To hear Teodoro Petkoff put it, either Chávez Econguru Giordani plain old lied about having spent $5.5 billion “fixing” the electric crisis, or the money was royally wasted.
It’s a fun line, but I have another hypothesis: they spent the money on the wrong thing. Last year’s Power Outages were caused mostly by insufficient generating capacity…so the government went all out to bring more generating capacity online. This year, though, what we saw was a bunch of power grid failures.
In the rush to build new power plants, nobody stopped to think that the power lines we have are hyper-rickety and old!
#16…digging out of a hole already…Caracas Chronicles is 100% reader-supported. Support independent Venezuelan journalism by making a donation.