Venezuela opens power sector to private investment

The National Assembly is debating a draft law allowing private companies to participate in electricity generation and sales under state concessions for the first time in 15 years. Deputy Reinaldo Sifuentes estimates $30-40 billion is needed to restore Venezuela's electrical system, with only half of its 30,000MW installed capacity currently operational, as opposition reporting details. The reform would promote solar and wind alternatives while decentralizing the monopoly held by state-run CORPOELEC, which has overseen chronic blackouts and rationing outside Caracas. General Electric and Siemens have conducted exploratory visits but cite US sanctions as obstacles to large-scale re-entry, highlighting the tension between economic necessity and geopolitical constraints.