Finnish politician urges government to explore domestic ownership of electricity grid company Caruna

A Finnish politician is calling on the government to investigate possibilities for bringing the ownership of Caruna's electricity grids back to Finland. Antti Kaikkonen, leader of the Centre Party, expressed concern as U.S. investment firm KKR and Canada's Ontario Teachers Pension Plan plan to sell their combined 80% stake in Caruna to Spanish energy company Iberdrola. The deal is expected to be finalized by early 2027, leaving Finnish pension insurance company Elo and Swedish pension fund AMF as minority owners with 20%.

Kaikkonen stated that the government should not passively observe as strategically important infrastructure changes hands. He urged the government to actively explore all realistic avenues for strengthening domestic ownership and to engage in discussions with potential Finnish investors, such as pension funds. He suggested that a consortium of Finnish entities, possibly including pension funds, energy companies, or long-term investors, could be formed to make a competitive offer, potentially with some state funding via Solidium.

However, Heikki Vestman of the National Coalition Party questioned the urgency, pointing out that the current government, led by Prime Minister Petteri Orpo, has already tightened the regulation of electricity grids. Vestman argued that the ownership structure of these companies is not the decisive factor for consumers regarding electricity transmission prices. Instead, he emphasized that the crucial elements are the regulated profit margins set by the Energy Authority, which have been reduced under the current administration, effectively lowering the maximum allowable profits for grid companies.

Vestman suggested that while full domestic ownership might be marginally preferable, the current situation, where Caruna would be fully European-owned, is already an improvement over the previous arrangement. He implied that Kaikkonen's call for action is belated, as significant regulatory changes have already been implemented.