Venezuela Power Market Size and Trends by Installed Capacity, Generation, Transmission, Distribution, and Technology, Regulations, Key Players and Forecast, 2021-2030
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This report discusses the power market structure of Venezuela and provides historical and forecast numbers for capacity, generation, and consumption up to 2030. Detailed analysis of the country’s power market regulatory structure, competitive landscape, and a list of major power plants are provided. The report also gives a snapshot of the power sector in the country on broad parameters of macroeconomics, supply security, generation infrastructure, transmission and distribution infrastructure, electricity import and export scenario, degree of competition, regulatory scenario, and future potential. An analysis of the deals in the country’s power sector is also included in the report.
Venezuela power market overview
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Hydropower will continue to lead annual generation in Venezuela till 2030
Hydropower held a share of more than 55% in Venezuela’s annual generation in 2020. Although this share is expected to decline by 2030, hydropower will continue to dominate annual generation in the country. Hydropower generation in Venezuela is centered on the Caroní River in the Guayana region, which is home to 4 different hydroelectric projects, which includes the Guri hydroelectric plant. The Guri hydroelectric plant is among the largest hydropower plants in the world in terms of installed capacity. For the past 2 decades, Venezuela has increasingly relied on this plant for hydropower generation. With the country facing severe droughts in recent years resulting in the water level at the Guri dam dropping significantly, the government is planning to reduce its overdependence on the Guri plant by building new hydropower plants. Currently, the country does not have any pumped storage facilities. To maintain power supply stability and avoid the frequent blackouts, the country may look at building pumped storage facilities.
How is Venezuela’s power market structured?
The Ministerio del Poder Popular para la Energía Eléctrica – The Ministry of Popular Power of Electricity (MPPEE) oversees formulating and implementing energy policies in Venezuela. Fundación para el Desarrollo del Servicio Eléctrico (FUNDELEC), established in 1992, is the main regulatory body for the power sector. It functions under the supervision of the MPPEE and focuses on the key areas of energy efficiency, renewable energy, information systems, and institutional strengthening.
Who are the key players in Venezuela’s power market?
The power generation segment in Venezuela is dominated by Corporacion Electrica Nacional SA (CORPOELEC). This is followed by Petroleos de Venezuela SA (PDVSA), Compania Anonima de Administracion y Fomento Electrico, and Corporacion Venezolana de Guayana. State-owned CORPOELEC is the sole electricity transmission network operator in Venezuela. The company ensures continuity in electricity supply and is also engaged in developing, expanding, and maintaining the transmission network in Venezuela.
Venezuela power market, by key players
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Where are the opportunities in Venezuela’s power market?
Venezuela’s power sector offers significant investment opportunities for domestic as well as international players. Major opportunities are present in the renewable sector and in the maintenance of existing power plants in the country. Venezuela faces frequent blackouts as the existing technology in its power plants is outdated. The government hasn’t invested much in upgrading this technology which has caused frequent system failures. The government has proposed a massive overhaul of the power sector, scaling back the role of the state and offering greater control to private companies. Power plant equipment manufacturers are expected to benefit from this proposal as the government would be keen on upgrading the existing power plant infrastructure.
What are the challenges faced by Venezuela’s power market?
High dependence on hydropower for power generation is one of the major challenges hampering the growth of the power sector in Venezuela. The country is heavily dependent on hydropower for meeting its power needs. Hydropower accounted for a share of more than 55% in the generation mix in 2020. High dependence on a single source for power generation can hamper the country’s energy security. The country may look to expand its renewable power capacity, particularly solar PV, and wind power capacity in coming years.
How has COVID-19 affected Venezuela’s power market?
Venezuela was significantly affected due to the COVID-19 pandemic in 2020. To curb the spread of COVID-19, the government imposed strict national lockdowns in the country. This resulted in temporary closure of industrial and commercial establishments in the country which caused reduction in demand. The real GDP of the country declined by 26.2% in 2020 as compared to 2019. With respect to power sector, the electricity consumption in the country declined by 15% in 2020 as compared to 2019. Electricity demand from industrial and commercial sectors declined significantly due to national lockdowns. The government started a massive disinfection drive at several power plants across the country to reduce the spread of COVID-19 pandemic. Disinfection drives were also conducted in the headquarters of CORPOELEC, the major state-owned utility in the country. In 2021, the electricity consumption in the country is expected to decline further by 12% as compared to 2020.
Market report scope
Cumulative power capacity (Year – 2020) | 33.86 GW |
Base year for estimation | 2020 |
Market overview by | Capacity & generation, and transmission & distribution |
Forecast period | 2021–2030 |
Key companies | Corporacion Electrica Nacional SA (CORPOELEC), Petroleos de Venezuela SA (PDVSA), Compania Anonima de Administracion y Fomento Electrico, and Corporacion Venezolana de Guayana |
This report provides a comprehensive analysis of the power market in Venezuela and contains the following sections;
- The executive summary captures the key trends in the country’s power market.
- The “Venezuela Power Market, Snapshot” section provides a snapshot of the key parameters that affect the country’s power sector, as well as key points about the country’s power market including opportunities, challenges, and the impact of COVID-19.
- The “Venezuela Power Market, Market Analysis” section provides the market structure, generation market share, deals, and demand structure.
- The “Venezuela Power Market, Regulatory Scenario” section details the regulations and policies in the country’s power sector.
- The “Venezuela Power Market, Capacity and Generation” section provides information on cumulative installed capacity and annual generation trends, by individual generation source.
- The “Venezuela Power Market, Transmission and Distribution Overview” section discusses the power T&D infrastructure, electricity import and export, and grid interconnections.
- The “Venezuela Power Market, Major Generating Companies” section discusses the major electricity generating companies in the country.
Reasons to Buy
- Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the country’s power sector
- Identify key factors driving investment opportunities in the country’s power sector
- Facilitate decision-making based on strong historic and forecast data
- Develop strategies based on the latest regulatory events
- Position yourself to gain the maximum advantage of the industry’s growth potential
- Identify key partners and business development avenues
- Identify key strengths and weaknesses of important market participants
- Respond to your competitors’ business structure, strategy, and prospects
Table of Contents
Table
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Frequently asked questions
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What is Venezuela’s total cumulative power capacity?
Venezuela’s total cumulative power capacity in 2020 was 33.86 GW.
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Who are the major power generation companies in Venezuela’s power market?
The power generation segment in Venezuela is dominated by Corporacion Electrica Nacional SA (CORPOELEC). This is followed by Petroleos de Venezuela SA (PDVSA), Compania Anonima de Administracion y Fomento Electrico, and Corporacion Venezolana de Guayana.
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What is the leading source of power capacity in Venezuela?
Thermal power was the dominant source of power in 2020, accounting for more than 50% of total installed capacity.
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Who regulated Venezuela’s energy policy?
The Ministerio del Poder Popular para la Energía Eléctrica – The Ministry of Popular Power of Electricity (MPPEE) oversees formulating and implementing energy policies in Venezuela.
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What is the annual power consumption in Venezuela?
Power consumption declined from 60.8 TWh in 2000 to 48.2 TWh in 2020, declining at a negative CAGR of more than 1%.
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What sector is the leading driver of Venezuela’s power consumption?
In 2020, the residential sector had the dominant share in power consumption accounting for more than 35%.
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Who owns and operates Venezuela’s transmission network?
State-owned Corporación Eléctrica Nacional – National Electric Corporation (CORPOELEC) is the sole electricity transmission network operator in Venezuela. The company ensures continuity in electricity supply and is also engaged in developing, expanding, and maintaining the transmission network in Venezuela.
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