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Simultaneous comment periods open on proposed Minnesota Power sale

KAXE
Published August 1, 2025 at 11:19 AM CDT
A sign for the Thomson Hydro Electric Station, also known as the Thomson Dam or Thomson Water Project, a dam on the St. Louis River in Carlton.
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Tony Webster via Flickr
A sign for the Thomson Hydro Electric Station, also known as the Thomson Dam or Thomson Water Project, a dam on the St. Louis River in Carlton.

The Public Utilities Commission, which must approve the sale, is taking comment on a judge's recommendation to block the sale and a settlement between the investors and the Department of Commerce.

ST. PAUL — Comment on two topics related to the proposed sale of Minnesota Power is now open.

The Minnesota Public Utilities Commission is also weighing the sale of the utility’s parent company, ALLETE, to private equity investors.

The Canada Pension Plan Investment Board and Global Infrastructure Partners want to buy the utility, which says it needs capital to fund the clean energy transition. GIP is owned by BlackRock, the world’s largest asset manager.

The PUC must approve the sale. To do so, it has to decide that the sale is consistent with the public interest.

Earlier this month, an administrative law judge sided with the sale’s opponents, writing the arrangement would result in net harm to the public interest.

Minnesota Power is owned by ALLETE and is under consideration for sale to two private equity firms.
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Parent company ALLETE strongly disagrees with the ruling. The sale to raise capital for the clean energy transition has raised concerns from environmentalists and industry.

The PUC is taking comment on the judge’s nonbinding decision.

It’s also accepting comment on a recently announced settlement between the investors and the Department of Commerce. The agency had previously opposed the sale.

Both initial comment windows close Aug. 4, and reply comment windows close Aug. 14.

Comments can be submitted online, by email or by mail. The PUC offers tips on submitting an effective comment.

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