US lawmakers including Sen. Warren push energy regulators to reject AES acquisition
AES•A bipartisan group of US lawmakers, including Sen. Elizabeth Warren, urged FERC to reject the proposed $33.4 billion acquisition of AES, arguing it could raise electricity costs and benefit data centers. AES shareholders and Ohio regulators have approved parts of the deal, which is targeted to close in late 2026 or early 2027, pending remaining approvals.
1. Lawmakers challenge deal
The lawmakers told Federal Energy Regulatory Commission Chairman Laura Swett in a Sept. 28 letter that the acquisition fails the public-interest test and could increase energy costs for households and businesses. The letter was signed by Warren and lawmakers including Democratic Representatives André Carson, Rashida Tlaib and Ayanna Pressley, and Republican Representative Victoria Spartz.
2. Costs and data centers
The letter argued that Global Infrastructure Partners generally seeks returns of around 15% to 20%, compared with a historical 10% median for regulated utilities, creating incentives to raise electricity rates. It also warned that BlackRock’s ownership of utility infrastructure and data centers could lead to utility investments that benefit affiliated data centers, with other customers bearing some costs. AES said the acquisition is not expected to affect rates at its regulated utilities and that ratepayers will not bear acquisition costs.
3. Approvals remain pending
BlackRock’s Global Infrastructure Partners, EQT and other investors agreed in March to acquire AES in a transaction valued at about $33.4 billion, including debt. AES shareholders have approved the transaction, and Ohio regulators approved the transfer of AES Ohio earlier this month. FERC approval remains outstanding; the parties have said they expect the deal to close in late 2026 or early 2027.
