Large investment firms from Wall Street, including BlackRock and Blackstone, are seeking to acquire utility companies as they recognize the growing demand for energy driven by the expansion of data centers across the United States. These firms aim to capitalize on lucrative grid upgrade opportunities, but their strategies have sparked alarm among consumer advocates and regulators who worry that such moves could prioritize profits over the public good. The situation has drawn significant attention due to the potential impact on energy costs for consumers. In a notable example, BlackRock’s Global Infrastructure Partners, along with the Canada Pension Plan Investment Board, proposed acquiring Minnesota Power, a utility serving 150,000 customers. The proposed deal, which could support tech companies by providing energy access for new data centers, received initial support from state agencies before negotiations took place. However, the Minnesota Department of Commerce eventually dropped its opposition after reaching an agreement. Despite these developments, the deal still faces regulatory hurdles, as seen in the recent decision by Administrative Law Judge Megan J. McKenzie, who recommended denying the acquisition, citing concerns over the driving force behind the deal. This recommendation is not final, leaving state regulators to make the ultimate decision. The controversy has also drawn opposition from climate advocates and watchdogs, who have raised concerns about the potential for increased utility bills. With the average monthly household energy bill already rising by nearly 4% to $175, the debate on utility ownership and its implications for consumers continues to intensify.