A power supply assembly, which is placed subsea and is connected to an umbilical from a platform, supplies electrical power to subsea equipment. The power supply assembly supplies power during drilling operations to a pump for pumping drilling fluid from the sea floor to the sea surface. During production operations, the power supply assembly provides power to a booster pump to pump the well fluid away from the subsea well for collection. The subsea power supply assembly optionally also provides power to electrically charged portions of subsea separators that remove water from the oil in the well fluid. The booster pump the pumps the oil from the separator away from the subsea wellhead for collection.