Venezuela's government will seek to buy Virginia, US-based power company AES's 80% stake in EDC, Venezuela's largest private power company, as part of its nationalization strategy. Minority shareholders and employees, who control the remaining 20% of EDC, will have their rights preserved.
Enagen, a state generation company created in October 2006 and 40% owned by state oil firm PDVSA, would operate EDC. The government’s nationalisation plans will include the three other private power companies in Venezuela, according to the minister. The three are: Eleval, which serves Carabobo state; Nueva Esparta state-based Seneca , controlled by Michigan-based CMS Energy; and EDC subsidiary Genevapca, which serves PDVSA’s refining complex CRP.