MN PUC Greenlights Private Equity Takeover of Minnesota Power

Today, the Minnesota Public Utilities Commission (PUC) unanimously approved the sale of ALLETE, the parent company of Minnesota Power, to two private equity investors, the Canadian Pension Plan Investment Board (CPP) and Global Infrastructure Partners, a subsidiary of BlackRock, the world’s largest asset manager. This decision concludes a lengthy regulatory, legal, and public battle which will have major implications not just for Minnesota but for the nation’s entire energy system, as private equity interests set their sights on public utilities.

The PUC’s approval runs counter to the recommendation of an Administrative Law Judge, who in July found that the proposed acquisition and private equity buyout of ALLETE is not in the public interest.

Opponents of the deal—including CURE, Sierra Club, the MN Citizens Utility Board, the MN Attorney General and Minnesota Power’s largest industrial customers—held firm even as the PUC Commissioners approved a handful of additional conditions agreed to by the utility and the proposed buyers, including a one year rate freeze, dedicated money for a “clean firm” investment, a weatherization program for some utility customers, and $50 million in rate credits shared between industrial and other customers.

“While figures like $50 million may sound like a lot, the very temporary protections, programs, and funding tacked onto this deal cannot offset the billions of dollars of profit the new owners intend to reap from northern Minnesota households and businesses. We remain deeply concerned, as was the judge and PUC staff analysis, that this is a ‘lose lose’ for Northern Minnesota regardless of the purported benefits.” Hudson Kingston, CURE’s Legal Director

Even in the waning days and hours before the PUC made its decision, comments from Minnesotans pleading that the PUC reject the deal continued to roll in, citing fears about rate hikes and the risks of putting Minnesota’s energy transition in the hands of private equity. This overwhelming public opposition appeared to have little real effect on the Commissioners who tried to assuage these concerns with the assurance the “we can deal with it in our rate case if they misbehave.”

“The Commission’s confidence that they have the capacity, authority, and objectivity to regulate the likes of BlackRock—a financial behemoth that has tentacles in every part of the global economy—rings hollow, especially when they already oversee regular utility rate hikes that families struggle to afford. It will fall on community and ratepayer advocates, utility watchdogs, and the public itself to hold these entities and the PUC to account and mitigate the harms of this decision.” Maggie Schuppert, a Minnesota Power ratepayer and CURE’s Director of Strategic Initiatives

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Kelsey Olson

Kelsey Olson

Director of Environmental Stewardship

Kelsey Olson (she/her) joined CURE in 2025 as its Director of Environmental Stewardship. As a skilled environmental naturalist, Kelsey’s work focuses broadly on environmental education and advocacy with a keen focus on rural land use and how that use impacts our environment and climate. Working Lands, how land is used to support agriculture and forestry, is a key focus of her work. She brings 15 years’ experience in public communication, environmental education, and rural community engagement – strong communication strategies are core in her work. This includes two terms of service with AmeriCorps in the VISTA program in Oregon and Maryland and a nearly 10-year career as a naturalist followed. She recently worked on communications and marketing for rural economic development.

Kelsey lives in New London, MN, with her young children, husband, dog, and two cats. They enjoy spending time together outside and finding small treasures in nature. Visits to Minneapolis often include visits to one of their favorite historical museums, the Minnesota Swedish Institute. Kelsey enjoys experimenting in the kitchen, whether this is canning local produce, making kombucha, or other treats!