Residents of Hamina petition against sale of electricity and heating networks to Capman Infra

Over 200 residents of Hamina are calling on Haminan Energia to cancel the sale of its electricity and district heating networks. Last week, Haminan Energia announced plans to sell its subsidiary Haminan Kaukolämpö and the Haminan Sähköverko to a fund managed by investment company Capman Infra, with the transaction expected to take place within this year.

This week, two local residents initiated a petition against the sale, which has quickly garnered over 200 signatures within a few days. The petitioners express concerns about the long-term commitment of the new owner to the development of the companies, fearing that the primary goal of investment firms is to maximize dividends. Aino Tynkkynen, one of the petition founders, believes local residents may face rising electricity transmission prices as a consequence of the sale.

Jukka Pellinen, a professor at the University of Jyväskylä’s School of Business, supports the residents’ concerns, noting that privatization of local infrastructure often leads to higher costs and diminished local influence. He points out that extensive research indicates that promised efficiency improvements rarely materialize, and customers frequently do not benefit from lower transmission prices.

In response, the city of Hamina claims the new owner will make investments that Haminan Energia could not support. The Capman Nordic Infrastructure II fund has committed to investing in a heat pump facility that will utilize waste heat from Google’s data center for district heating production. Timo Leivo, a teacher at LUT University, acknowledges that funds can have both capital and interest for investments, but warns they may operate with a shorter-term focus compared to city-owned companies.

Hamina’s city authorities emphasize that the sale will secure the city’s finances, highlighting the company’s long-standing economic difficulties and significant risks that may impact the city’s budget. The city council chairman stresses that the aim is to ensure a sustainable and vibrant future for all Hamina residents.