Venezuela lowers electric power budget

Monday, November 17, 2014

Venezuela's electric power ministry will receive a budget of 11.5bn bolívares (US$1.83bn) from the 2015 fiscal budget, nearly 9.8% lower than this year's 12.8bn bolívares, according to local media reports.

Projects anticipated for next year include the construction of the hydroelectric plant Manuel Piar, which will generate 2,160MW and through an investment of 1.48bn bolívares.

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Nearly 2bn bolívares will be used to rehabilitate units 1-6 of the Simón Bolivar hydroelectric center, which supplies some 70% of energy consumed by Venezuelans.

Another 288mn bolívares will be used to advance transmission works at the Termozulia III center.