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Economy

Estonia's Enefit rolling out new seasonal electricity plan next month

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.

Estonia to use congestion charge and EU revenue to construct new Latvia power link

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.

Competition watchdog looking into Karell Kiirabi acquisition by nursing home chain

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.

Apartment associations and Tallinn skeptical of renovation directive

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.

Several unnamed European firms submit bids for Nordica

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.

Ministry of Finance preparing to increase fringe benefit car tax

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.

Port of Tallinn offering free Muuga Harbor plots to developers

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.

Liina Vahtras: e-Residency has proven itself a profitable initiative for Estonia

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."

International students contribute over €23 million to Estonian economy in tax

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

Companies not rushing to participate in foreign minister's business delegations

13.03.24 NEWS ... Entrepreneurs' interest in accompanying Minister of Foreign Affairs Margus Tsahkna on foreign visits has been modest so far.

Estonia aims to quadruple use of green fuels by 2030

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.

January budget revenue exceeds expectations

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.

Entrepreneurs approve of Swedish energy link idea but wouldn't pay for it

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.

PPA revisits plan to relocate headquarters to Rahumäe street

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.

Wojciech Sass appointed as Luminor CEO

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.

Estonia suddenly changes mind on EU directive impacting food couriers

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.

Service exports hit record high in the fourth quarter

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.

Overview: Utilitas expands reach in Estonian market

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.

Estonian E-Residency success metrics impossible to verify

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.

Many smoke-flavored products may disappear in wake of new EU food safety rules

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.

Businesses looking for new markets to exit export slump

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.

Bank of Estonia economist: Businesses worried over high loan interest rates

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.

Number of vacant jobs down by a fifth in fourth quarter year over year

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.

Export down by a tenth in January

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.

Moody's affirms Estonia's A1 rating, stable outlook

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.

Manufacturing, industrial demand remains weak

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.

DefMin calling on Jõhvi Municipality to revoke solar park building permit

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.

Skills shortage remains high in Estonia

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.

Analyst: Prices hiked more readily in Estonia than in Latvia, Lithuania

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.

Statistics: Industrial production volume down 8.6 percent in January

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.

Estonian DefMin, EDF drop sales of products still available in Russia

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.

Estonian drug company inks deal with US Medicare, Medicaid agency

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.

Eesti Energia CEO: Oil shale plants in hot water

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.

Minister: Estonian wants better business relations with Saudi Arabia, Qatar

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.

Construction of residential properties begins next to Tallinn's Pirita TOP

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.

Sunly and Metsagrupp to build the largest solar farm in the Baltics at Risti

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.

Statistics: Estonia's February consumer price index up 4.2 percent on year

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.

Offshore wind developers: €200 million in subsidies an exaggeration

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.

Undersecretary: Lawsuit might affect sale of Nordica

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.

Strike at Germany's Frankfurt Airport affecting Estonian flights too

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.

Estonia joins US' Minerals Security Partnership initiative

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.

Nordica: Marabu making false factual claims

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.

Estonian MP: As climate resilience is key, Ukraine must be rebuilt greener

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.

Notary: Concluding home loan agreements without us could endanger consumers

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.

Statistics Estonia: Average monthly wage in Q4 2023 was €1,904

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.

Wooden house manufacturers hoping for Scandinavian export market revival

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.

Nordica privatization process likely delayed due to court claim

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.

AirBaltic reports record turnover and profit

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.

Delays at garbage collection firms mean households can't comply with biowaste sorting rules

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.

Low electricity price behind Enefit Power layoffs

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.
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