MidAmerican and TransAlta Form Geothermal Venture in California

MidAmerican Energy Holdings Co. and TransAlta Corp. (TA) formed CalEnergy LLC, a joint venture to market electricity from 10 aging geothermal power plants they own in Southern California.

The companies are planning capital improvements designed to extend the life of the plants, according to a statement today. The geothermal facilities were originally designed to run for 30 years and eight will reach that limit in the next three to seven years.

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