Venezuela signs deal with General Electric to revive power grid

Venezuela’s interim president Delcy Rodríguez signed a memorandum of understanding with U.S. firm General Electric Vernova to rehabilitate the national electricity system. The agreement, sealed at the Miraflores Palace, targets the restoration of 1,000 MW within the first two years and more than 5,000 MW over a four‑year period. GE Vernova’s corporate director Roger Martella and CEO Eric Gray attended the ceremony, and the company completed a six‑week technical survey of Venezuela’s hydro‑thermal facilities before the signing.

The deal comes amid a severe power crisis: less than 40 % of installed capacity is available, leading to frequent blackouts that affect homes and industry. While no financial terms were disclosed, the plan follows recent reforms that allow private participation in the electricity sector and builds on a separate contract with Argentina’s IMPSA for the Tocoma hydro‑electric project.