Minnesota Public Utilities Commission approves Minnesota Power acquisition
On Friday, October 3, 2025, the Minnesota Public Utilities Commission unanimously approved the proposed acquisition of ALLETE — which includes Minnesota Power, the regulated utility serving large parts of northern Minnesota — by Global Infrastructure Partners and the Canada Pension Plan Investment Board. After more than a year of analysis and scrutiny through the extensive and comprehensive regulatory process, and the addition of significant financial commitments and ratepayer safeguards, the Commission found that the proposed acquisition serves the public interest.
CEE supported approval of the acquisition, which provides access to capital for Minnesota Power to make the unprecedented levels of investments in generation, transmission, and distribution needed to meet Minnesota’s Carbon Free Standard at less risk to ratepayers than the status quo, in addition to other infrastructure needs. By considering the entirety of the record and balancing the risks of approving the acquisition or continuing with the current investment model, the Commission rightly found that approving the acquisition is in the public interest as required in Minnesota Statute.
CEE commends the Commission for recognizing and approving the ratepayer and workforce protection measures and significant investments in public interest goals that were part of the final package. Using funds from the buyers, not ratepayers, these investments include:
- $50 million in customer bill credits
- $3.5 million to support Minnesota Power customers struggling with their bills
- $50 million funding for clean energy technologies needed to meet the Carbon Free Standard
- $10 million dedicated to weatherizing and electrifying the homes of Minnesota Power's low-income customers
Minnesota Statutes and Rules establish the Commission’s authority and obligation to regulate the rates, actions, and investments of public utilities in Minnesota consistent with the public interest. This is the backbone of the utility regulatory compact in our state and has supported the balance of decarbonization, affordability, and reliability for decades. Nothing in the approval of this acquisition changes that authority, and CEE has full faith in the Commission’s ability to regulate Minnesota Power under this new investment structure.