Minnesota regulators are considering testimony they heard Thursday, Sept. 25, on a proposed acquisition that could set a new tone in the world of public utilities.
A decision is expected soon on whether Minnesota Power should be sold to a private equity firm. The Public Utilities Commission votes Friday on a petition for purchase of the utility by Global Infrastructure Partners. The Canada Pension Plan Investment Board would be minority owners.
Maggie Schuppert, director of strategic initiatives for the environmental advocacy group CURE, said although a recent settlement with the state Commerce Department added some conditions, they still worry the new owners would focus on profits, setting a dangerous precedent.
"Clearly if this deal goes through, private equity interests — they see the arguments against it shot down — they're going to know that our utility sector across the country is 'open for business,'" Schuppert observed.
Schuppert and other opponents contended because of how the deal is structured, ratepayers could face higher bills. Utility officials said the new owners would give them financial flexibility to meet the state's mandate for carbon-free electricity by 2040. In a nonbinding opinion this summer, an administrative law judge said the deal would not be in the public's interest. The commission's vote is expected Oct. 3.
Bethany Owen, president and CEO of Minnesota Power's parent company Allete, said in her statement before regulators, they have strongly taken into account the concerns raised by skeptics.
"Minnesota Power and our partners are making significant, meaningful and even historic commitments benefiting our customers, our communities and our employees," Owen stated.
During the hearing, commissioners questioned why the proposal did not include the added conditions, meant to reassure the public, in the initial request. Utility officials responded the deal came together quickly and the process included highlighting concerns.
Minnesota Power provides electricity to nearly 150,000 customers in the northeastern and north-central regions of the state.
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