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Judge McKenzie Reads the Fine Print
Unlike most regulators who rubber-stamp corporate deals, Judge McKenzie actually read BlackRock’s private papers. What she found was explosive.
“The nonpublic evidence reveals [BlackRock and CPP’s] intent to do what private equity is expected to do – pursue profit in excess of public markets through company control,” McKenzie wrote in a July report.
Translation? BlackRock wasn’t swooping in to help families or fund “clean energy.” They were planning to wring maximum profit out of ratepayers who have no other choice for electricity.
The Profit Scheme Laid Bare
McKenzie highlighted how private equity firms typically chase returns of 15–20% each year — compared to 9–10% for normal utilities. That kind of aggressive profit model only works one way: by hiking rates.
Her conclusion was damning. BlackRock and its partners were “planning on significant rate increases” that would create “an unacceptable risk of rate increase and rate shock in a critical and economically vulnerable area of Minnesota.”
Worse yet, the Wall Street giants were willing to pay a $1.5 billion premium above Allete’s value — a cost that would inevitably be dumped on Minnesota families through sky-high bills.
Why BlackRock Wants to Own Utilities
This deal wasn’t just about one power company. It’s about BlackRock’s larger blueprint to dominate America’s essential infrastructure.
After acquiring Global Infrastructure Partners earlier this year, BlackRock gained control over airports, water systems, and more. Now they’re after electricity — the lifeblood of modern life.
Larry Fink, BlackRock’s CEO, made the plan plain: “We need energy, but we also need the last mile. We need a power line that goes from the energy source to the energy user.”
With the explosion of AI data centers draining massive amounts of electricity, BlackRock wants to control both the data facilities and the utilities that feed them. It’s a monopoly play, pure and simple.
Minnesotans Push Back
What Wall Street didn’t expect was small-town America fighting back. Nearly 500 residents filed objections against the deal — an unprecedented show of resistance in a utility case.
“This deal represents the antithesis of local control,” said Minnesota Power customer Maggie Schuppert. “They’re buying the things that are the basis of our lives.”
Even the state’s biggest industrial customers — mines, paper mills, and energy-intensive factories — blasted BlackRock’s arrogance, calling the firms “insolent” and guilty of “an utter lack of respect for the Minnesota regulatory process.”
BlackRock’s Dirty Tricks Exposed
The judge also uncovered how BlackRock tried to rig public opinion. After her critical ruling, labor unions suddenly issued statements supporting the deal. But investigators traced those comments back to BlackRock’s own lawyers, who secretly wrote them.
Of 81 supposed “supportive” comments, 72 came from groups with direct financial ties to the utility. In other words, it was astroturf — fake grassroots support bought and paid for by Wall Street.
Why It Matters for America
This case is bigger than Minnesota. If BlackRock can be stopped in a small state with just 150,000 customers, it sets a precedent for the rest of the country.
Judge McKenzie provided a roadmap: regulators can force private equity to reveal its true intentions — if they’re willing to look behind the curtain.
The Minnesota Public Utilities Commission’s final decision was set for October 3. Whether they side with the people or with Wall Street will tell us if regulators still serve Americans or global elites.
But one thing is already clear: a single judge showed that even the world’s largest asset manager can be stopped when ordinary Americans fight back.
The vultures on Wall Street can be defeated — if we have the courage to call out their lies and refuse to sell out our communities.
