September 30, 2026 - A bipartisan group of U.S. lawmakers, including Senator Elizabeth Warren, is urging the Federal Energy Regulatory Commission to reject the proposed acquisition of AES Corporation, citing concerns about electricity rates, competition and the costs of serving energy-intensive data centers.

In a September 28 letter to FERC Chair Laura Swett, the lawmakers argued that the transaction fails to demonstrate that it would serve the public interest. Warren, a Massachusetts Democrat, was joined by Representatives André Carson, D-Ind.; Victoria Spartz, R-Ind.; Rashida Tlaib, D-Mich.; and Ayanna Pressley, D-Mass. The letter was publicly announced September 29.

The acquisition, announced in March, would transfer AES to an investor consortium led by Global Infrastructure Partners, part of BlackRock, and the EQT Infrastructure VI fund. California Public Employees’ Retirement System and Qatar Investment Authority are participating as co-underwriters.

The agreement provides AES shareholders with $15 per share in cash, valuing the company’s equity at approximately $10.7 billion. The approximately $33.4 billion enterprise value includes existing debt. AES would become privately held upon completion.

The lawmakers questioned whether the investors’ return expectations could create pressure for higher electricity rates. Their letter cited GIP funds’ typical targeted internal returns of 15% to 20% and argued that these expectations could conflict with the historical returns of publicly traded utilities.

They also raised concerns about potential cross-subsidization between BlackRock’s utility investments and its interests in data centers. The lawmakers urged FERC to examine whether infrastructure built to serve affiliated data-center interests could shift costs or financial risks to existing utility customers.

Those concerns focus partly on AES Indiana and AES Ohio, the company’s regulated utilities. The lawmakers said FERC should evaluate BlackRock’s expanding energy holdings when assessing the transaction’s effects on competition.

AES disputes the suggestion that the acquisition would increase regulated utility rates. In a statement reported by Reuters, the company said acquisition-related costs, including the purchase premium and transaction expenses, would not be borne by its utility ratepayers.

The company has said private ownership would improve its access to capital for energy infrastructure investment. AES Indiana and AES Ohio would remain locally operated and managed, with continued regulatory oversight. The consortium plans to fund the purchase price entirely with equity.

AES shareholders have approved the transaction, and Ohio regulators approved the transfer of AES Ohio earlier this month, according to Reuters. The acquisition remains subject to outstanding approvals, including FERC’s review, with closing expected in late 2026 or early 2027.