The National Assembly of Venezuela, controlled by Chavismo, has taken a step toward ending the state monopoly over the electricity service, which has been in crisis with blackouts and other problems for two decades. A draft reform to the Organic Law of the Electric System and Service was approved in first reading; it is aimed at opening the field to private capital within a framework of long-term concessions.
During the 15 years that the service has been exclusively managed by the National Electric Corporation, Corpoelec, the national electrical system experienced a collapse. The bill was approved with votes from the opposition, but the legislature still needs to give final approval to the text in the coming days in a second plenary reading.
