In May of 2024, ALLETE announced a plan to be acquired by the Canada Pension Plan Investment Board (CPP) and Global Infrastructure Partners (GIP). Later that year, Blackrock bought GIP, meaning they would be a majority owner of ALLETE if the buyout gets approved.

On February 28, representatives of the Sierra Club, CURE, and other community members gathered in Duluth to discuss the potential impacts of the proposed acquisition.

“It’s further privatization of an existing monopoly investor-owned utility. A transaction could impact rate payers with pretty big risks, decreasing transparency from the public and from public decision-makers who are supposed to hold our investor-owned utilities accountable,” said Sierra Club Campaign Manager Jenna Yeakle.

“Sierra Club and our partners that are monitoring this case very closely also have reason to believe local control is threatened as well through this transaction, and Minnesota Power’s ability to commit to and follow through on its 100% clean energy commitments by 2040,” said Yeakle.

When asked for comment, ALLETE released the following statement: “We remain confident in the benefits of this transaction for our employees, customers, and the communities we serve. As we laid out in our filings, this transaction is not expected to impact rates for customers and will keep Minnesota Power locally managed and we will continue to be a regulated utility by the Minnesota Public Utilities Commission (MPUC) – all while maintaining local jobs and enabling significant infrastructure investment as we advance our EnergyForward strategy for a carbon-free energy transition.”

The next steps for the acquisition’s approval lie in the hands of the Minnesota Public Utilities Commission and an administrative law judge. In order for it to be approved, MN PUC needs to find that the buyout is in the best interest of the public. Evidentiary hearings begin in March, and the first public hearing is on April 7th at 10am in Cloquet, on the FTDCC Campus. Members of the public have until April 17th to submit questions, comments, concerns, or requests to the Minnesota Public Utilities Commission.