US Lawmakers Urge FERC to Block BlackRock's $33.4B AES Acquisition Over Consumer Cost Fears

A group of U.S. lawmakers including Senator Elizabeth Warren asked federal energy regulators to reject BlackRock's more than $33 billion acquisition of power company AES, warning the deal could raise electricity bills and benefit data centers at the expense of utility customers, according to a letter seen by Reuters. The letter, dated Sept. 28, was directed to Federal Energy Regulatory Commission Chairman Laura Swett. BlackRock's Global Infrastructure Partners, alongside EQT and other investors, agreed in March to acquire AES in a deal valued at about $33.4 billion including debt, one of the largest power sector transactions in recent years. U.S. electricity demand is hitting record highs, largely driven by energy-intensive data centers, spurring a wave of power mergers and acquisitions. Lawmakers said private equity's involvement in public utilities carries significant implications for consumer energy costs amid record-high utility bills.