Lithuania’s Energy Ministry plans to increase the protection of the country’s electricity infrastructure and Polish-owned oil company Orlen Lietuva’s refinery, BNS reports. Under an order drafted by Energy Minister Dainius Kreivys, the state will place key electricity infrastructure, including network connections with other countries, at a higher level of protection. Also, the state will place…
Estonia’s electricity distribution system operator, Elektrilevi, plans to double investments in its networks to EUR 1bn over the next five years, ERR reports. Also, the state will invest around EUR 13mn in making the electricity infrastructure on the islands of Hiiumaa, Muhu, and Saaremaa more weather resistant. Elektrilevi will invest EUR 4mn to replace over…
The average interest rates on home loans in the Baltic States stood at 5.12% in the second quarter of 2023, which was 3 percentage points higher than in the same period of 2022, ERR reports. The average rate was the highest in 14 years. The Baltic States have the highest mortgage interest rates in the…
The Baltic banking group, Luminor Bank, made a net profit of EUR 53.2mn in the second quarter of 2023, which was up 81% from the same period of 2022, ERR reports. The group attributed the sharp rise in profit to an improvement in net interest income. Meanwhile, operating expenses increased by 72% amid investments in…
A severe storm that hit Lithuania on 6-7 August 2023 toppled over 50,000 trees in forests, the state forest management enterprise, Valstybiniu Misku Uredija (VMU), announced, BNS reports. Valdas Kaubre, director general of VMU, said that the estimated total area of damaged forest amounted to around 2,000 hectares. Most of the trees fell in the…
Estonia’s state-owned port operator, Port of Tallinn (Tallinna Sadam), generated sales revenue of EUR 57mn in the first half of 2023, which was almost unchanged from a year earlier, ERR reports. The port’s adjusted EBITDA fell by 12% from a year earlier. Net profit stood at EUR 7mn, which was down 42% over a year….
Latvia’s national air carrier, airBaltic, posted the highest ever revenue and profit in the company’s history in the first half of 2023, LSM reports. The company’s six-month revenue totalled EUR 291mn, which was up 52% from a year earlier. Net profit amounted to EUR 14.6mn, which was up sharply from a net loss of EUR…
Lithuania’s Minister of Transport and Communications, Marius Skuodis, has appointed Simonas Bartkus as the new CEO of the state-owned airport operator, Lietuvos Oro Uostai (Lithuanian Airports, LTOU), as of 16 August 2023. LTOU’s previous CEO, Marius Gelzinis, resigned in June 2022. Bartkus has 10 years of management experience in the aviation and transport sectors. LTOU…
The amount of VAT violations in Estonia doubled in the first seven months of 2023, according to the Estonian Tax and Customs Board (EMTA), BNS reports. EMTA inspected and advised 5,000 companies over the period, resulting in increased VAT obligations of EUR 35.8mn, which is twice as much as a year earlier and EUR 6mn…