GE Vernova Signs Expanded Venezuela Power Deals With PDVSA, Corpoelec

GE Vernova signed two new agreements in Caracas on Sept. 2 — one with Venezuela's state oil company PDVSA for self-generation of electricity at oil and gas operating sites, and one with state utility Corpoelec to advance projects strengthening the national electric system. The signings, witnessed by U.S. Energy Secretary Chris Wright and Venezuelan interim President Delcy Rodriguez, expand on a cooperation framework GE Vernova and Corpoelec first signed June 15.¹

Scope of the Work

The agreements call for GE Vernova to bring 1 gigawatt of new reliable power online within 24 months, followed by 5 gigawatts over the following four years. Per the U.S. Department of Energy, the scope covers thermal and hydroelectric power generation, transmission and distribution infrastructure, and key substations.¹

The work follows a six-week audit GE Vernova's technical teams conducted of Venezuela's electrical system ahead of the June agreement, which found significant deterioration across Corpoelec's generating and grid assets. Venezuela's installed capacity stands at roughly 36 gigawatts, but industry estimates cited at the time put less than 40% of it operational, due to equipment wear and fuel supply constraints.² GE Vernova's corporate director, Roger Martella, said the company plans to move quickly and expects to hire more than 1,000 local workers for the maintenance and technical upgrade work.³

Part of a Broader Signing

The GE Vernova agreements were signed alongside separate oil-sector deals with Chevron and Eni, part of what the Department of Energy characterized as a broader set of energy agreements following an Aug. 28 binational framework between the U.S. and Venezuela. Chevron committed to more than $7 billion in joint-venture investment over five years; Eni signed a 25-year contract to develop the Junín 5 oil field.¹

Why It's Relevant to Turbomachinery

The DOE's description of the GE Vernova scope — thermal and hydroelectric generation alongside transmission — puts this squarely in rotating-equipment territory rather than a grid-wiring project alone. Venezuela's thermal fleet includes GE-legacy gas turbine units that have gone years without original replacement parts or scheduled maintenance; restoring “baseload thermoelectric capacity” was explicitly prioritized in the original June framework before transmission and distribution work. For an OEM with a large installed base in the country, the agreement amounts to a long-deferred maintenance and parts-supply program at a scale few turbine fleets have required in recent memory.

Financial terms were not disclosed. The agreements mark one of the largest Western OEM commitments to Venezuela's power sector since U.S. sanctions began easing earlier this year, and will likely serve as an early test of how quickly a long-neglected generating fleet can be brought back to reliable service.

References
1. FACT SHEET: Delivering on President Trump's Promise to Unleash Prosperity and Security for the United States and Venezuela. U.S. Department of Energy; Sept. 2, 2026. Accessed Sept. 3, 2026.
2. GE Vernova Venezuela Leads Ambitious 5 GW Project. Inspenet; Jun. 16, 2026. Accessed Sept. 3, 2026.
3. Venezuela signs GE deal to rebuild national power grid. UPI (via Yahoo); Jun. 16, 2026. Accessed Sept. 3, 2026.