Alissa Jean Schafer

Private Equity Power Play in Minnesota BlackRock-owned Global Infrastructure Partners and a Canadian pension giant want to buy a Minnesota-based utility. Gov. Tim Walz’s agencies have been in on pushing the deal.

Aw, man, Walz, what up?

MN Public Utility Commissioner Ham seems to be confused about the structure of GIP and BlackRock. For clarity, please see GIP's own website and logo on the top of every page. GIP is a wholly owned subsidiary of BlackRock. Period. www.global-infra.com/news/blackro... www.blackrock.com/corporate/ne...

MN PUC is starting hearing for BlackRock's attempted takeover of MN Power now, livestream here - minnesotapuc.granicus.com/player/event...

When I raise alarms about private equity taking over our electric utilities, it's because of stuff like this. Where PE invests, serious harm tends to follow. Our communities deserve better.

MN families should not have to pay higher electricity bills so Wall Street investors can collect outsized returns. Yet this is the risk in front of the Minnesota Public Utilities Commission this Thurs, Sept. 25. PUC should reject the BlackRock takeover: www.duluthnewstribune.com/opinion/colu...

NIMBYs Are Coming for the Data Centers AI Needs Elected officials have been punished by voters for greenlighting the massive, energy-hogging facilities.

Data center company QTS mentioned in this piece is owned by Blackstone 👀 Private equity firms are invested & fighting at every step of the AI supply chain, folks. Great overview of many current issues facing this new chapter here from @maryellenklas.bsky.social www.bloomberg.com/opinion/arti...

the fact that citizen’s utility board is against this tells me what i need to know.

because we don’t just need an energy transition—we need one that is equitable and accessible, that improves the material conditions for folks.

everything we cede to private equity is a loss we can’t afford.

You can email the MN Public Utility Commission at consumer.puc@state.mn.us and reference PUC Docket Number 24-198 - aka BlackRock trying to take over MN Power. You can also write a letter to the editor in your paper, post about it on social media, & talk with your neighbors about contacting the PUC!

Something worth saying is that if you want to claim that the regulatory process at the PUC works and is good governance, then it would be consistent to support the ALJ here given the length and robustness of the proceeding.

This Is How Wall Street Could Buy Your Power Company Private equity giant BlackRock is waging a scorched-earth campaign to acquire a regional power company as Wall Street seeks to profit from the AI energy boom.

As the kids are saying these days... sus. Did I get that right? I spoke with Katya Schwenk at The Lever about all the shenanigans: www.levernews.com/this-is-how-...

The commission is expected to decide on this deal this fall. In the meantime, some *odd* things have happened, including a BlackRock/GIP lawyer and former MN public utility commissioner's name, Lipschultz, showing up as the author on a comment filed in support of the deal "from" a local labor group.

BlackRock attempting to take over a local power company in Minnesota is precedent setting, and not in a good way. Following a strong recommendation from MN Administrative Law Judge McKenzie to DENY the acquisition, all eyes now turn to the state's public utility commission.

Wall Street utility takeovers may mean higher bills ahead As data centers multiply across the United States, energy demand is increasing at a rapid pace. This has not escaped the notice of large investment firms from Wall Street.

Even Fox News is skeptical of private equity taking over utilities. Check it out (and send in your thoughts if so moved, per the ask at the end of the article!) www.foxnews.com/tech/wall-st...

Wall St. Firms Are Buying Utilities to Tap Into the A.I. Boom

The whole "private equity taking over a utility" thing is not only happening in MN. That proceeding is just one example of a troubling trend that is emerging. I spoke with Ivan Penn at the New York Times about the issue. Here's his piece that ran today: www.nytimes.com/2025/07/17/b...

Hot off the docket - Huge win in MN, judge filed opinion JUST NOW recommending BlackRock/GIP acquisition of utility be DENIED.

Hell yea. A win for the people.

(If you’re a reporter and want to talk, you know how to find me 🤓)
Here's the ALJ filing: efiling.web.commerce.state.mn.us/documents/%7...

What's next? The MN Administrative Law Judge Megan J. McKenzie has a July 15 deadline to issue her recommendation, then the matter goes the the MN Public Utilities Commission for final ruling.

