Venezuelan acting President Delcy Rodriguez announced on June 15 that the country had signed a memorandum of understanding with GE Vernova to increase Venezuela’s power generation capacity, Reuters reported the same day. The deal aims to increase power generation capacity by 1 GW within two years, with a goal of exceeding 5 GW after four years.

According to an opposition legislator, Venezuela produces 12 GW but consumes 14 GW daily, with peak demand hitting a nine-year high of 15.579 GW on May 7. This energy deficit has caused widespread blackouts, including in Caracas. While capacity was 20 GW before Venezuela nationalized the sector in 2007, current recovery plans coincide with U.S.-led efforts to revamp the oil and gas sector and legislative energy reforms initiated in June.