Key Takeaways:
- 1. Large investment firms like BlackRock and Blackstone are acquiring utility companies in the U.S. to benefit from grid upgrades.
- 2. Consumer advocates and regulators are concerned that these acquisitions prioritize profits over public service.
- 3. The bid by BlackRock’s Global Infrastructure Partners to acquire Minnesota Power faced opposition over potential profit motives.
Investment firms like BlackRock and Blackstone are acquiring utility companies to capitalize on grid upgrades, raising concerns among regulators and advocates. In a bid to acquire Minnesota Power, concerns over profit motives were raised by an Administrative Law Judge. Opponents worry about potential rate hikes and financial burdens for consumers, while regulators aim to ensure customer protections.
Insight: The acquisition of utility companies by large investment firms like BlackRock and Blackstone raises concerns about balancing infrastructure investment with affordable energy for consumers, with the outcome in Minnesota potentially setting a precedent for utility ownership nationally.
This article was curated by memoment.jp from the feed source: Fox Scitech.
Read the full article here: https://www.foxnews.com/tech/wall-street-utility-takeovers-may-mean-higher-bills-ahead
© All rights belong to the original publisher.
