Abstract
The research problem is to determine the system composition for financing investments in renewable energy sources in Poland. The aim of the article is to identify, analyse and assess the elements that are absolutely essential for green energy transformation in Poland: the support of investments from public funds (the first part of the article), the mechanism for investing in commercial projects (the second part) and the financing of small projects provided by households (the third part). The research method in the first part is based on strategic documentation analysis, in the second part on individual interviews conducted with selected financial institutions, such as the European Investment Bank, and in the third part on Polish households surveys conducted by research companies and universities. The conclusions indicate the relatively low scale of public support for investments in renewable energy sources and the lack of clear preferences for technologies with unstable electricity generation characteristics and regulatory uncertainty. The terms and the financing model are not conducive to small projects and projects intended for household purposes. Opportunities for investment in the development of dispersed and smaller scale sources should be found in reducing technology costs and improving the competitiveness of energy prices on the market. Improving Polish and the EU financing system needs to maintain public support, better identify the financial needs and financial limitations, and increase the scope of financial advisory and guarantees for entities. Those undertakings will activate a significant number of small investors and local renewable energy generation.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Gawlik L (2017) The Polish power industry in energy transformation process. Mineral Econ 31. https://doi.org/10.1007/s13563-017-0128-5
Graczyk A (2009) Ekologiczne koszty zewnętrzne energetyki odnawialnej. In: Graczyk A (ed) Ekonomiczne problemy wykorzystania odnawialnych zasobów przyrodniczych do produkcji energii, Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu no. 83: 154–165
Owen AD (2004) Environmental externalities, market distortions and the economics of renewable energy technologies. Energy J 25(3):127–158
Central Statistical Office (2017) Energy 2017. Warsaw. http://stat.gov.pl/download/gfx/portalinformacyjny/en/defaultaktualnosci/3304/1/5/1/energy_2017.pdf. Accessed 30 Mar 2019
Directive of the European Parliament and the Council 2009/28/EC of 23 April 2009 on the promotion of the use of energy from renewable sources and amending and subsequently repealing Directives 2001/77/EC and 2003/30/EC (Official Journal of the European Union L 140 of 5 June 2009, p. 16, as amended)
IEA (International Energy Agency) (2015) Energy and climate change. OECD/IEA, Paris
Eurostat (2019) Consumption of renewable energy more than doubled between 2004 and 2017. https://ec.europa.eu/eurostat/statistics-explained/index.php/Renewable_energy_statistics#Consumption_of_renewable_energy_more_than_doubled_between_2004_and_2017. Accessed 30 Mar 2019
European Commission (2016a) Clean energy for all Europeans. COM/2016/0860 final, November
European Commission (2016b) Proposal for a Directive of the European Parliament and of the Council on the promotion of the use of energy from renewable sources (recast) COM/2016/0767 final/2 – 2016/0382 (COD)
Willis R, