14.03.24 NEWS ... This April, Enefit is introducing to its customers a seasonal electricity plan combining power exchange pricing in summer and fixed prices in winter, the Estonian state-owned energy group Eesti Energia subsidiary announced Thursday.
14.03.24 NEWS ... Transmission system operator Elering plans to pay for the fourth Estonia-Latvia power link, to run through Saaremaa and facilitate offshore wind farms in the future, using so-called congestion income and EU subsidies. The Ministry of Climate is still planning to only subsidize power that reaches consumers in Estonia.
13.03.24 NEWS ... Ambulance services company Karell Kiirabi was in February acquired by OÜ Meditsiiniteenused the owners of which also own the Südamekodud chain of retirement homes. The Competition Authority wants to check whether the companies wield dominant influence between them.
13.03.24 NEWS ... The Energy Performance of Buildings Directive adopted by the European Parliament sets strict renovation requirements for public buildings and more lenient ones for residential buildings. Apartment associations and the Tallinn City Government are skeptical about the directive.
13.03.24 NEWS ... Several European companies submitted bids to buy Nordica before the deadline. The Estonian Ministry of Climate will not disclose their names at this stage so as not to impact the negotiations. The timeframe for reaching a final decision on the company's sale remains unknown.
13.03.24 NEWS ... Currently, the fringe benefits related to cars, as well as compensation for personal car use, are being reviewed, the Estonian Ministry of Finance told ERR. Other tax-free thresholds may also undergo some adjustments, the ministry added.
13.03.24 NEWS ... The Port of Tallinn has initiated a competition to find partners for the development of a 7.6-hectare area located in the eastern part of Muuga Harbor. According to the port's commercial manager, proposals are particularly expected from the field of environmentally friendly fuels.
13.03.24 OPINION ... The e-Residency program has generated €213 million for the Estonian state over the past decade, according to a nationally approved impact assessment model, which follows the same methodology used by the National Audit Office in its 2020 audit of the program, writes Liina Vahtras in response to the article "Estonian E-Residency success metrics impossible to verify."
13.03.24 NEWS ... According to an analysis conducted by Statistics Estonia and commissioned by the Estonian Education and Youth Board, international students and graduates contributed a total of €23 million in taxes to the Estonian economy during the 2022/23 academic year
13.03.24 NEWS ... Entrepreneurs' interest in accompanying Minister of Foreign Affairs Margus Tsahkna on foreign visits has been modest so far.
13.03.24 NEWS ... Estonia is preparing to adopt a European Union directive, which requires the use of renewable fuels, such as green diesel or HVO, to quadruple by 2030. According to fuel sellers, the government currently does not favor the use of biofuels. The excise tax on green diesel is as high as that on fossil fuels and the state has not ramped up supervision.
12.03.24 NEWS ... Revenue collection in January exceeded forecasts. While income tax receipts from individuals decreased, this was compensated for by a greater than expected increase in corporate income tax receipts.
12.03.24 NEWS ... Even if the system operators in Estonia and Sweden are not interested in establishing an electricity connection between the two countries, market participants could exceptionally undertake this task themselves. Although the idea is considered good, electricity producers and sellers who have spoken with ERR are still doubtful, as the project would be very expensive and the future of Estonia's electricity market seems too uncertain for such an endeavor at the moment.
12.03.24 NEWS ... A long-term plan by the Police and Border Guard Board (PPA) to build a new headquarters in Tallinn has been revived.
12.03.24 NEWS ... Peter Bosek, is set to step down as CEO of Luminor Bank and will be replaced on March 18 by Wojciech Sass.
12.03.24 NEWS ... The EU Council on Monday approved the platform work directive, with Estonia, which had previously opposed it, also giving it the green light. Chair of the Riigikogu European Union Affairs Committee (ELAK) Liisa Pakosta called Estonia's change of heart unexpected, while Prime Minister Kaja Kallas said that conditions unsuitable for Estonia were removed from the directive, making it a logical step.
