17.08.22 NEWS ... The Estonian Competition Authority (ECA) on Wednesday launched an investigation into the record high exchange rate for electricity to see whether or not it was the result of market manipulation.
17.08.22 NEWS ... Although Elering has an emergency standby power plant in Kiisa, it cannot be used to mitigate record high electricity prices, because the system operator does not participate in the electricity market and the emergency plant is only intended to replace regular power plants in the event of an unexpected failure.
17.08.22 NEWS ... One of the factors contributing to the record-high cost of electricity in Estonia on Wednesday is the repairs currently underway on several energy blocks at the power plants in Narva. While two blocks will be restarted within the next few days, Auvere Power Plant is also slated to be shut down for a month of repairs this fall.
17.08.22 NEWS ... Following record-shattering average and peak hourly prices on Wednesday, the average price of electricity in Estonia is to decrease €555.18 per megawatt-hour on Thursday, peaking at €667.04 in the afternoon, according to Nord Pool's day ahead prices* for August 18.
17.08.22 NEWS ... This July, electricity producers linked to Estonian network operator Elektrilevi's grid provided the network with nearly 87 gigawatt-hours of electricity. Elektrilevi also received record numbers of connection applications from solar electricity producers last month.
17.08.22 NEWS ... Estonian and Latvian ministers met in Tartu on Tuesday to discuss transport connections between the countries, including a train connection between Tartu and Riga and Rail Baltic.
17.08.22 NEWS ... Today's record high electricity stock exchange price is due to a number of factors coinciding at the same time and all options to increase imports are exhausted, Nord Pool said on Tuesday.
17.08.22 NEWS ... In the first half of 2022, Estonia collected a combined €24 million in tax revenue from e-residents, exceeding last year's record numbers by 85 percent.
17.08.22 NEWS ... Minister of Economic Affairs Riina Sikkut sent a draft decree to the ministries for approval that establishes a framework for auctions of offshore wind farm building licenses.
17.08.22 NEWS ... By 2035, all new cars sold in the European Union will be electric. Although electric vehicles (EVs) account only for 3 percent of car sales in Estonia today, car dealers say that sales are steadily rising.
17.08.22 ECONOMY ... Those electricity consumers who are not on a fixed-price contract with their supplier should sign up to a universal service instead, Kalev Kallemets, board chair at energy company Fermi Energia, says, adding that Wednesday's record price per hour of €4,000 per Megawatt-hour will not be the last time such figures are experienced.
17.08.22 NEWS ... The Estonian Gas Association (Gaasiliit) and the largest natural gas distributor network operator in Estonia, AS Gaasivõrk, argued that the new draft bill regarding natural gas emergency cut-off prioritization is imprecisely phrased, and puts tasks on network operators that are beyond the scope of their competence.
16.08.22 ECONOMY ... Clothing company Baltika has sold its women's clothing brand Ivo Nikkolo on license, for €8 million.
16.08.22 NEWS ... The situation on Estonia's labor market remained favorable in the second quarter of 2022, with employment as well as the number of people receiving declared wages both up. War refugees from Ukraine have begun working and seeking work on the Estonian labor market as well, the Bank of Estonia said.
16.08.22 ECONOMY ... A total of 1,016 births, 460 girls and 556 boys, were registered in Estonia in July, the Ministry of the Interior says, down 14.9 percent on the same month in 2021. The number of marriages reported stood at 1,153, up 7 percent, while 1,312 deaths were reported for the month, a fall of 2 percent on year.
16.08.22 NEWS ... The average price of electricity in Estonia is to increase to €682.05 per megawatt-hour on Wednesday, peaking at a record €4,000 per megawatt-hour Wednesday evening, according to Nord Pool's day-ahead prices* for August 17.
16.08.22 NEWS ... Toward the start of the year, Estonia's power distribution network operator Elering asked the government for €55 million to develop new grid connection capacity. The government allocated just €8 million.
16.08.22 ECONOMY ... Tallinna Vesi, the capital's water services provider, wants to put in place a water price hike, citing soaring electricity prices as the main factor. Several other water firms in Estonia have already taken advantage of an expedited procedure to raise prices.
16.08.22 NEWS ... In an interview with ERR, Jaak Nigul, board chair at furniture producer Tarmeko, said that there is no shortage of work in Estonia. He believes a public sector cutback could immediately free up labor, and noted that right now, people can survive on unemployment benefits alone, which isn't motivating them to find work.
15.08.22 NEWS ... The average price of electricity in Estonia is to increase to €479.02 per megawatt-hour on Tuesday, according to Nord Pool's day-ahead prices* for August 16. This will mark the record second highest daily average electricity price in Estonia to date.
15.08.22 NEWS ... Utilitas begins this week with the construction of the wind park in the northern municipality of Saarde in Pärnu County. Its estimated annual production will be 135 gigawatt-hours, which makes it the most powerful wind park in Estonia up to date.
15.08.22 NEWS ... A total of 3,900 purchase and sales transactions were recorded on the Estonian real estate market in July, down 17 percent on year and down 15 percent compared with the previous month as well, data from the Land Board indicates.
15.08.22 NEWS ... The size of Estonia's liquidity reserve fund in market value shrank by nearly €2.4 million in the span of half a year. The Ministry of Finance explained this with the cash flow management of those keeping their money in the State Treasury.
15.08.22 NEWS ... Estonia's unemployment fell during the second quarter of 2022 on-year, data from Statistics Estonia shows. However, there was a slight increase in comparison to the first quarter of 2022.
14.08.22 ECONOMY ... The average price of electricity in Estonia on Monday will be €462.42 per Megawatt hour, €100 more than the average price for the past week. The average for Monday is the same for all three Baltic States.
