Venezuela Moves to Open Power Sector to Private Investment (1)

Venezuela’s National Assembly debated a reform that would open the country’s electricity sector to private investment, allowing companies to generate, distribute and sell power under government concessions after more than 15 years of state control.

The proposal received unanimous preliminary approval from lawmakers on Tuesday and would permit private firms, mixed enterprises and companies with minority state ownership to operate in the sector alongside the state, according to the presentation of the bill before the National Assembly. The legislation, which still requires a second and final vote, also says it would establish tariffs designed to reflect the cost of providing ...