Venezuela inks deal with General Electric to rebuild grid

CARACAS

This handout picture released by the Venezuelan Presidency shows Venezuela's interim President Delcy Rodriguez (C) speaking in front of Rolando Alcala (R), Venezuela's minister of electric power, during a meeting at the Miraflores presidential palace in Caracas on June 15, 2026.

Venezuela has signed an agreement with General Electric for the U.S. utility giant to rebuild its decrepit power grid, the South American country's interim president Delcy Rodriguez said.

Most of Venezuela including the capital Caracas endures daily blackouts lasting up to 10 hours as the country deals with decades of neglect and underinvestment in the energy sector and elsewhere.

Speaking alongside GE executives at the presidential palace, Rodriguez called it an historic step "to recover such an essential service."

Rodriguez, in power since the United States ousted Nicolas Maduro in January, first held talks in April with General Electric.

The discussions came with her government under pressure from President Donald Trump to open oil-rich Venezuela's economy and resources to American companies.

Much of Venezuela's infrastructure is in a bad state after 13 years of rule under Maduro, who blamed the country's decline on U.S. sanctions.

Venezuela now consumes about 16 percent more electricity than it generates, which is about 12,000 megawatts per day, according to opposition lawmaker Ezio Angelini.

The electrical grid was nationalized in 2007 by then-president Hugo Chavez, a socialist icon.

Rodriguez said at the presidential palace that the goal of the new contract with GE is to increase electricity output by 1,000 megawatts per day in the first two years and by 5,000 megawatts in four years.