In 2009, as a result of serious sector disinvestment, the country became more and more reliant on hydro. We were struck by drought and blackouts that were also a part of Venezuelans’ daily routine.
In 2009 the State invested USD 5 billion to increase its thermal capacity by 6 GW (about $830/kW). That capacity goal (but not the budget) was reduced to 5 GW ($1,000/kW) and later lowered again to 1.450 MW ($3,450/kW).
Typical gas turbine prices, which is what we bought, range from $700 to $1,000 for kW of installed capacity. Millions were squandered in corruption but, because it started to rain again, we could rely on hydro once more and we all forgot about it.