Regulatory Agency decides that Blackrock can maintain large participation in US public service companies

The United States Regulatory Agency granted the Blackrock Renewed permission to stop important participation in public service companies on Thursday, in a victory for the world’s leading asset manager.

The decision of the US Federal Energy Regulatory Commission (Ferc) included a concordant opinion of Mark Christie, its Republican President. He wrote that, although he is concerned about Blackrock’s market power, public service companies need to have access to the capital.

“It is a fact of economic life that commission -regulated public service companies need to seek investment capital wherever it is available, and much of it is now owned or managed by major asset managers,” he wrote.

Technically, the agency’s decision extends for another three years Blackrock’s permission to stop up to 20% of the titles with the right to vote of any US negotiated public service company, above the traditional limit of 10%. In addition, no Blackrock fund can hold more than 10% of the voting entries for a public service company.

Blackrock is about $ 11.5 trillion under management. In a statement, the manager thanked Ferc for his decision.

“At a time when the accessibility and reliability of energy is especially important, we hope to continue to provide billions of dollars in capital to the US energy sector on behalf of our customers,” Blackrock said.

Republican state politicians and conservative -trendless consumer consumers’ non -profit organization stated that Blackrock’s previous participation in climate -focused investor groups could violate their commitment to act only as a passive investor.

Will Hild, executive director of the non -profit organization, called FERC’s decision “disappointing.”

The main commercial groups of public services and energy did not immediately commented on Thursday.