Full Breakdown
Venezuela Signs Historic Deal with GE Vernova to Rebuild Grid
6/17/2026, 2:23:47 AM
Overview of the Deal
On 15 June 2026 interim President Delcy Rodríguez and GE Vernova signed a memorandum of understanding to rebuild Venezuela’s National Electric System. The plan targets 1 GW of generation within 24 months and more than 5 GW within four years, covering generation, transmission and substations. GE technicians have completed a six-week assessment.
Legal Context & Timeline
Venezuela’s power sector was nationalised in 2007. In June 2026 the National Assembly reformed the electricity law, ending the state monopoly, allowing 25-year concessions and tariffs. The reforms enabled the MoU, signed at Miraflores Palace and broadcast live.
Capacity Targets and Current Grid
GE Vernova aims for 1 000 MW in two years and >5 000 MW by year four. Argentine firm IMPSA will restore 672 MW at Tocoma within 19 months and deliver 2 160 MW at Tocoma and 480 MW at Macagua over five years. Venezuela’s installed capacity is ~36 GW, under 40 % operational, leaving a ~3 000 MW deficit and daily blackouts of 10 hours.
Official Statements
Rodríguez described the MoU as a historic step to restore essential electricity services. GE Vernova’s Roger Martella said the firm will move quickly to restore capacity. Chargé d’Affaires John Barrett was thanked for facilitating the partnership.
Opposition View
Opposition says reforms lag and the electoral council remains dominated by Maduro loyalists. U.S. Senator Marco Rubio warned that “the answer in Venezuela is a free and fair democratic election…necessary for them to attract the kind of investment that they want.”
Conflicting Details
The MoU’s financial terms were not disclosed. Sources differ on the 5 GW target horizon, citing either four years or “four to five years.” Specific grid assets to be transferred to GE Vernova remain unspecified.
Verbatim Quotes
- “This is a historic step for Venezuela, enabling us to restore a service as essential to the life of a country as its electricity supply,” — Delcy Rodríguez, Acting President
- “We want to move quickly so the system works as well as possible within a few months, and I believe we can do that together,” — Roger Martella, GE Vernova Chief Sustainability Officer
- “ultimately the answer in Venezuela is a free and fair democratic election because it's not just the right thing, it's also necessary for them to attract the kind of investment that they want” — Marco Rubio, U.S. Senator (quoted as Secretary of State)
- “This agreement launches a broader effort to strengthen Venezuela’s power system through a comprehensive plan that could deliver up to 2,160 MW at Tocoma and 480 MW at Macagua over the next five years,” — Jorge Salcedo, President of IMPSA
Outlook
The MoU now proceeds to EPC contracts, asset-integrity assessments and workforce training. Progress will be measured against the 1 GW milestone, while the reformed electricity law is expected to attract further foreign investors for grid modernization.
