BlackRock’s push to buy Minnesota Power has cracked open a messy fight over whether Wall Street should run Main Street’s grid. (SC Times)
Opponents point to the private equity playbook: Buy high, then push for rate hikes and capital projects to recover costs.
Supporters argue the opposite: Deep-pocketed investors can bankroll Minnesota Power’s nearly $5B in planned infrastructure investments.
BlackRock is trying to snag an early mover position ahead of further demand spikes. Whether that benefits ratepayers or shareholders will be up to the PUC, and it’ll be a test case for private equity’s future in utilities.