Toomas Pott

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ECB interest rate cuts may lead to further drop in Euribor

2 months ago | news.err.ee | Toomas Pott

The ECB's Governing Council decided to lower three key interest rates by 25 basis points. The most important of these, the deposit facility rate, was lowered to 2.75 percent. This is the rate through which the Governing Council steers its monetary policy stance, the ECB noted, adding that its decision to lower this rate was based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission.
Newly-privatized Operail resumes transporting goods to Russia

Jan 17, 2025 | news.err.ee | Toomas Pott

Operail ceased transporting goods to Russia and other business in 2023 following a government order. However, the company, which had been state-owned, was privatized in December last year. The move meant the Estonian state exited the rail freight and rolling stock maintenance business. This year, Operail will continue operating as a private company and transport freight from its former partner Baltic Oil Service to Russia.
Less overpaid income tax will be repaid this year

Jan 16, 2025 | news.err.ee | Toomas Pott

While last year, tax payers received a refund of €229 million from overpaid income in 2023. Tax refunds for mortgage interest, additional tax-free income for child support, or additional tax-free income for a spouse or life partner cannot no longer be deducted from income in the 2024 tax return. This totaled €230 million last year. "Apparently, the additional income tax paid may remain in the same range, but we cannot currently predict the amount of overpaid income tax.
Analyst: Economy could start to slowly recover in 2025

Nov 30, 2024 | news.err.ee | Toomas Pott |Aktuaalne Kaamera

Data from Statistics Estonia shows GDP decreased by 0.7 percent on year in the third quarter. In the second quarter, it was slightly higher at 1 percent. The economic decline is slowing. "We have weak external demand, weak internal demand — people are not spending, and production costs for businesses have risen. When you combine these effects, you get a situation that drives the economy downward," said LHV Bank analyst Triinu Tapver.
Elering: Estonia ready to disconnect from Russian electricity grid by February

Nov 28, 2024 | news.err.ee | Toomas Pott

According to Elering CEO Kalle Kilk, switching from the Russian electricity system to the continental European one is a very big change as the Baltic countries will start to control the frequency of the electricity network themselves. The new system, which took ten years to build, cost €350 million in Estonia. "The major infrastructure projects are all up and running and we are still putting the IT systems in place, so by the beginning of February everything will be 100 percent," Kilk said.
Competition Authority: Waste reform will not make management cheaper

Nov 18, 2024 | news.err.ee | Toomas Pott

An analysis by the Estonian Competition Authority shows that competition in the Estonian waste management sector has deteriorated in the last four years. There are only five waste collection companies in Estonia. According to the analysis, the current tendering procedures are too complex and risky for businesses. "That has now led to some operators deciding not to participate because the risks are too high for them.
Tallinn Airport fee rises to affect domestic travel

Nov 16, 2024 | news.err.ee | Toomas Pott |Aktuaalne Kaamera

Tallinn Airport, which manages airports across Estonia, will introduce a €2.87 security fee and the fee for passengers with special needs will rise to almost 50 cents. The changes will come into effect at Pärnu, Kuressaare and Kärdla airports in January and at Tallinn and Tartu airports in April. Tallinn Airport CEO Riivo Tuvike said security costs have increased by almost 30 percent over the last year. He said the fee in Latvia and Finland is approximately €6. "€3 is not that much.
Food and drink prices up almost 6 percent on year

Nov 13, 2024 | news.err.ee | Toomas Pott

Due in large part to tax increases, food and drink prices have risen in Estonia. Next year's additional taxes however, are set to push up food prices even further. Non-alcoholic beverages rose in price by 20.4 percent in October, according to data provided by Statistics Estonia. Over the year, there has been a 5.8 percent increase in the cost of food, as well as alcoholic and non-alcoholic beverages. However, food was no more expensive in October than in September.
Ministry plans to phase out shale and triple renewable electricity in 2035

Nov 12, 2024 | news.err.ee | Toomas Pott

While Estonia currently has 1,850 MW of renewable electricity capacity, this is expected to increase to 5,750 MW in 2035. "Most of it will be from onshore wind, and there will certainly be biomass and solar - these are the main volumes and technologies that we will use to fill the renewable electricity portfolio," said Rein Vaks, head of the energy department at the Ministry of Climate. Renewable energy developers say the ENMAK plan is feasible.
Michal: Estonia has no plans to stop using oil shale

Nov 11, 2024 | news.err.ee | Toomas Pott

In the 2021 Recovery and Resilience Plan, the Estonian government made a commitment to the European Commission to phase out the use of oil shale in electricity production by 2035 and in energy production by 2040.