Venezuela lawmakers opens crisis-hit power sector to private investment

Venezuelan lawmakers on ​Tuesday approved a reform to ​the country's national electricity ‌law, opening the ​investment-starved sector to private spending after nearly two decades of state control, according to a national assembly ‌vote broadcast on state television.

The reform is the latest spearheaded by interim President Delcy Rodriguez, who is aiming to foster private investment in industries like oil, ‌gas and mining in the wake of the US ouster of President ‌Nicolas Maduro in January, and despite enduring investor caution. Venezuelans have for years been plagued by patchy public services - especially electricity, provision of which was nationalized in 2007 - with millions suffering ⁠blackouts ​for hours or days. ⁠Much of the country's grid requires extensive maintenance which has not been carried out amid ⁠years of hyperinflation, sanctions and economic and social crisis. Lack of power also disrupts ​water supplies, cell phone and internet services, and hurts agriculture and other ⁠industries.

Though Rodriguez has said stable power is one of her top priorities, the cash-strapped country ⁠has ​so far failed to guarantee payments to suppliers that could help shore up provision and less than 40% of Venezuela's generation capacity is currently ⁠available. "I think opening the market is necessary so that the private sector can ⁠also provide electricity, ⁠especially to large consumers, and above all to industry," Jorge Rodriguez, the head of Venezuela's National Assembly, said after ‌the vote.