12.03.24 NEWS ... According to Statistics Estonia and the Bank of Estonia, in the fourth quarter of 2023, Estonia's exports of services grew by 5 percent and imports by 7 percent compared with the same quarter of 2022. Sales of services to non-residents totaled €3.1 billion and purchases of services from non-residents amounted to €2.3 billion at current prices.
12.03.24 NEWS ... Utilitas is steadily expanding its reach. The group is active in district heating and cooling, as well as produces solar and wind energy. Utilitas also supplies drinking water, treats waste water and has plans to produce green hydrogen. The company became the first manual frequency restoration reserve provider to be certified by Elering and in the fourth quarter (Q4) of 2023 alone, recorded a turnover of €54 million.
12.03.24 NEWS ... The Enterprise and Innovation Foundation (EISA) disseminates a claim about Estonian e-Residency offered to non-citizens, suggesting that the program brings tens of millions of euros in revenue to Estonia every year. EISA does not know what the sum stands for, while the Tax Board does not allow for it to be verified. Despite the uncertainty, EISA plans to spend two million euros on advertising the program.
12.03.24 NEWS ... The European Food Safety Authority has reported that the smoking flavorings currently used in Europe may not be safe, and now the European Commission is considering a decision that could remove many products from shelves for years. Maag Grupp, one of Estonia's largest meat producers, fears costs amounting to millions of euros.
11.03.24 NEWS ... Estonia's exports have been declining for more than a year, but the situation may improve in the second half of the year. Companies are looking for new markets to replace weak demand in Scandinavia.
11.03.24 NEWS ... The rise in loan interest rates in Estonia has by now been almost entirely passed on into costs for borrowers, which has yet to happen in many other countries. Meanwhile, higher rates than elsewhere in the euro area are proving a particular issue for Estonia's exporting companies, said Bank of Estonia economist Taavi Raudsaar.
11.03.24 NEWS ... According to Statistics Estonia, in the fourth quarter of 2023, there were 9,199 job vacancies in the enterprises, institutions and organizations of Estonia. This is 18.5 percent less than in the same quarter last year. A little over 7,000 persons left their job at the initiative of the employer.
11.03.24 NEWS ... Exports from Estonia fell 11 percent in January compared to the same period in 2023, while imports were down 13 percent.
09.03.24 NEWS ... The Government of Estonia's long-term issuer ratings have been set at A1 by credit agency Moody's. In its latest report, Moody's also gives Estonia a "stable" outlook.
09.03.24 NEWS ... Recently released figures from the statistics office revealed that manufacturing, as with most of industry in Estonia, has contracted significantly on year, thanks in no small part to continued, weak demand from key export partner nations.
08.03.24 NEWS ... The Estonian state is demanding Jõhvi municipal government revoke the building permit for the construction of a solar park because the solar panels could interfere with Estonian Defense Forces (EDF) activity in Ida-Viru County. For the municipality, this could mean a sizable damages claim, as the developer had to dismantle the already completed solar park.
08.03.24 NEWS ... Although vocational training centers train skilled workers in a wide range of professions, there is still a shortage of professionals in the Estonian labor market. Most of the shortage is in technical fields and people have to be bought from abroad.
08.03.24 NEWS ... Inflation in Estonia seems to be running higher than is the case in Latvia and Lithuania, SEB Pank analyst Mihkel Nestor says.
08.03.24 NEWS ... The total production of industrial enterprises in Estonia fell by 8.6 percent at constant prices on year to January, state agency Statistics Estonia reports.
07.03.24 NEWS ... The Ministry of Defense has issued a directive ending the sale throughout its area of government, including all retail outlets on Estonian Defense Forces (EDF) territory, of products that continue to be available in Russia, the ministry announced Thursday.
07.03.24 NEWS ... Listed Estonian pharmaceutical company J. Molner has entered into an agreement with the U.S. Centers for Medicaid and Medicare Services (CMS) under which the accessibility of its generic drugs will improve for millions Americans through a federal drug rebate program, the company announced this week.
