There’s been a significant development in hotly contested proceedings happening in northern Minnesota over whether Allete, owner of the region’s main electric utility, Minnesota Power, will be acquired by two new private equity owners, including the asset management behemoth BlackRock.

After months of hearings, an administrative law judge published a report that unambiguously recommended state regulators deny approval of the deal, concluding that, based on the evidence from proceedings, Allete and the acquiring partners “have not met their burden of proof to show the transaction is consistent with the public interest.”

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