The agreement was signed on September 2 in the presence of Wright and Venezuelan interim President Delcy Rodriguez. According to the U.S. Department of Energy, GE Vernova plans to bring 1 GW of new reliable power online within 24 months and a further 5 GW over the subsequent four years. The scope covers thermal and hydroelectric power generation, transmission and distribution infrastructure and key substations. It builds on a June 15 cooperation agreement between GE Vernova and Corpoelec, the state electricity company, which established a framework for rehabilitating and strengthening the country's power infrastructure.

The initial stabilization phase will focus on rehabilitating existing infrastructure and bringing dormant generation assets back online. Wright identified the Guri hydroelectric dam as a priority, telling Reuters that it is currently producing around half of its intended output. The broader agreement is intended to improve reliability while adding new generation capacity over the following six years.

GE Vernova already has an established equipment base in Venezuela, with the company's CEO saying in July that its installed base in the country totals around 11 GW, mostly hydro and some gas generation. That existing footprint provides a technical base for the company's rehabilitation work as the government seeks to restore generation and strengthen the wider electricity system.

The regulatory basis for wider U.S. participation in the sector has also evolved. OFAC's General License 48C, issued on August 27, authorizes U.S. persons to supply goods, technology, software and services for electricity generation, transmission, storage and distribution in Venezuela, including maintenance and refurbishment. General License 49A, issued in March, authorizes the negotiation and entry into contingent contracts for new electricity-sector investment, provided that performance is expressly contingent on separate OFAC authorization.

Together, the licenses create a framework for U.S. suppliers and companies to participate in electricity-sector rehabilitation and to negotiate potential new investment projects, while retaining separate authorization requirements for the performance of contingent investment contracts.

Investment requirements across Venezuela's power sector will be among the subjects examined at Venezuela Energy Week 2027, taking place February 22–25 at the Simon Bolivar Convention Center in Caracas. Organized in partnership with Venezuela's Ministry of Hydrocarbons and PDVSA, the event will bring together government leaders, national oil companies, investors, service providers, financiers and technical experts from across the energy value chain.

By February, stabilization work under the GE Vernova agreement is expected to be several months into implementation, providing an early reference point for the rehabilitation program and the capacity expansion that follows. Delegates can register at www.venezuelaenergyweek.com.