Polish President Andrzej Duda endorses fuel tax plan

(Radosław Drożdżewski, CC BY-SA )

Ukraine will receive USD4.3bn from IMF

Renewable energy was 14.3 per cent of all energy consumed in Estonia in Q2’16

Iran may buy nuclear plant’s equipment from Bulgaria

Poland

The Polish Radio informs President Andrzej Duda signed into law a so-called fuel legislative package which sets measures designed to fight VAT and excise fraud. The Ministry of Finance estimates that introducing the new legislation will generate savings of PLN2.5bn (EUR570m).

Under the new rules each importer of fuel, gas or oil from another EU member state will be obliged to pay VAT within 5 days of its entry into Poland. The legislation also includes limitation of fuel trade permits to local-based firms or foreign firms which had registered a unit in Poland.

At the same time the Minister of Justice announced that tougher penalties for tax fraud are to be introduced. “Those fraudulently filing tax returns will face 25 years in prison if the sum involved exceeds PLN5m (EUR1.14m),” the Polish Radio quotes the Minister.

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Ukraine

The Interfax informs the International Monetary Fund (IMF) will possibly discuss another tranche of financial aid with the new government. “There is still likelihood that the board of directors could hold a meeting in July. If this happen in July, we will receive money in August” –  Ukrainian Finance Minister Oleksandr Danyliuk said in a TV interview. The third tranche could amount up to USD4.3bn. “We have a preliminary plan for the IMF: this is USD4.3bn in three tranches, and we seek to receive all three tranches”, Danyliuk added.

Danyliuk said that Ukraine’s reforms would be assessed before receiving all the tranches. This may become a positive signal for other international financial institutions and foreign investors.

The second tranche was released in 2015, just around the time when the previous government reached a deal on debt restructuring with private creditors.

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Estonia

The Baltic Course writes quoting the report of Elering (the Estonian transmission system operator) that wind energy, of which 101 GWh was generated, accounted for 34.5 per cent of total renewable energy produced. Just like in the Q1’16, generation of wind energy dropped by more than one-third compared with the same period in 2015. This is due to less favorable wind conditions.

“The wind energy subsidy paid out by Elering in the three months totaled EUR4.8m, being also smaller by one-third than in the same period last year. The subsidy was paid on 88 per cent of the total amount of wind energy generated and during the quarter 15 per cent of the sum total earmarked for wind energy subsidies for the whole year was paid out,” writes Baltic Course. 37 per cent of the total amount of wind energy subsidy budgeted for 2016 had been paid out by the end of the H1’16. The subsidized amount in 2016 has been capped at 600 GWh. As a result of more favorable wind conditions in 2015, 56 per cent of the maximum possible amount had been paid out by the end of the first half of that year.

62 per cent of the renewable energy produced in Estonia was produced from biomass, biogas and waste in the Q2’16. In all 183 GWh of electricity was produced from these sources in the three months, about as much as in the second quarter of 2015. Electricity produced from biomass, biogas and waste received EUR8.7m in subsidies.

Nine GWh of hydro energy was produced and EUR300,821 was paid out in subsidies on hydro energy. The amount of solar energy transferred to the grid in the three months totaled 1.1 GWh.

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Bulgaria

After ceasing the project of Belene Nuclear Power Plant (Bulgarians aborted the plans when they realized its costs would exceed EUR10bn) Bulgaria searches for the potential buyer of the unused nuclear plant’s equipment which may be Iran and India. After the visit of a Bulgarian delegation in Teheran last week, Novinite.com reported that Iran is interested in the deal.

 “The President of Iran’s atomic energy agency has made clear his country is exploring a proposal from Bulgaria,” the portal informs. Novinite.com also informs Ali Akbar Salehi (the President of Atomic Energy Organization of Iran) explained Iran is only interested in buying the equipment, not the whole nuclear reactor, as these cannot be a second-hand ones.  

The nuclear plant equipment has been built by Atomstroyexport (a part of Rosatom). Bulgaria paid for it about EUR550m.

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What’s up in indexes

BUX (od Budapest) was up 0.08 per cent – increasing from 27065.97 index points Friday, July 15th to 27088.22 index points Monday, July 18th. From year-end it’s up 13.24 per cent.

BET (of Bucharest Stock Exchange) was up 0.13 per cent – increasing from 6614.60 index points Friday, July 15th to 6623.23 index points Monday, July 18th. From year-end it dropped by 5.44 per cent.

PX (of Prague Stock Exchange) was up 0.78 per cent d/d – increasing from 863.55 index points Friday, July 15th to 870.26 index points Monday, July 18th. From year-end it lost 9.00 per cent. 

WIG20 (of Warsaw) was up 1.63 per cent d/d – increasing from 1759.41 index points Friday, July 15th to 1788.12 index points Monday, July 18th. From year-end it lost 3.82 per cent.

OMXT (of Tallinn) increased from 1005.08 index points Friday, July 15th to 1011.32 index points Monday, July 18th. So it’s up 0.62 per cent. From year-end it’s up 12.50 per cent.

OMXR (of Riga) increased from 630.54 index points Friday, July 15th to 630.63 index points Monday, July 18th. So it’s up 0.01 per cent d/d. From year-end it’s up 6.10 per cent.

OMXV (of Vilnius) increased from 523.19 index points Friday, July 15th to 525.28 index points Monday, July 18th. So it’s up 0.40 per cen d/d. From year-end it’s up 8.08 per cent.

SAX (od Bratislava) closed at 311.61 index points Monday, July 18th. It’s the same result as Friday’s (July 15th). From year-end it’s up 6.59 per cent.

SOFIX (of Sofia) was up 0.12 per cent d/d – increasing from 450.10 index points Friday, July 15th to 450.64 index points Monday, July 18th. From year-end it dropped by 2.23 per cent.

UX (of Kyiv) dropped by 0.58 per cent – falling from 718.13 index points Friday, July 15th to 713.94 index points Monday, July 18th. From year-end it’s up 4.09 per cent.

CROBEX (of Zagreb Stock Exchange) dropped by 0.02 per cent – falling from 1724.23 index points Friday, July 15th to 1723.94 index points Monday, July 18th. From year-end it’s up 2.03 per cent.

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