U.S. lawmakers, including Senator Elizabeth Warren, formally requested the Federal Energy Regulatory Commission (FERC) block the acquisition of power company AES Corp. In a letter, the legislators argued a BlackRock subsidiary's takeover could lead to higher electricity bills for consumers already facing record-high utility costs.
They expressed concern that a private equity firm, designed to maximize profits, would control public utilities in Ohio and Indiana.
A consortium led by BlackRock's Global Infrastructure Partners (GIP) proposes to acquire AES for an enterprise value exceeding $33 billion.
Lawmakers warned BlackRock's data center investments, which consume significant electricity, could create a conflict of interest.
Ohio's state regulators approved the deal. The transaction still requires federal approval from FERC.