Overview

• The commission voted 5-0 on Oct. 3 to approve the transaction after a 16‑month review, with closing expected later this year once a written order is issued.
• Conditions include funding Allete’s $5 billion five‑year capital plan, $50 million for firm clean power, and new service‑quality, reporting, and governance requirements.
• Near‑term consumer protections total about $200 million, featuring a one‑year base‑rate freeze, a temporary ROE reduction to 9.65% until the next rate case, and a 9.78% ROE cap through 2030.
• A separate settlement adds $50 million in bill credits by 2032, $20 million in discounts for eligible low‑income customers, and fines of $250,000 per service‑standard violation.
• Opposition from the state attorney general and consumer groups persisted after an administrative law judge urged rejection, while labor unions and business groups backed the sale as GIP takes 60% ownership in a deal reflecting rising private investment in utilities.