Market Trends of Venezuela Power Industry
This section covers the major market trends shaping the Venezuela Power Market according to our research experts:
Wind Potential to Dominate the Market
- As demand for energy is rising, Venezuela is turning toward the adoption of renewable energy as it has the ability to provide clean energy. The adoption of wind energy with advanced technology gradually makes wind energy a dominant type.
- The Paraguaná Wind Farm (PEP) began a new phase of operations in 2019 aiming at the regional electric strengthening with its own workforce that has reactivated the production of 14 wind turbines, under the responsibility of Petróleos de Venezuela (Pdvsa), Paraguaná Refining Center (CRP).
- At the end of 2019, Venezuela holds 71.28 MW of installed wind capacity much higher capacity compared to the solar PV installed capacity as of 2019. Venezuela is also planning to build wind farms with a generating capacity of 10,000 MW over the next 15 years.
- Venezuela has great potential to use power from wind energy and this, in turn, is expected to hinder the growth of the solar energy market during the forecast period.
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Hydro-Power Generation to Drive the Market
- The market for hydropower in Venezuela is huge and accounts for most of the electricity production in the country. Hydropower accounted for around 72% of the total power generation mix in 2019 in Venezuela. In terms of renewable power generation, hydropower is the only source that has been utilized until now for power generation.
- The Guri hydroelectric power plant, also known as Simón Bolívar hydroelectric power station and Raul Leoni Hydroelectric Central, is situated 100km upstream of the Caroni River in Necuima Canyon in Orinoco, Venezuela.
- The power plant has an installed capacity of 10,200MW and is one of the biggest power plants in the world. The plant provides approximately 50,000GW/h of energy to the country annually.
- To support the demand for power generation, Venezuela hydropower plant planning to expand the electricity generation and hence promulgate the Venezuela power market.
