Center for Earth, Energy & Democracy joins fourteen organizations in saying NO to the proposed takeover of Minnesota Power by private equity interests connected to BlackRock. We believe that our energy future belongs to the people of Minnesota, not corporate polluters and Wall Street. Read our message to the Public Utilities Commission asking them to reject this dirty deal below.
Join our partners at Minnesota Power Plaza in Duluth, MN on September 3 to say NO to Wall Street’s takeover of Minnesota Power. This press event and rally is about showing that Minnesotans refuse to let private equity dictate our energy system. Our communities deserve real climate solutions, affordable electricity, and democratic control over our power grid—not more profit-driven decisions that put people at risk.
August 14th, 2025
Docket No. E015/PA-24-198
Commissioners,
We write to you today as organizations working across the state to ensure a just transition to an equitable, clean energy future for all Minnesotans.
On July 15th, 2025, the Administrative Law Judge (ALJ) issued a report including findings of fact, conclusions of law, and recommendations for the Commission. The ALJ found that the proposed acquisition of ALLETE, Inc., parent company of Minnesota Power, by Global Infrastructure Partners (“GIP”) and Canada Pension Plan Investment Board (“CPP”) – also known as the Partners – is not in the public interest, and therefore recommends that the Commission deny the proposed private equity buyout.
We strongly and fully support the ALJ’s findings and recommendations, which clearly show that the proposed acquisition’s publicly-stated benefits are unfounded in the evidence before the Commission, and that its risks and harms outweigh the alleged benefits, resulting in net harms. We reiterate that the ALJ’s conclusions are not mere opinion, but the outcome of an in-depth evidentiary proceeding where all sides were provided ample opportunity to bring their strongest case and, notably, where the public weighed in heavily against this proposed deal.
“In considering the true risks and benefits of the Acquisition, it is critical that the Petitioner’s agreements and private discussions do not comport with their public statements. The nonpublic evidence reveals [GIP and CPP’s] intent to do what private equity is expected to do – pursue profit in excess of public markets through company control.”– Administrative Law Judge Megan J. McKenzie [Administrative Law Judge’s Findings of Fact, Conclusions of Law and Recommendations (July 15, 2025) at 66.]
Additionally, we ask that the Commission reject the proposed settlement between ALLETE, Inc., the Partners, and the Department of Commerce as the agreements laid out in the proposal do not outweigh the harms, as found by the ALJ and opposing intervening parties. As the Attorney General’s Office described in their August 4, 2025 comment, “most of these 70 terms repeat commitments that the Petitioners had already offered or slightly modified versions. And the few that are truly new do little to counter the significant risks that the Department previously identified. Instead of mitigating the transaction’s risks, the stipulation continues a theme of the Partners committing to very little and avoiding personal liability by making commitments through ALLETE and intermediate holding companies.” [Comments of the Office of the Attorney General – Residential Utilities Division on the Stipulation Between the Minnesota Department of Commerce and Petitioners (Aug. 4, 2025) at 3.]
We also press the Commission to discount the arguments made by Minnesota Power, the Partners, and various organizations and individuals that this deal is necessary for Minnesota Power to achieve the state’s climate and clean energy goals and adhere to the 2040 Carbon-Free Standard. Those in support of the acquisition for this reason lean heavily on assertions made by Minnesota Power and its private equity buyers. This claim was thoroughly argued in the contested case proceeding and rejected by the ALJ as lacking support in the record.
We, the undersigned organizations, care about and advocate on behalf of the public interest. We are committed to advocating for, designing and implementing – alongside the Commission – a just transition to an equitable, clean energy future for all Minnesotans. We ask that the Commission act in the public interest and reject this deal which has unequivocally been found to pose significant risks to Minnesota Power ratepayers and employees, and the public at large, while bringing little to no benefit.
The record shows that this proposed private equity buyout is inconsistent with the public interest, and we respectfully urge the Commission to deny the proposal.
Signed,
Beyond Plastics Mankato Area
Bicycle Alliance of Minnesota
Center for Earth, Energy and Democracy
Climate Generation
Cooperative Energy Futures
CURE
Institute for Local Self-Reliance
Minnesota Center for Environmental
Advocacy
Minnesota Interfaith Power and Light
Sierra Club
Solar United Neighbors
St Luke Presbyterian Church
TakeAction Minnesota
Vote Climate