President Hugo Chávez Sunday announced the creation of the Electric Corporation of Venezuela, which is intended as an umbrella for power companies such as Electrificación del Caroní (Edelca), La Electricidad de Caracas (EDC), Cadafe and Elecentro, among others.

He also said a waterworks corporation was also needed, adding that this is the only way to overcome contradictions and rivalries among several agencies in these areas.

Chávez praised the importance of centralized planning and stressed that "regional and local plans have to be attached to the major project."

"I know some governors do not like this, because they like being autonomous, but we have a centralized republic. Governors should not believe they are the presidents of a small republic," Chávez stated.

Further, he said it was necessary to enact a law on land intervention to improve land use.