Critics say BlackRock’s Minnesota utility bid will increase rates – and clean energy goals will suffer

People attend a press conference outside the headquarters of Allete, Minnesota Power’s parent company, in Duluth on 3 September 2025. Photograph: Courtesy Maggie Schuppert

A bid by financial giant BlackRock to acquire a Minnesota electric utility could push up already-soaring utility bills, opponents warn.

The private equity firm Global Infrastructure Partners, a division of BlackRock, announced a $6.2bn deal last year to take over the parent company of a Duluth-based electric utility which serves more than 150,000 customers, if the state’s public utilities commission gives the green light.