Venezuela's President Hugo Chavez said on Thursday that the first job he will be taking on under the Enabling Law is to nationalize the country's electricity industry.

Chavez made the remarks at a press conference after signing the Enabling Law into law.

The new law will affect Electricidad de Caracas and its subsidiaries, Electricidad de Ciudad Bolivia and Electricidad de Valencia.

Nationalizing strategic sectors is part of Chavez's so-called policy of 21st century socialism.

The Enabling Law, passed by Venezuela's legislative National Assembly, grants President Hugo Chavez special powers for 18 months to legislate by decrees in 11 areas, including energy, transformation of state institutions, finance and taxation, national security and defense.

Source: Xinhua