Venezuela electrical industry reform could take five years

Engineer and former Hidrocapital president José María de Viana estimates that reforming Venezuela’s electrical industry could take between three and five years. He argues that recovery requires more than just repairing machinery; it necessitates a structural overhaul including the decentralization of the sector and opening the market to international private participation.

De Viana suggests that the reform process should be conducted through open, international public tenders and should involve advisory from multilateral organizations such as the World Bank, the Inter-American Development Bank (IDB), and the International Monetary Fund (IMF). He criticized the state's continued role as a primary entrepreneur and noted that current legislation has not yet been modified to facilitate foreign investment. Furthermore, he emphasized the need for highly trained personnel and international companies to provide the necessary technology and expertise to manage the grid effectively.