Electricity in Venezuela in 2022

In 2022, Venezuela's electricity consumption was predominantly sourced from low-carbon options, with more than three-quarters of its electricity coming from hydropower. Hydroelectric power alone accounted for nearly all of this low-carbon energy production, indicating a heavy reliance on this specific source. Meanwhile, fossil energy made up a little more than one-fifth of Venezuela's electricity generation, with natural gas contributing the largest share in this category. This significant focus on low-carbon energy sources highlights Venezuela's commitment to reducing the environmental impact of its electricity generation, yet there remains room for diversification to further reduce dependence on fossil fuels.

Suggestions

To enhance its low-carbon electricity generation, Venezuela could expand into other green energy options such as nuclear and wind power, taking cues from successful examples worldwide. Similar to countries like France and Slovakia where nuclear power contributes to a significant portion of electricity—67% and 60% respectively—Venezuela could invest in nuclear energy infrastructure to provide a consistent and reliable energy source. Additionally, Venezuela could look to Uruguay’s achievement with wind power, contributing 36% of their electricity, which illustrates the potential of this clean energy type in regions with suitable conditions. Such diversification would not only ensure a more resilient energy grid but also further Venezuela's progress in sustainable energy generation.

History

Examining the historical data of Venezuela's low-carbon electricity reveals that the nation has largely relied on hydropower. Key periods of growth in hydroelectric generation were witnessed in the mid-1980s through the early 2000s, with notable increases in 1985, 1991, and 2004. However, there were also significant downturns, especially from 2010 to 2016, with drastic reductions that highlight potential vulnerabilities in relying too heavily on a single energy source. This history underscores the importance for Venezuela to consider diversifying its low-carbon energy portfolio to mitigate the risks associated with fluctuations in hydroelectric capacity and strengthen its overall energy security. By doing so, Venezuela has the opportunity to play a leading role in the clean energy transition in South America.

Electricity Imports and Exports

Balance of Trade

Data Sources