07.03.24 NEWS ... The widespread production of electricity from oil shale in Estonia is undoubtedly coming to an end, but the current oil shale plants may still be needed for reserve capacity and network services, said Andrus Durejko, CEO of Eesti Energia. He also expressed support for the government's plan to develop offshore wind farms.
07.03.24 NEWS ... Saudia Arabia and other Gulf states are key nations which Estonia would like to foster stronger business relations with, Minister of Economy and IT Tiit Riisalo (Eesti 200) says.
07.03.24 NEWS ... Real estate developer Liven has begun construction on a series of new residential buildings on a plot next to Tallinn's Pirita Olympic Sailing Sports Centre (TOP) in Tallinn, which has been unused for years.
07.03.24 NEWS ... The 244-megawatt solar park being built in Risti, Lääne County is the first phase of the energy park being developed in the area by Sunly and Metsagrupp. Construction of the park will begin in the second quarter of this year and is expected to be completed at the beginning of 2026.
07.03.24 NEWS ... This February, the consumer price index (CPI) in Estonia remained steady on month, but increased by 4.2 percent on year, with goods 2.7 percent and services 6.6 percent more expensive on year, Statistics Estonia said Thursday.
07.03.24 NEWS ... Developers Utilitas and Saare Wind Energy doubt onshore wind farm projects can be finished by 2030 and believe offshore subsidy estimates of €200 million to be greatly exaggerated.
06.03.24 NEWS ... The legal dispute between Nordica and aviation company Marabu could affect the former's sale, although, as of now, Nordica's position is that Marabu's claim is unfounded, said Sander Salmu, deputy secretary general for transport at the Ministry of Economic Affairs and Communications.
06.03.24 NEWS ... A strike by security staff at Frankfurt Airport slated to take place Thursday, March 7 will impact Estonian air connections as well, as flights between Tallinn Airport and Frankfurt and Munich have already been canceled for Thursday and Friday.
06.03.24 NEWS ... Estonia has joined the U.S.-founded Minerals Security Partnership (MSP) initiative to develop its network and bring new industries to Estonia in the future.
06.03.24 NEWS ... Estonia's state-owned airline Nordica said that it has not received official proof of claim from Marabu and considers the latter notifying of the claim via the media, including by making false factual statements, to be contrary to bood business practice.
06.03.24 NEWS ... While understanding in Estonia of the climate crisis varies from person to person, climate resilience is of critical importance. Should Ukraine be accepted into the EU, then the former must be rebuilt taking climate policy objectives into consideration as well, MP Hanah Lahe (Reform) said Wednesday.
06.03.24 NEWS ... Abandoning the practice of getting a notary involved when transferring a home loan from one bank to another would deprive the loan holder of the expertise they need, and ultimately perhaps even be hazardous for consumers, the chair of the main body representing notaries in Estonia, said Wednesday.
06.03.24 NEWS ... The mean gross wage in Estonia stood at €1,904 per month in the fourth quarter of 2023 (Q4 2023), a rise of 9.7 percent on year, state agency Statistics Estonia reports.
05.03.24 NEWS ... Estonian wooden house builders hope Scandinavia and Western countries' export markets will pick up again this year after a difficult 2023. However, the situation is still far from ideal.
05.03.24 NEWS ... The privatization of Estonian airline Nordica may be delayed as the aviation company Marabu has placed a court injunction on the company's shares, resulting in the seizure of the company's assets. Marabu's financial claim totals €9.5 million.
05.03.24 NEWS ... Latvian airline airBaltic made €34 million in profit at a turnover of €668 million last year, with the company describing both as records.
05.03.24 NEWS ... Many people in Estonia are finding the sorting of bio-waste, which has been mandatory since the start of this year, unrealistic since, despite their best efforts, they have not been able to conclude the required contract with a garbage collection company.
05.03.24 NEWS ... Keeping oil shale plants operational has placed Enefit Power in a tricky situation, hence why the company is searching for savings opportunities and laying off employees, business publication Ärileht writes.