12.08.22 NEWS ... Estonian state real estate management company Riigi Kinnisvara AS (RKAS) has decided to terminate its contract with previous contractor Fund Ehitus and will be organizing a new procurement to find a contractor to complete the construction of the Viljandi Hospital and Health Center.
12.08.22 NEWS ... The Estonian state earned €248 million revenue last year, from the sales of CO2 quotas via the European Union Emissions Trading System (ETS), the Ministry of the Environment reports.
12.08.22 ECONOMY ... Tallinn Stock Exchange (Nasdaq Tallinn AS) is in a healthy state despite some contraction in the first half of this year, while new floatations are expected between now and year end, the market's chair, Kaarel Ots, says.
12.08.22 NEWS ... Estonia's current account stood at €15 million in deficit in June 2022, according to a flash estimate published by the Bank of Estonia on Friday.
12.08.22 NEWS ... Actual delivery times at Estonian hardware stores are frequently exceeding estimated delivery times this summer, sometimes leaving customers waiting for weeks for their goods.
12.08.22 NEWS ... AS Tartu Veevärk has announced that it will increase water prices in Tartu from October. Emajõgi Veevärk, which operates in Tartu's surrounding areas, has also announced price increases for its services, starting from September, according to Tartu Postimees.
11.08.22 ECONOMY ... Companies engaged in road building may approach the state to compensate them for rising construction costs relating to projects ordered by the state. Road builders also do not see the conflict in Ukraine, a major factor in the price rises and in canceled projects, as something for which they are responsible, but rather more a force majeure event.
11.08.22 ECONOMY ... Kadio Zimmerman, board chair of rail-track operator Eesti Raudtee, told ERR that the volume of goods imported by rail from Russia to Estonia has more than halved, from nine, to 3.5 trains per day, since Russia's invasion of Ukraine. By comparison, in 2006, an average of 32.4 trains per day entered Estonia from Russia on Eesti Raudtee tracks, Zimmerman said in an interview with ERR's Indrek Kiisler, which follows in its entirety.
11.08.22 NEWS ... Large quantities of fertilizer stranded at Muuga harbor following sanctions placed on the Russian Federation are not at this point up for sale, despite Estonian farmers' interest in purchasing the embargoed product – which also presents a potential hazard when left where it is, in such volume.
11.08.22 ECONOMY ... Jaanus Vihand has been appointed new managing director of brewer A. Le Coq, replacing long-term chief Tarmo Noop.
11.08.22 NEWS ... The Nord Pool electricity market rules need a thorough overhaul because the current day-ahead trading system is not fit for purpose, said Märt Ots, advisor to IT and foreign trade minister Kristjan Järvan (Isamaa) and former head of the Competition Authority (Konkurentsiamet).
11.08.22 NEWS ... Gasoline and diesel fuel prices need to go up one more time before coming down, as there was no significant decrease in fuel consumption even at current high prices, Terminal Oil Grupp board member Raido Raudsepp said.
11.08.22 ECONOMY ... The Port of Tallinn (Tallinna Sadam) has completely exited from its operations at Paljassaare Harbor, a cargo port on the Kopli peninsula, in North Tallinn.
11.08.22 ECONOMY ... A restored pipeline link to Latvia suspended last month means that Russian natural gas is now flowing via Estonia.
10.08.22 NEWS ... While the Estonian Unemployment Insurance Fund (EUIF) is offering an increasing amount of training courses and associated costs continue to rise, it nonetheless lacks an overview of whether this training is useful for finding a new job, the National Audit Office found in its latest report.
10.08.22 NEWS ... Estonia's tax revenues rose 15.9 percent on-year in the first half of 2022, totaling €5.62 billion, the Ministry of Finance said on Wednesday. June's tax revenue was 18.1 percent higher than last year.
10.08.22 NEWS ... In the second quarter of 2022, the volume of assets in mandatory pension funds had decreased by 29 percent and the volume of assets in voluntary pension funds 21 percent on year, the Bank of Estonia said in a statistical release published Wednesday.
10.08.22 NEWS ... Local residents in Haljala Municipality, Lääne-Viru County, are concerned over a planned limestone quarry for the area which will abut on to several European Union Natura 2000 nature protection areas, and its impact on the environment.
10.08.22 NEWS ... Estonia has once again improved its position in global rankings of international competitiveness, rising to 26th overall in 2021, and now 22nd according to the latest data issued by Switzerland's International Institute for Management Development (IMD).
10.08.22 NEWS ... Book prices in Estonia started creeping upward last fall already, and still show no signs of stopping. Publishers are citing increasing print prices as well as retailers' growing markups as the cause.
10.08.22 NEWS ... Every third Estonian resident buys the cheapest options on the supermarket shelf, a new study by Kantar Emor and the Estonian Food Industry Association shows. Estonian products are preferred if the price is not much higher.
10.08.22 NEWS ... The Nord Pool power exchange should be made far more transparent, and the exact reasons why the price of electricity spikes so dramatically on any given day should be explained, said Sandor Liive, former board chair at Estonian state-owned energy group Eesti Energia.
09.08.22 NEWS ... Under the new bill, households that want to switch to Estonia's new universal electricity service will not have to pay a contractual penalty to their current electricity provider, Minister of Entrepreneurship and IT Kristjan Järvan (Isamaa) said Tuesday. The service is aimed only at household consumers, however.
09.08.22 ECONOMY ... Rising energy prices have seen a surge in interest in air conditioner heaters, with some manufacturers' product lines seeing waiting lists of several months.
09.08.22 ECONOMY ... Fuel sales in Estonia fell by almost 10 percent in July, data from the Tax and Customs Board (MTA) reveals.