NEE - FERC approves canceling NextEra Texas transmission project

2023-03-21 15:53:51 ET

The Federal Energy Regulatory Commission approved the Midcontinent Independent System Operator's request to cancel a competitively-bid transmission project awarded to NextEra Energy ( NYSE: NEE ), UtilityDive.com reported Tuesday.

Dismissing NextEra's ( NEE ) objections, the FERC said MISO followed its rules in deciding to terminate the contract for the $129M Hartburg-Sabine project in Entergy's ( ETR ) service territory.

A focus of the case was a Texas law that bars the Public Utility Commission of Texas from issuing permits for transmission lines to non-incumbent utilities such as NextEra ( NEE ).

In considering whether to cancel the project, MISO ruled the Texas right-of-first refusal law was in effect during ongoing litigation, and regulatory uncertainty persists, according to FERC.

NextEra Energy's ( NEE ) "growth priced in by the market is too high," Bela Lakos writes in an analysis published recently on Seeking Alpha .

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