Why is the energy sector stagnating in Venezuela?

The energy sector in Venezuela has fallen into a phase of stagnation – or regression – due to the mismanagement of resources and an intense policy of subsidies with political aim. As a result, in 2014 the country reported to have a fiscal breakeven point of more than 100 $/bbl (Black gold deficits, 2014), one of the highest in the world.

How much does solar PV cost in Venezuela?

In 2001, the Venezuelan Ministry of Energy and Mines estimated the unitary costs for solar PV to be in the range of 0,23 USD/kWh and 0,52 USD/kWh, and for wind power between 0,06 USD/kWh and 0,1 USD/kWh.

Can Corpoelec shape the future of the electricity sector in Venezuela?

In this sense, Corpoelec has the opportunity to shape the future of the electricity sector in Venezuela by assuming an active role in the energy transition journey, rather than being a passive passenger.

How much does Venezuela spend on fossil fuels?

In the case of the Venezuelan energy sector, the IEA estimates that in 2017 the total fossil-fuel consumption subsidies in Venezuela rose to become one of the highest in the world at nearly USD 16,3 billion, which corresponds to around 8% of the country’s GDP.

How has Aggreko shaped the future of welding in construction?

From initial concept to real-world implementation, this partnership has been instrumental in shaping the future of welding in construction. Aggreko's Battery Energy Storage Systems represent a paradigm shift across the construction industry, and specifically, welding applications.

Does Venezuela have a national electricity system?

Note: Another article to be published soon will focus on the organization of the national electricity system and its regulatory framework. Venezuela has the world’s largest oil reserves and holds the 8th place in natural gas reserves (OPEC, 2017). It is also a net energy exporter with crude oil counting for more than 80% of the energy exports.