Operating Costs in the Polish Energy Sector: Challenges for Capital Groups

Leszek Borowiec, Barbara Wyrzykowska (), Marzena Kacprzak, Agnieszka Król and Emilia Wolińska
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Leszek Borowiec: Faculty of Management, University of Warsaw, Szturmowa Street 1/3, 02-678 Warsaw, Poland
Barbara Wyrzykowska: Institute of Management, Warsaw University of Life Sciences-SGGW, Nowoursynowska Street 166, 02-787 Warsaw, Poland
Marzena Kacprzak: Institute of Economics and Finance, Warsaw University of Life Sciences, Nowoursynowska Street 166, 02-787 Warsaw, Poland
Agnieszka Król: Faculty of Management and Technical Sciences, Warsaw Management University, 36 Kawęczyńska Street, 03-772 Warsaw, Poland
Emilia Wolińska: Faculty of Management, University of Warsaw, Krakowskie Przedmieście Street 26/28, 00-927 Warsaw, Poland

Energies, 2024, vol. 17, issue 23, 1-19

Abstract: Electricity is one of the most widely used energy sources. The climate crisis, public pressure to invest in renewable and low-carbon energy sources, and the reduction in industrial electricity consumption caused by the COVID-19 pandemic have a significant impact on the energy sector. In addition, military action in Europe is affecting energy generation capacity and availability, which raises the question of economic calculus, particularly regarding the cost of generation and supply. These factors affect the cost structure of those responsible for supplying energy and, in extreme cases, can lead to energy exclusion. The article aimed to identify differences in the presentation and interpretation of operating cost data from the individual and consolidated financial statements of Polish energy groups, which is of key importance for investors, analysts and decision-makers in the energy sector. The analysis uses data for 2018–2022 from the income statement. The research hypothesis is that the complexity of Polish energy groups in the Polish energy sector leads to ambiguity in the interpretation of cost data included in stand-alone and consolidated financial statements.

Keywords: operating costs; Polish energy sector; capital groups; individual financial report (IFR); consolidated financial report (CFR) (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: 2024
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