Story perspectives

BlackRock's $6.2B Allete Deal Sparks Controversy and Clean Energy Pledges

10/4/2025

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Summary

Story summary

The Minnesota Public Utilities Commission approved BlackRock's $6.2 billion acquisition of Allete, Minnesota Power's parent.
Critics, including the state attorney general and consumer advocates, warned of higher rates, less accountability, and a profits-first trend.
Supporters say the deal funds clean energy investments and preserves service reliability.
Modifications include a $50 million clean energy fund and bill credits for low-income customers.

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Story summary

The Minnesota Public Utilities Commission approved BlackRock's $6.2 billion acquisition of Allete, Minnesota Power's parent.
Critics, including the state attorney general and consumer advocates, warned of higher rates, less accountability, and a profits-first trend.
Supporters say the deal funds clean energy investments and preserves service reliability.
Modifications include a $50 million clean energy fund and bill credits for low-income customers.