Economy and macroUpdated Yesterday
Venezuela opens its power sector to private firms.
Recurring outages are the backdrop to Venezuela’s new opening: the law creates a route for private companies into a sector long dominated by the state. The National Assembly approved it unanimously. Companies, including oil producers, may generate, transmit, distribute and sell electricity under agreements lasting up to 25 years. But this is not a handover of the whole system: the state keeps hydroelectric generation and the main transmission and distribution networks. The Arabic report, citing Bloomberg, says the interim government has up to 180 days to issue implementing regulations. OilPrice says oil producers and large businesses able to afford euro-pegged tariffs are expected to benefit most.
Coverage started November 11