Conventional energy sources dominate in the Polish energy sector, which is a huge risk to meeting environmental protection requirements. Polish energy companies are facing challenges related to meeting the requirements of the European Union and the National Energy Policy. The paper attempts to answer the question whether the ongoing discussion on the future of the energy sector, dealing with such issues as development of renewable energy sources is reflected in the annual financial reports of companies listed on the Warsaw Stock Exchange and covered by the WIG_ENERGY index. This study contributes to the extant literature on financial disclosures in several ways. First, the examination of compliance of segment reporting of selected companies listed on the Polish stock exchange with International Reporting Standards (IFRS) was carried out (particularly IFRS 8 – Operating Segments). Second, the information value of disclosures for investors in the energy industry was assessed. The empirical part was preceded by a description of segment reporting principles in accordance with IFRS 8 and the summary of challenges facing the energy sector in Poland.
Power engineering is one of the key areas of sustainable development. Many countries create new concepts of environmental safety management and modify their energy systems to be in line with the goals of sustainable development in the EU. Sustainable development indicators can be a tool for monitoring the set goals of environmental safety management. The aim of the article is to assess the environmental safety management of the energy sector in Poland in relation to EU as well as presenting the concept of sustainable energy development and indicators used to assess the development of energy in the following dimensions: social, economic and ecological. The indicators used to assess the sustainable development of energy in the following dimensions were compared: sustainable consumption and production, marking the production and consumption of energy; organizations and sites with eco-management and audit scheme (EMAS); registration climate change, marking GHG emissions and the share of renewable energy in gross final energy consumption; sustainable transport, marking the energy consumption of transport relative to GDP. The article will test the hypothesis that the structure of obtaining energy in Poland and the tempo of change in this respect differ from the EU average.
The stakeholder salience framework has become, over the past two decades, a tool often used to identify, asses and prioritize stakeholders and has demonstrated considerable theoretical and managerial implications. The objective of this paper is to determine to what extent stakeholder salience influences how different stakeholder categories are represented in the sustainability reports of entities from energy sector. In this respect, an interpretative content-based analysis of the social and environmental information disclosed by entities is used. The sample encompasses six energy entities that are comprised of Dow Jones Sustainability Europe Index (DJSI) constituent’s list on September 19, 2016. The results highlight that stakeholders who hold power have a high score of salience, being followed by those who possess legitimacy and then by those who possess urgency. The obtained results suggest the need to continue to focus on the normative theory of the stakeholders. The results also highlight that there is a link between the stakeholder salience, on the one hand, and the number and type of attributes held by each category of stakeholders, on the other hand. Stakeholders who hold power have a high score of salience, being followed by those who possess legitimacy and by those who possess urgency.
Union: When renewable energy hits different economic logics, Climate Policy, 16 (5), 642-657 Chesbrough H. W. (2003) The Era of Open Innovation, MIT Sloan Management Review, 44 (3), 34-42 Costa-Campi M.T., Duch-Brown N., García-Quevedo J. (2013) R&D Drivers and Obstacles to Innovation In the Energy Industry, IEB Working Papers 2013/23, Barcelona, Spain Costantini V., Crespi F. (2009) Public Policies For A Sustainable EnergySector: Regulation, Diversity And Fostering Of Innovation, Dipartimento di Economia “S. Cognetti de Martiis” Working papers No. 15/2009, Torino
The study examines the impact of key determinants of profitability of power and energy sector in Pakistan such as firm size, firm age, firm growth, productivity, financial leverage and electricity crisis discussed in the broader inter-disciplinary literature. For this purpose panel data of 16 firms of power and energy sector is taken for 2001 to 2012. The study considers profitability determinants at the firm as well as industry affiliation levels in examining hypotheses developed from resource-based approaches. Random effect model is used to detect the combination of variables that best estimated the impact of the explanatory variables on the dependent variable. The empirical results suggest that firm size, firm growth, and electricity crisis positively impact the profitability. However, firm age, financial leverage and productivity negatively influence the firm profitability. This study also propose that during the electricity crisis the profitability of power sector is increased even production of this sector is very low. The findings further indicate that larger and younger firms with high growth and low productivity are more likely to be profitable. This study has found that firm productivity and firm size are the strongest determinants of profitability in power and energy sector of Pakistan.
