From New Mexico to Wisconsin, firms are plugging into the grid, betting that electrification and digitization will deliver shockingly strong returns. The headline act is BlackRock’s proposed $6.2 billion buyout of Minnesota Power through its Global Infrastructure Partners arm, a deal wired together with the Canada Pension Plan Investment Board. Supporters say the acquisition could generate the capacity needed to meet the state’s climate goals, while critics warn private capital is simply amping up for higher rates. With Blackstone sparking its own high-voltage bids in New Mexico and Texas, the sector is surging with interest. Regulators now face the electrifying task of deciding who ultimately holds the power.