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Venezuela Population (millions) - July 1998 22.80 Overall Electrification (% of population) NA% GDP (billion US$) - 1997 est. $185.0 Real GDP Growth Rate - 1997 est. 5.0% Inflation Rate (CPI) - 1997 38.0% Total Installed Capacity (MWe) - 1995 18980 Electricity Consumption per Capita (kWh) - 1997 2578 Energy Demand Growth Rate 4.5% plentiful supply of fossil fuels for thermoelectricity. Power outages are relatively rare, and normally limited to small sectors, usually caused by distribution transformer breakdowns. About 75% of Venezuela’s total installed capacity is hydropower. Duringearly1998,lowrainfallcausedatleast in part by the El Niño weather phenomenon, cut Venezuela’s hydroelectric output and raised the possibility ofrationing. InAugust1997,atransformerfailedatthe huge Guri hydroelectric complex, causing a power outage throughout 80% of Venezuela. Venezuela’s electricity sector is a hybrid of five state- owned and seven private companies; the former accounting for 87% of national capacity and 100% of hydroelectric capacity. The largest state company is Electrificación del Caroní (EDELCA), with 63% of operating capacity and 79.4% of the power generated by the public sector. Venezuelahastheworld’ssixthlargestoilreserves. In 1998, oil accounted for 70% of the country’s GDP. Driven by weak oil prices, Venezuela slipped into recession in late 1998, losing $1 billion for every $1 per barrel drop in oil prices. Business confidence fell to a 21⁄2 year low. Interest rates are up sharply (to 70% or more), while inflation and unemployment remain high. New investments and privatizations have been delayed. Prices (US¢/kWh) - June 1998 Residential Commercial Industrial 1.11 3.40 2.88 Estimated Geothermal Potential (MWe) 910 Power Summary Venezuela has the highest per capita rate of power consumptioninLatin Americaandabundantsourcesof generation: vast rivers systems for hydroelectricity and a Geothermal Resources in Latin America & the Caribbean 180PDF Image | Geothermal Resources in the Caribbean and Latin America
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