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In page Economy of Venezuela:

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Venezuela mostly utilizes hydropower resources to supply power to the nation's industries, accounting for 57% of total consumption at the end of 2016.[8] However, persistent drought has severely reduced energy production from hydropower resources.[9] The national electricity law is designed to provide a legal framework and to encourage competition and new investment in the sector.[citation needed] After a two-year delay, the government is proceeding with plans to privatize the various state-owned electricity systems under a different scheme than previously envisioned.[citation needed]