GE Vernova Awaits Venezuela Payment Before Starting Grid Repairs

GE Vernova is holding off on physical repairs to Venezuela’s power grid until it receives payment, CEO Scott Strazik said Oct. 28, after the company finished planning and lined up contractors.

“This isn't a market environment that we will execute without being paid before we start doing the work, other than the planning,” Strazik said. Engineering is complete and contractors are lined up, but GE Vernova has not booked repair orders, Strazik said.

Venezuela’s government and GE Vernova signed a memorandum of understanding in June to begin technical cooperation on the country’s national electric system. GE Vernova signed a broader agreement on Sept. 2 covering thermal and hydroelectric generation, transmission and distribution infrastructure, and substations.

The plan calls for one gigawatt of new reliable power within the first 24 months and five gigawatts over the following four years. The starting point for those periods is unspecified.