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NextEra's $1B acquisition of Calif. underwater transmission cable lands at FERC

NextEra Energy Transmission LLC has asked the Federal Energy Regulatory Commission to approve its planned acquisition of a 53-mile, high-voltage direct-current underwater transmission cable system in California that supplies approximately 40% of the daily power used by San Francisco and surrounding areas.

Under the deal, announced in November, the NextEra Energy Inc. subsidiary will purchase Trans Bay Cable LLC, the project company that owns the cable, from a fund managed by SteelRiver Infrastructure Partners LP for approximately $1 billion, including assumption of debt.

The line was developed and approved in response to a 1998 blackout in the Bay Area. It extends from Pittsburg, Calif., to San Francisco. Its utility rates are approved by FERC and revenues paid by the California Independent System Operator Corp.

The applicants have requested the commission to approve the transaction by Feb. 12, 2019. (FERC docket EC19-36)