Media spotlight: PESP’s expertise anchors reporting on Minnesota utility buyout

Media spotlight: PESP’s expertise anchors reporting on Minnesota utility buyout

Minnesota regulators have approved BlackRock’s Global Infrastructure Partners’ $6 billion takeover of ALLETE, the parent company of Minnesota Power. The deal hands control of one of the state’s most essential utilities to Wall Street investors using a highly leveraged financial structure, raising concerns about higher electricity bills, reduced accountability, and long-term risks for ratepayers. Local communities, consumer advocates, and environmental groups spent months urging the MN Public Utilities Commission to reject the acquisition, warning that similar private finance takeovers have historically led to higher costs and weakened oversight. PESP underscored how deals like this often shift risk onto the public while locking in profits for investors.

The approval drew immediate national attention. Reporters across major outlets turned to PESP for analysis and context, using our research and expert commentary to explain what this takeover means for Minnesota households and for the broader trend of private equity and infrastructure funds buying up public utilities.

Below is a roundup of key coverage featuring PESP’s work and insights.

Media Highlights

The American Prospect — “BlackRock Just Bought a Minnesota Utility”

The Prospect’s inside-the-room account featured a detailed interview with PESP’s Alissa Jean Schafer, who explained how the acquisition “is just going to be a line item in an aggressive strategy” by BlackRock’s GIP to cash in on the AI and data-center boom. Schafer noted that rising electricity demand is fueling Wall Street’s interest in acquiring utilities, raising serious concerns about affordability and accountability.

The American Prospect — “Private Equity Power Play in Minnesota”

This earlier Prospect story laid out how political pressure, closed-door negotiations, and a damning administrative law judge’s report shaped the lead-up to the final vote. The coverage aligned closely with PESP’s analysis of how powerful financial actors influence utility regulation and highlighted the broad coalition—including groups working alongside PESP—that urged the state to reject the takeover.

Financial Times — “Private equity bets big on utilities”

In a national look at private equity’s expanding push into utilities, the FT turned to PESP to help explain the risks to consumers. Alissa Jean Schafer told the FT, “Access to electricity is something that people need every day, it is concerning if the primary motivation for the company running it is to get as much money as possible.” The article framed Minnesota’s approval as part of a larger trend of investor-driven acquisitions across the country.

Reuters — “BlackRock’s infrastructure play gets a boost as Minnesota approves buyout”

Reuters examined the regulatory implications of the deal and noted the broad coalition of opponents, including groups using PESP’s analysis, who warned that Minnesota households could see higher costs as BlackRock layers on new debt and seeks to deliver investor returns.

Bloomberg — “BlackRock’s GIP Wins Approval of $6 Billion Allete Deal”

Bloomberg highlighted how the acquisition fits into BlackRock’s national strategy to capitalize on rising electricity demand from data centers and manufacturing. PESP’s work helped contextualize the risks to customers when utilities are reshaped to meet investor expectations rather than community needs.

AP News — “Minnesota regulators approve power company takeover despite opposition”

AP News chronicled the broad community and tribal opposition to the takeover. PESP’s warnings about accountability, affordability, and fossil fuel risks helped illustrate why so many Minnesotans urged regulators to reject the deal.

“Private equity ownership of Minnesota Power will likely mean higher bills, less accountability, and more risk for Minnesotans,” Alissa Jean Schafer, climate and energy director at the Private Equity Stakeholder Project, said.