State Attorneys General Act to Stop BlackRock from Acquiring Large Stakes in US Electric Utilities

State Attorneys General Act to Stop BlackRock from Acquiring Large Stakes in US Electric Utilities
A view of power lines in Santa Rosa, Calif., on Nov. 20, 2019. Justin Sullivan/Getty Images
Kevin Stocklin
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State attorneys general of 17 states filed a motion this week with the Federal Energy Regulatory Commission (FERC) to stop BlackRock, the world’s largest asset manager and an outspoken advocate for replacing fossil fuels with wind and solar power, from acquiring large shares in America’s utility companies.

To protect the independence and stability of America’s electric grid, the FERC limits ownership of public utilities by a single entity to a 20 percent stake, although it sometimes allows exceptions for “passive” investors who do not get involved in management of the utility. If an active investor takes more than a 20 percent stake, they face additional scrutiny and regulations—something that BlackRock and other large asset managers want to avoid.

Kevin Stocklin
Kevin Stocklin
Reporter
Kevin Stocklin is a contributor to The Epoch Times who covers the ESG industry, global governance, and the intersection of politics and business.
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