CUB reacts to take-private acquisition of utility Minnesota Power
FOR IMMEDIATE RELEASE
October 3, 2025
Contact: Annie Levenson-Falk, annielf@cubminnesota.org, 612-568-5707 (cell)
Ratepayer advocate reacts to take-private acquisition of utility Minnesota Power
Minnesota Public Utilities Commission today approved the utility’s sale
SAINT PAUL, MN – The Minnesota Public Utilities Commission today gave its approval of the acquisition of Duluth-based Minnesota Power by two private investors. With this final approval complete, BlackRock’s Global Infrastructure Partners and the Canadian Pension Plan Investment Board will now take the northern Minnesota electric provider private.
The Citizens Utility Board of Minnesota (CUB) believes, as stated by an Administrative Law Judge who reviewed the evidentiary record in this proceeding: “On balance, the risks of the deal . . . outweigh the possible benefits.” Additional commitments made by Minnesota Power and its buyers do not, in our estimation, overcome the fundamental risks to ratepayers that are inherent in this deal. That said, we understand the Commission has concluded that such risks have been overstated.
Though we disagree with the Commission’s decision, we genuinely hope they are correct in their assessment. We also appreciate the Commission's efforts to impose conditions that help mitigate risk of harm to ratepayers.
Our advocacy in this case has been genuine and based on a lot of hard work meant to serve the Minnesotans who rely on Minnesota Power for their electric service. Regardless of who owns Minnesota Power, CUB remains committed to standing up for Minnesota ratepayers.
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About the Citizens Utility Board of Minnesota
The Citizens Utility Board of Minnesota (CUB) is a nonprofit advocate for our state’s residential utility consumers. We provide Minnesotans with free, unbiased information about their energy rights and obligations. We champion affordable, reliable, safe, and clean home energy for all Minnesotans. For more information, visit www.cubminnesota.org.