Last week, the Minnesota Public Utilities Commission approved the proposed acquisition of Minnesota Power by two private equity firms. The majority partner is owned by BlackRock, the largest private equity company in the world.
This deal saw widespread opposition early on, but began to collect support when the new owners bundled investment dollars, assorted promises and temporary rate freezes into a settlement.
I live in Itasca County, where Minnesota Power is a major employer. I know several current and former MP employees. Some who had earned company stock are pretty happy with the deal they’re getting. The company certainly needed investment; it will be an enduring question whether this was the right way to accomplish that.
In Tuesday’s column (gift link), I argue that the long-term risks of the deal remain. The future of our economy will depend upon electricity. Access to electricity is the essence of an affordable renewable energy future. This valuable commodity will become more expensive and scarce if it is controlled exclusively by investment firms.
Read “MN utility takeover opens Wild West fight over energy” in the Tuesday, Oct. 7, 2025 edition of the Minnesota Star Tribune.
Aaron J. Brown is a columnist and member of the editorial board for the Minnesota Star Tribune. His new book about Hibbing Mayor Victor Power and his momentous fight against the world’s largest corporation will be out soon.
