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Market Chatter: GE Vernova, Venezuela Deal to Stabilize Power Grid in 6-12 Months

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The recently signed deal between Venezuela and US energy equipment company GE Vernova (GEV) aims to stabilize the nation's deteriorating electrical grid within six to 12 months, Reuters reported Friday, citing US Energy Secretary Chris Wright.

The agreement focuses on restoring existing infrastructure to strengthen the grid and prolong service hours, Wright reportedly said. This includes the rehabilitation of the Guri Dam, which was built in the 1960s and has been 50% underutilized due to old equipment.

GE Vernova, on Sep. 2, signed a deal to "modernize and expand Venezuela's electric grid," beginning with 1 gigawatt of power targeted to be brought online within one year, according to a fact sheet by the US Department of Energy. A further 5 GW of electricity will be added over the next four years.

The company did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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