Economy

Competition Authority to investigate causes of new record electricity price

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.

Kiisa backup power plant can't lower electricity prices

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.

Auvere Power Plant to shut down for month of repairs again this fall

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.

Estonia's average electricity price to drop to €555 per MWh on Thursday

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.

July sees record connection applications from solar electricity producers

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.

Latvia, Estonia discuss Riga-Tartu trainline

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.

Estonia's record electricity price: Everything that could happen, happened

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.

Estonia receives €24 million in tax revenue from e-residents in first half

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.

Estonia to auction competing proposals for wind farm building permits

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.

Electric car sales steadily increase

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.

Industry chief: Wednesday's record electricity price could happen again

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.

Gas companies protest draft natural gas emergency cutoff law

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.

Baltika licenses Ivo Nikkolo brand for €8 million, on 10-year term

16.08.22 ECONOMY ... Clothing company Baltika has sold its women's clothing brand Ivo Nikkolo on license, for €8 million.

Central bank: Estonian labor market remained strong in second quarter

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.

Births in Estonia down 15 percent on year to July 2022

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.

Estonia's electricity price to peak at record €4,000 per MWh on Wednesday

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.

Power grid development funding falls short of Elektrilevi expectations

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.

Capital's water supplier applies for price hike amid soaring energy costs

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.

Interview: There's no shortage of work in Estonia, says furniture producer

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.

Estonia's average electricity price to reach €479 per MWh on Tuesday

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.

Utilitas starts building Estonia's most powerful wind farm in Pärnu County

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.

Land Board: July real estate transactions down 17 percent

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.

Estonia's liquidity reserve shrinks by €2.4 million in half a year

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.

Number of unemployed persons fell by over 5,000 on-year in second quarter

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.

Electricity in Estonia to cost €462 per MWh on average Monday

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.

RKAS to announce new construction procurement for Viljandi Hospital complex

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.

Ministry: Revenue from 2021 CO2 quota sales beats forecast, at €248 million

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.

Nasdaq Tallinn chief: Situation continues to improve

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.

Central bank: Estonia's current account close to balance in June

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.

Hardware store customers waiting weeks for deliveries this summer

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.

Water prices set to rise in Tartu and surrounding areas

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.

Road builders may take state to court over soaring materials prices

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.

Rail chief: Freight transport more than halved since invasion of Ukraine

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.

Finance ministry: Sanctioned fertilizer at Muuga not up for sale

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.

Jaanus Vihand to be new A. Le Coq managing director

11.08.22 ECONOMY ... Jaanus Vihand has been appointed new managing director of brewer A. Le Coq, replacing long-term chief Tarmo Noop.

Adviser: Nord Pool market rules must be reviewed and revised

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).

Fuel retailer: Fuel prices in Estonia to exceed €2 again before coming down

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.

Port of Tallinn no longer operates Paljassaare Harbor

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.

Russian natural gas supply to Latvia flows via Estonian territory

11.08.22 ECONOMY ... A restored pipeline link to Latvia suspended last month means that Russian natural gas is now flowing via Estonia.

Audit: Unemployment Fund lacks overview of whether offered training of use

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.

Estonia's tax revenue increased by 16 percent in first half of 2022

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.

Central bank: Pension fund asset volumes continue decline in second quarter

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.

Haljala Municipality residents concerned over quarry plans

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.

Yearbook: Estonia continues to improve international competitiveness

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).

Already high book prices in Estonia may increase even further

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.

Survey: Every third shopper buys cheapest products

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.

Expert: Nord Pool's market needs more transparency before it is discarded

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.

Minister: Those switching to universal electricity don't have to pay fine

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.

Soaring energy prices prompt high demand for heat pumps

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.

Oil industry spokesperson: Fuel sales dropping with increased rapidity

09.08.22 ECONOMY ... Fuel sales in Estonia fell by almost 10 percent in July, data from the Tax and Customs Board (MTA) reveals.
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