Venezuelan lawmakers unanimously voted to open up the country's electricity sector to private investment. (AFP Photo)
Venezuela's legislature has approved a U.S.-backed reform to open the country's faltering electricity sector to private investment.
Since the U.S. ouster of Nicolas Maduro in January, interim leader Delcy Rodriguez has complied with Washington's calls to open up nationalized industries to foreign investment.
The latest reform measure was approved unanimously on Nov. 10 by the National Assembly, which is led by Delcy Rodriguez's brother, Jorge Rodriguez.
Opposition lawmaker Antonio Ecarri said the reform was necessary "in the face of collapse" of the state power grid and "the disastrous policy that resulted from the previous law," he told AFP.
Jorge Rodriguez insisted during the legislative session that the state-owned power company would continue to subsidize utilities "above all for the most vulnerable."
Following the nationalization of the power system in 2007, years of lack of investment and mismanagement have contributed to dire energy shortages.
Much of the South American country now suffers prolonged blackouts, including in parts of the capital.
Jorge Rodriguez told reporters that the measure would "allow a private party to generate electricity and provide it in exchange for a set charge," which should increase supply.
Experts estimate the state power company generates around 12,000 megawatts, far below the amount needed to cover demand, which reached 16,400 megawatts in September.
In addition to the electrical grid, Rodriguez's administration has also opened Venezuela's mining and oil sectors up to private investment.
