuela's energy matrix.

The Venezuelan College of Engineers has not received the invitation to participate in the national electrical system recovery plan.

— Gelvis SequeraPresident of the Association of Electrical and Mechanical Engineering expressing concern over the exclusion of the College of Engineers from recovery planning.

The proposed recovery plan necessitates collaboration between various government ministries, including planning, ecosocialism, and electric energy, as well as the private sector. Furthermore, Sequera advocated for the reactivation of discussions surrounding the organic law of the electrical system and service in the National Assembly. International energy companies like Chevron, Eni, Repsol, and Shell have reportedly initiated contact with national engineering firms for project development, signaling potential avenues for investment and expertise, pending certification by the College of Engineers.

We can include large-scale renewable energy generation sources.

— Gelvis SequeraPresident of the Association of Electrical and Mechanical Engineering highlighting the potential of renewable energy for Venezuela.
DistantNews Editorial

Originally published by El Nacional in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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