US EditionProposed Minnesota Power sale to BlackRock rouses concern
The Minnesota Public Utilities Commission will review the $6.2 billion sale of Minnesota Power, amid concerns about faster rate increases and public interest impact, before approval.
- On September 3, a group gathered at Minnesota Power Plaza to protest the proposed $6.2 billion acquisition of Minnesota Power by private equity firms affiliated with BlackRock and the Canadian Pension Plan Investment Board.
- Concerns arose because BlackRock and CPP are private equity firms whose profit motives may conflict with community needs and the Public Utilities Commission's ability to protect consumers.
- Speakers including State Senator Jen McEwen warned the sale could cause conflicts of interest and higher rates since it is not always financially beneficial for BlackRock to keep rates low.
- Minnesota Power has spent over 18 months collaborating with stakeholders and has finalized a significant deal with Minnesota’s Department of Commerce that secures cost reductions, enhances public safeguards, and guarantees investment in clean energy projects.
- The Public Utilities Commission will decide on the sale by September 25, and while some local groups support it for clean energy goals and capital access, opponents fear impacts on rates, democracy, and the community.
16 Articles
16 Articles
Opposition of Minnesota Power Sale Host Press Conference
DULUTH, Minn. — Opposition of the potential sale of Minnesota Power held a press conference today This is the latest response to the news of Minnesota Power and Allete’s potential acquisition by Global Infrastructure Partners, a BlackRock company, and C.P.P. Investments. The sale, which would take Minnesota Power off the publicly owned market, is seeing opposition from groups like The Sierra Club, CURE, and the Duluth Tenants Union, all of whom …
State senator speaks at rally opposing the proposed sale of Minnesota Power
The Sierra Club held a rally on Wednesday September 3rd opposing the proposed sale of ALLETE Minnesota Power to private equity firms the Canadian Pension Plan Fund and Global Infrastructure Partners, which is a subsidiary of BlackRock.
Duluth News Tribune
Proposed Minnesota Power sale to BlackRock rouses concern
DULUTH — As a potential sale of Minnesota Power looms, a crowd of concerned citizens gathered at the company’s doorstep Wednesday afternoon to voice their concerns. On Sept. 25, the Minnesota Public Utilities Commission is expected to begin weighing whether to approve a $6.2 billion purchase of the Duluth-based utility by BlackRock Global Infrastructure Partners with help from the Canada Pension Plan Investment Board. Jenna Yeakle, a Sierra Club…
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