Electricity in Venezuela in 2022

In 2022, Venezuela's electricity consumption was primarily driven by low-carbon sources, with more than three-quarters of its electricity being generated from clean energy. Hydropower was the dominant force, accounting for almost all of the low-carbon electricity, making the country heavily reliant on this single type of power generation. Fossil fuels contributed just over a fifth of the electricity, with natural gas being the main contributor in this category. The minimal dependence on fossil fuels for electricity is a positive step towards reducing carbon emissions and pollution, although the reliance on a single type of low-carbon source poses its challenges.

Suggestions

To further enhance its low-carbon electricity generation, Venezuela could diversify its portfolio by considering the successful strategies of other nations. Countries such as Uruguay and Lithuania have achieved substantial electricity generation from wind power, producing one-third of their electricity from this green source. A diverse mix that includes nuclear, solar, and wind could bolster Venezuela’s clean electricity generation. For instance, learning from France, where nuclear power accounts for 68% of electricity, Venezuela could invest in nuclear power plants, which are reliable and provide a continuous energy supply. This diversification would make Venezuela's electricity grid more resilient and reduce its vulnerability to hydrological variations.

History

Historically, hydropower has been the backbone of Venezuela's low-carbon electricity generation. In the 1980s, there were notable increases in hydroelectric output, particularly in 1985, 1987, and 1988. The 1990s also saw growth, with significant boosts in hydroelectric generation in 1991 and a steady increase through 1999. However, since 2010, the country has experienced sharp declines, particularly from 2014 to 2019, where there were successive falls, with 2016 being particularly poor. A notable rebound occurred in 2020, indicating the potential volatility of the sector. Historically, this reliance on hydropower, though beneficial in its low-carbon benefits, highlights the need for Venezuela to broaden its energy mix to ensure a stable and sustainable electricity supply in various conditions.

Electricity Imports and Exports

Balance of Trade

Data Sources