The Minnesota Public Utilities Commission will begin hosting virtual public hearings to discuss Minnesota Power and ALLETE’s plan to be acquired by private investors.
The first is set to take place 10 a.m. Friday, Jan. 10, via WebEx.
ALLETE entered into the merger agreement with Canada Pension Plan Investments and Global Infrastructure Partners last May.
ALLETE CEO Bethany Owen said then that remaining committed to the power company’s sustainability in action plan will require significant capital now and over the long term.
"Transitioning to a private company with these strong partners will not only limit our exposure to volatile financial markets, it also will ensure ALLETE has access to the significant capital needed for our planned investments now and over the long term," Owen stated in a news release.
The Sierra Club is among those entities concerned about what the merger could mean for Minnesota Power’s ratepayers and the utility’s transition to Minnesota’s goal to be carbon-free by 2040.
"We are also concerned that transferring Minnesota Power— a public company — over to private ownership could undermine accountability and transparency to the public and its ratepayers," the club stated.
ALLETE said the merged companies will remain committed to achieving carbon-free goals, and the acquisition is not expected to impact retail or municipal rates for utility customers.
Public utilities, such as Minnesota Power, can only be sold if the PUC "finds that the proposed action is consistent with the public interest.”
Public hearings will be scheduled by the Minnesota Public Utilities Commission through April, with written comments also able to be submitted after Jan. 10.
The merger received federal approval last month.
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