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NextEra wins FERC approval to acquire Calif. underwater transmission cable

The Federal Energy Regulatory Commission on March 21 approved NextEra Energy Transmission LLC's proposed acquisition of a 53-mile underwater transmission cable system in California.

Under the deal, the NextEra Energy Inc. subsidiary will purchase the high-voltage, direct-current cable system's owner, Trans Bay Cable LLC, from a fund managed by SteelRiver Infrastructure Partners LP for about $1 billion, including assumption of debt.

The line extends from Pittsburg, Calif., to San Francisco and supplies about 40% of the daily power used by San Francisco and surrounding areas. (FERC docket EC19-36)