The Baltic States should disconnect from the Russian-controlled BRELL power grid and synchronise with the European system as planned by the end of 2025, Kalle Kilk, CEO of Estonia’s electricity transmission system operator, Elering, stated, Postimees reports. Kilk noted that Russia provided the Baltic States with grid balancing services. Disconnecting from the Russian grid now…
Estonia’s biggest beer producer, Saku Õlletehas (Saku Brewery), reported sales of EUR 72.3mn in 2022, which was down 11% from 2021, ERR reports. The company’s annual net profit amounted to EUR 6.6mn, which was down 18.5% from a year earlier. The company attributed the worse results to the cessation of exports to Russia and Belarus,…
Estonia’s state-owned company Rail Baltic Estonia, which was established to build the Rail Baltica railway, reported revenue of nearly EUR 39.6mn in 2022, which was up 84.3% from 2021, BNS reports. The company’s annual profit more than doubled from EUR 11.4mn to EUR 28.5mn. Rail Baltic Estonia made a profit of EUR 36mn from targeted…
Almost two thirds of residents in Lithuania’s capital, Vilnius, prefer to drink tap water, according to a Norstat LT poll for the municipal water supplier, Vilniaus Vandenys, ELTA reports. The survey showed that 71% of Vilnius residents preferred tap water to bottled water. In a similar survey done in 2021, just 44% of Vilnius residents…
Switzerland’s EuroChem Group has announced its decision to temporarily suspend operations at its Lithuanian fertiliser plant, Lifosa, DELFI reports. The company said that sanctions have hindered the plant’s profitability. The Lifosa plant has been closed for scheduled repairs since May 2023. However, EuroChem has now confirmed that it has been unable to find a viable…
The board chairman of Lithuania’s central bank, the Bank of Lithuania, Gediminas Šimkus, said that German banks would be welcome in Lithuania, ELTA reports. Speaking at an event hosted by Lithuania’s honorary consul in Germany, Šimkus noted that the Lithuanian banking sector was still concentrated, with only three major banks accounting for the majority of…
Latvia’s Riga International Airport (RIX) served over 3 million passengers in the first half of 2023, which was nearly 40% more than in the same period of 2022, LSM reports. Transit passengers accounted for 21% of the total, which was up from 17% a year earlier. The average load factor of passenger aircraft stood at…
An analysis on the impact of EU financial support on Estonian firms revealed that while the subsidies led to higher sales revenues and wages, they did not significantly improve productivity, ERR reports. The study, conducted by researchers from the Stockholm School of Economics in Riga, examined data from 1,435 companies that received European Regional Development…
Estonian debt collection and credit management company Aktiva Finance Group will acquire Swedish credit management company Intrum Group’s business in the Baltic States for EUR 30mn, TVNET reports. Under the deal, Aktiva Finance Group will acquire 100% of shares in Intrum Group’s subsidiaries in Estonia, Latvia, and Lithuania. The transaction is expected to be closed…