This past spring, Minnesota Power's parent company, ALLETE announced its plan to be acquired by two large private investors: the Canada Pension Plan Investment Board and Global Infrastructure Partners (GIP). GIP is presently being acquired by BlackRock, the world’s largest asset manager.
BlackRock, in turn, has “significant stakes in Minnesota Power’s largest customers–U.S. Steel and Cleveland Cliffs, which make up 70% of Minnesota Power’s industrial demand,” according to the Private Equity Stakeholder Project. BlackRock is also the single largest stakeholder in Enbridge Energy, our old pipeline friend.
In this tangled scenario what could go wrong? Self-dealing, secrecy, corporate interests taking precedence over residential rate-payers, threats to Minnesota Power’s transition to 100% carbon-free energy… to name a few.
The Minnesota Public Utilities Commission must approve this buyout. Sierra Club is hosting two community listening sessions–February 20th at 6 pm (virtually) and February 28th at 11 pm (in Duluth)–to inform our approach. Please join to learn more.
As the schedule for public hearings and the period for public comment are finalized, Sierra Club will share information about those opportunities, and will encourage members, friends, and community leaders to comment. Stay tuned.