Chavez Wants Power Fund

The Venezuelan government says it will create a $1bn fund to finance power projects in the country. The National Electricity Fund will be managed by the electric power ministry, which has unveiled plans to increase capacity by almost 15,000MW by 2015 with the construction or modernization of 24 thermoelectric and hydroelectric plants. The government claims the country’s electricity infrastructure has been suffering due to droughts caused by El Nino, though a lack of investment and maintenance is also a likely cause. The government does not specify how it will raise the funds.