Venezuela signs deal with US energy giant to rebuild energy grid

Key Points:

• Delcy Rodríguez, Venezuela's interim leader, announced a significant agreement with General Electric Vernova to help restore the country's power system, marking a shift toward opening Venezuela's economy to US investment.
• The power grid, nationalized in 2007 and suffering from frequent outages, is in dire need of repair and investment, with the new deal seen as a historic step to address these issues.
• Rodríguez’s government, while appearing to loosen state control over the economy, still maintains strong influence over key institutions, raising concerns among critics about genuine political reform.
• The appointment of Energy Minister Rolando Alcalá, an electrical engineer, signals a move away from military leadership in the energy sector, aiming to fix the failing power grid.
• Despite cooperation with US forces on security operations, opposition groups highlight that major political institutions remain dominated by Maduro loyalists, and US officials emphasize the need for free elections and democratic reforms to attract investment.