Allete and Minnesota Power headquarters in Duluth, Minn., is shown in 2024. (Brooks Johnson/Star Tribune via AP)
ST. PAUL, Minn. – There is opposition to the $6.2 billion sale of Duluth-based Minnesota Power’s parent company to a pair of institutional investors.
Annie Levenson-Falk of the Citizens Utility Board of Minnesota says they believe customer rates will go up more quickly under private ownership.
“We came to the conclusion, the same as the judge who reviewed the evidentiary record, that on balance the risks of the deal outweigh the possible benefits,” Levenson-Falk.
Levenson-Falk says they appreciate the Public Utilities Commission adding conditions to the acquisition and the new owners providing $50 million in direct relief to ratepayers.
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