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Venezuela promises $5bn power investment to 2012

Venezuela is planning to invest $5bn in its power generation sector through to 2012, according to Business News Americas.
 
“For 2011, we plan to continue with already designed plans, which include repairing generation units currently out of service. We also plan to install a large number of thermo generation units,” said Ali Rodriguez, the minister of electricity.
 
The minister said the government plans to bring online 5 GW in thermal capacity in the next two years. The new capacity will be added by both state power company Corpoelec and NOC PDVSA, the government-controlled oil giant.
 
The new power plants will be concentrated around Venezuela’s capital Caracas and the country’s Andean region, Rodriguez added.
 
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