Efficiency of Polish Energy Companies in the Context of EU Climate Policy

Tomasz L. Nawrocki and Izabela Jonek-Kowalska ()
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Tomasz L. Nawrocki: Faculty of Organization and Management, The Silesian University of Technology, 41-800 Zabrze, Poland
Izabela Jonek-Kowalska: Faculty of Organization and Management, The Silesian University of Technology, 41-800 Zabrze, Poland

Energies, 2023, vol. 16, issue 2, 1-21

Abstract: The purpose of this article is to assess the impact of carbon allowances on the financial performance and strategic behavior of Polish energy companies listed on the Warsaw Stock Exchange, with a particular focus on the period when the price of these allowances increased. The eight largest Polish energy companies were surveyed, and the research period covered the period of 2010–2021. The research process used an analysis of financial condition and its determinants in the current and long-term perspective. In the current approach, the following were used: sales margin, operating margin, and cost and revenue structure. In the long-term approach, an assessment of the regularity of the capital structure and debt ratios was used. In both research perspectives, the results were confronted with the structure of power generation sources and the segmentation of the core business, including production, distribution, and trading. The results allow us to conclude that the increase in the price of emission allowances has adversely and most strongly affected companies focused on energy generation from high-carbon sources.

Keywords: EU climate policy; CO 2 emission allowances; the financial condition of Polish energy companies; the financial environmental restrictions (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2023
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