IF it's that bad, cut the cable where it's freyed, solder both wires together, heat shrink each wire, and heat shrink the cable a good 6" up on both sides. IT's only 18/24VDC and protected by the controller. So even if you do a terrible mess and have water get in, you won't be frying your fish.
If it's 120V then yes, it could be a safety hazard, and I would be iffy about the repair.
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