The Minnesota PUC unanimously approved the $6.2B sale of Duluth-based Allete—parent company of Minnesota Power—to a partnership led by BlackRock and the Canada Pension Plan Investment Board. (Star-Tribune)
The deal takes Minnesota’s largest utility private, with regulators arguing it will bring long-term investment needed to meet the state’s carbon-free energy goals and replace aging infrastructure.
Allete agreed to $200M in customer benefits, including $50M in bill credits, a $50M carbon-free technology fund, and a rate freeze until late 2026.