
10/13/2025
BlackRock’s latest acquisition is sparking new fears over rising electricity costs in Minnesota. ⚡📈
Despite warnings from consumer advocates and the state’s Administrative Law Judge, the Minnesota Public Utilities Commission approved BlackRock’s takeover of ALLETE, the parent company of Minnesota Power, on October 3, 2025.
Critics—including the Minnesota Attorney General’s Office and Private Equity Stakeholder Project (PESP)—say the deal could lead to higher rates, reduced accountability, and weaker transparency as private equity enters the utility sector.
With Minnesota’s 2040 carbon-free electricity mandate in play, concerns also center on whether BlackRock’s ownership model will prioritize clean energy expansion—or investor returns.
📖 Read the full article:
👉 https://hubs.la/Q03MZ0PD0
🎧 Listen to the episode on Spotify:
👉 https://hubs.la/Q03MZ8wD0
Minnesota regulators approved BlackRock’s acquisition of ALLETE, overriding warnings of rate hikes and weakened oversight for state power customers.