July 15, 2025 - Based upon these Findings of Fact and Conclusions of Law, the Administrative Law Judge recommends: The Commission should deny the Petitioners’ request for approval an acquisition of ALLETE, Inc. by entities under the control or management of Canada Pension Plan Investment Board and/or Global Infrastructure Partners. The Commission should require Minnesota Power to provide the full accounting of costs that were incurred in negotiating the proposed acquisition and seeking its regulatory approvals, including the employee time spent in pursuing the acquisition. This information will assist the Commission in future proceedings where these costs may be at issue.