Venezuela signs $‑US contract with General Electric to rebuild power grid

Venezuela has concluded a deal with U.S. firm General Electric to overhaul its national electricity system. The partnership aims to restore about 1 000 MW within the first 24 months and over 5 000 MW in total across four years, according to officials at a ceremony in the presidential palace. Current output stands at roughly 12 000 MW while daily consumption reaches 14 000 MW, with peak demand of 15 579 MW recorded on 7 May, the highest in nine years.

General Electric spent six weeks conducting a detailed assessment of both hydro‑electric and thermal generation capacities. The country suffers frequent outages lasting up to ten hours, especially in the capital Caracas. The contract follows a broader restructuring of Venezuela’s energy sector that began after President Nicolás Maduro’s arrest in January and the earlier nationalisation of the industry in 2007, which had excluded foreign‑owned companies. Officials described the agreement as a historic step toward reviving the oil‑driven economy by modernising the power network.