Venezuela’s National Assembly has given initial approval to a proposed reform that would open the electricity sector to private investment (Agencia Venezolana de Noticias, 02/06/2026). The proposed partial reform to the Organic Law of the Electricity System and Service was approved unanimously and will be debated a second time to definitively approve the reform.
If approved, the 42-article bill would allow development of the electricity sector to be carried out by the state, private firms, joint ventures in which the state holds a 50% share and companies in which the state has a minority shareholding. Joint ventures would have a maximum duration of 25 years (with a 15-year possible extension). However, the establishment of any joint venture would require approval from the President of the Republic.
Currently, the Venezuelan power sector is going through a crisis with hours-long power cuts due to a lack of maintenance and investment. The reforms are being led by the new Venezuelan administration established after the January 2026 intervention by the United States.
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