“All this should raise a lot of concern,” said Schafer. “There’s no reason that customers in Minnesota should have faith that BlackRock and GIP are going to do the right thing.”

In short: “The prospect of a utility that so many folks rely on for access to energy being taken over by a shadowy private equity firm is incredibly concerning,” Alissa Jean Schafer, climate director at Private Equity Stakeholder Project, told Truthout.

Backsliding: MN has climate goals, BlackRock/GIP are heavily invested in fossil fuels. "Critics say there’s nothing legally binding the new owners to provide clean energy funding to MN Power. “The commitment to provide that capital is a big pinky swear... but it’s not legally enforceable,” -Edstrom"

Less transparency: Private ownership means less public oversight. "Between their control over the board — GIP and CPP [Canada Pension Plan Investment Board] can appoint 10 of Allete’s 13 directors — and becoming Allete’s sole source of capital, these two private owners will dominate the utility."

Private equity takeover could mean higher bills: “Private equity investors demand higher profits than normal market investors,” Jenna Yeakle, an organizer with the Sierra Club and a Minnesota Power customer, told Truthout. “That means higher rates for residential and small business customers.”

Why Is BlackRock Gunning to Take Over a Minnesota Electric Utility? Opponents say the deal would leave ratepayers and regulators at the mercy of far-off financial profiteers.

In case you haven't heard, BlackRock (and its subsidiary Global Infrastructure Partners) are trying to take over an electric utility, MN Power via its parent company ALLETE. I recently spoke with Truthout about this concerning deal. Here is the link a few takeaways: truthout.org/articles/why...

Happy to see FPL's 9 billion money grab covered in Axios this morning. Are y'all ready to make those public comments to the commission in the next couple weeks??? Info here - www.axios.com/local/miami/...

FERC Chair Christie highlights concerns over BlackRock’s blanket authorization extension, while still approving order On April 17, 2025, the Federal Energy Commission approved the extension of BlackRock’s blanket authorization to acquire voting securities of any “public utility,” “electric utility company,”…

From PESP and yours truly - "The approval should concern investors and energy customers alike, as it paves the way for even deeper control and influence over critical energy infrastructure, potentially threatening fair competition." pestakeholder.org/news/ferc-ch...

In case you missed it, Florida Power & Light is pushing a NINE BILLION DOLLAR rate hike with an 11.9% return on equity for the company. AARP Florida has a hub here with all the info, including upcoming dates for public hearings - states.aarp.org/florida/fpl-...

Critical questions about private equity’s big bet on data centers As power demand forecasts surge, partially driven by a frenzy around artificial intelligence and the technology’s data centers projections, private equity firms are poised to be a key part of the…

Research update from me: AI, big tech's data center push and resulting increased emissions, surging (and likely inaccurate) power demand forecasts, impacts on ratepayers, a major supply chain issue for building new gas generation, & private equity's role in it all
pestakeholder.org/news/critica...

By investing in the clean energy transition and retiring fossil fuel assets, Brookfield can clean up its act The Trump administration’s “pro fossil fuel” stance has raised questions about the financial prospects of proposed and currently ongoing clean energy projects such as solar, wind, and battery storage…

Demand is demand, and solar + storage remains the lowest cost option in many applications, despite Trump's "pro-fossil fuel" stance. Quick research update from me here on the opportunity that Brookfield is acting on: pestakeholder.org/news/by-inve...

New Acting SEC Chair Questions Need for Climate Disclosure Rule - ESG Today Acting U.S. Securities and Exchange Commission (SEC) Chairman Mark Uyeda announced today that he would request that legal proceedings against the SEC’s new climate disclosure rule be postponed pending...

Quick reminder that climate risk = financial risk. Efforts to hide those risks should be viewed with utmost suspicion and questions of which special interest would most benefit from keeping data in the dark. Spoiler alert, it's sure not the general public. www.esgtoday.com/new-acting-s...

Me: Casually reading through Google and Microsoft emissions reports.
Google: Yea so our emissions increased by almost 50% since 2019 because of data centers and supply chain, but don't worry, still aiming to achieve net zero.
Me: *falls out of chair*

Anyway, I'm publishing research on AI soon. 😅

In case you missed it, the key word there is RISK. Private equity often hops into risky scenarios like this trying to make a profit if possible. Should public retirement funds be used in this manner?