In 2023, Venezuela's electricity consumption is primarily supported by low-carbon sources, with hydropower accounting for the vast majority. Hydropower contributes more than three-quarters of the total electricity, while fossil fuels, mainly gas, contribute just over one-fifth to electricity production. This heavy reliance on hydropower means the country's electricity is predominantly low-carbon, which is a positive step toward sustainable energy. However, the fossil fuel component underscores an area for potential improvement to further decrease carbon emissions and combat climate change.

Is Electricity Growing in Venezuela?

Despite its significant reliance on low-carbon electricity, Venezuela has witnessed a decline in electricity consumption over the years. In 2023, the electricity consumption per person is 2931 kWh, a significant drop from the 2008 record of 4252 kWh per person. This represents a decrease of more than 1300 kWh per person. Similarly, even low-carbon electricity consumption per person decreased considerably, from 3096 kWh in 2008 to 2297 kWh in 2023, marking a decrease of almost 800 kWh per person. This decline is concerning amidst increasing electricity demands globally for economic growth and future technologies.

Suggestions

To bolster its low-carbon electricity generation, Venezuela could look to successful regions utilizing nuclear and solar energy. Countries like France and Slovakia receive more than half of their electricity from nuclear sources, demonstrating its potential contribution to a stable and reliable electricity supply. Meanwhile, regions such as Nevada and California have maximized solar energy, which could be particularly favorable for Venezuela given its geographical location. By tapping into these technologies, Venezuela could expand its low-carbon electricity capacity, boosting sustainability and reducing its reliance on fossil fuels.

History

Historically, Venezuela has experienced varying fluctuations in its hydropower generation. In the late 1980s and early 1990s, there were consistent increases, with notable growth in the late 2000s. However, the 2010s were marked by significant fluctuations, with large declines standing out in 2010 and 2014, but a substantial rebound occurred in 2015 and 2020. This instability in hydropower output highlights the need for diversification of low-carbon sources, particularly with the immense potential of solar and nuclear power to offer more consistent and sustainable electricity generation in the coming decades.

Electricity Imports and Exports

Balance of Trade