Venezuela's National Assembly has approved a reform opening the country's crisis-hit electricity sector to private investment, ending nearly two decades of state control. Lawmakers approved the change to the national electricity law on Tuesday, 10 November 2026, in a vote broadcast on state television, according to Reuters. The reform was approved unanimously by the Assembly, which is led by Jorge Rodriguez, the brother of interim leader Delcy Rodriguez. It allows private companies to generate electricity and supply it for a set charge, a step the government hopes will increase supply in a country plagued by prolonged blackouts. ## Why the reform matters Venezuela nationalised its power system in 2007, and years of underinvestment and mismanagement have left the grid in a dire state. Much of the country now suffers long blackouts, including in parts of the capital, Caracas. Opposition lawmaker Antonio Ecarri told Agence France-Presse the reform was necessary "in the face of collapse" of the state power grid. Experts estimate the state power company generates around 12,000 megawatts, far below the 16,400 megawatts needed to meet demand in September. Jorge Rodriguez insisted the state-owned power company would continue to subsidise utilities, "above all for the most vulnerable". ## Part of a wider opening The electricity reform follows similar moves to open Venezuela's mining and oil sectors to private investment since the United States-backed removal of Nicolas Maduro in January. US Energy Secretary Chris Wright, who visited Venezuela for the signing of an oil accord, stressed that fixing the electricity sector was essential because the oil industry also needed power to function. Whether private money now flows into the grid will be the real test of the reform. [Reuters](https://www.reuters.com/business/energy/venezuela-lawmakers-opens-crisis-hit-power-sector-private-investment-2026-11-10/)