The largest industries in Estonia, which also happen to be the country’s largest energy consumers, are seeking to reduce costs in the face of record high energy prices, realizing that the power market does not support consumers during energy shortages. Even before the energy crisis, Estonian Cell, one of the country’s largest energy consumers and…
A third subsea cable will be built between Estonia and Finland to secure the supply of the Baltic Sea region’s electricity market, grid operators Fingrid and Elering announce. The pair signed a letter of intent and would now begin planning the construction of the connection. EstLink 3 will have an estimated capacity of between 700…
Estonian experts do not expect the price of gas to fall in the coming months and see no reason for it to do so until the end of the year. Currently, there is a shortage across Europe. The price of natural gas has risen to EUR 130 per megawatt-hour. In April, it was EUR 100…
Estonian businesses, which depend on goods and raw materials imported from Russia and Belarus, need to understand the risks and find new suppliers, a report by the Riigikogu’s Foresight Center shows. If these imports completely stop it will cost businesses EUR 860 million. The center has been studying the risks posed to Estonia since the…
Brewery Saku has reported a net profit of EUR 8.1 million for 2021, up by 19% YoY and the strongest result in recent years, driven both by the domestic retail market and by significant export growth. Saku’s sales revenue was EUR 69.35 million in 2021, up by 6.7%. Board member Jaan Harms said: “In terms…
The effects of Russia’s war on Ukraine are already being felt by producers of strong alcohol and spirits in Estonia. Raw material shortages caused by the war are expected to lead to major price increases by fall at the latest. Spirits companies are also preparing for some of their products to disappear from supermarket shelves.…
The industrial producer price index rose by 33.7% YoY in May. Leading analyst at Statistics Estonia Germo Valgenberg said: “In manufacturing as a whole, prices increased by 24%, whereas in the manufacture of food products, prices rose by 21.2%.” Valgenberg explained that this May’s index was primarily affected by price increases in the production of…