The article discusses the status and role of regulatory bodies and the aftermaths of their independence and accountability to the public and the parliament. The author analyses different legal statuses of regulatory bodies in Montenegro and Serbia in the central banking and energy sectors and concludes that it is necessary that national constitutions, as the highest legal acts in each state, prescribe in a separate article that “Regulatory bodies are independent and accountable to Parliament”.
Relevant separate legal acts should closely define the procedures for establishing, enforcing, and sanctioning of possible breaching of: 1) independence of regulatory bodies, 2) accountability of regulatory bodies to the parliament, and 3) transparency of their activities.
In a well-functioning and sustainable national energy sector, each of its elements should function with maximum efficiency. To ensure maximum efficiency and study possible improvement of the sector, a scaling-up framework is presented in this work. The scaling-up framework means that the starting point is a CHP unit and its operation, the next step of aggregation is in a district heating network, followed by a municipal energy plan and finally leading to a low carbon strategy. In this framework the authors argue, that the successful, innovative practices developed and tested at the lower level of aggregation can be then transferred to the upper levels of aggregation, thus leading to a scaling-up effect of innovative practices. The work summarizes 12 methodologies used in the energy sector, by dividing these methodologies among the levels of aggregation in a scaling-up framework.
Implementation of TPA (Third Party Access) principle in Polish energy sector
The liberalization of energy sector in Poland is conducted according to the conclusions deriving from the criticism of the traditional theory of regulation - the TPA principle is an instrument enabling introducing competition in energy trade subsector. However, in spite of formal assurance that the right to change electricity supplier is granted to all recipients, only a small number of entitled entities exercise this privilege. It is only the group of big industrial buyers among whom growing interest to exercise the TPA principle can be observed.
The barriers to changing electricity supplier include economic, technical and formal ones. Removing them in the future will result in the increase of competition scale in energy sector.
In the case of economic and social wealth, it is strategically essential to provide reliable energy sources which are available in long-term. Setting an energy network which suits the sustainable criteria might take a long time. Therefore, it is important to make decisions on the energy sector in advance. The Hungarian National Energy strategy elaborated on certain scenarios towards 2030, which describe the possible electricity generation opportunities up to 2020 and 2030. For 2020, there is already an accurate recommendation, but in case of the 2030 targets, there are several ways for innovation. Out of all, the realization of the “Nuclear-Carbon-Green” scenario seems most likely to be implemented. It implies the obvious involvement of nuclear energy potential development in the future strategies. Considering this trend, the present study divides the mentioned strategy into “Nuclear-Carbon” and “Nuclear-Green” scenarios to compare their long-term efficiency by economic means.
The mitigation of greenhouse gas emissions has become one of the most important topics on the agenda of EU- and national policy-makers. The importance of the climate change issue is exponentially growing from year to year, gathering specialist from the academic, economic and energy fields in the hope of finding the best solutions in fighting the negative effects of the phenomenon. This challenge has issued an intense debate around the doctrines on which policymakers ground the process of law making. Two of the most debated theories are the neoclassic economic doctrines, on which the major part of the climate change regulation is based, and the innovation economic doctrines, which gained a lot of popularity and supporters in the academic field for the last couple of years. The paper presents the advantages and opportunities of current climate change legislation, as well as their disadvantages and limits. Furthermore it focuses on emphasizing common issues that lead to the failure of climate change legislation and implicitly cause economic loss, lowering the attractiveness of future investments. Based on our research we have developed a decision making model for legislation and regulations of the environmental and energy sectors. The developed model offers guidelines to policy-makers of the energy field and aims both environmental and economic sustainability.