Venezuela opens electricity sector to private investment

Venezuela's legislature unanimously approved a reform Tuesday opening the country's electricity sector to private investment, extending interim leader Delcy Rodriguez's push to allow foreign investment in nationalized industries.

The power system was nationalized in 2007. Years of underinvestment and mismanagement have contributed to severe energy shortages, and much of Venezuela now suffers prolonged blackouts.

Rodriguez's administration has also opened the mining and oil sectors to private investment. In September, Caracas signed an oil deal with Washington giving it access to more than 65 billion barrels, almost 20 percent, of Venezuela's oil.

US Energy Secretary Chris Wright, who visited Venezuela for the signing of that accord, said fixing the electricity sector was important because the oil sector also needed power to operate. "You need them both," he said, expressing optimism that existing electricity infrastructure could be put to use again under a five-year plan.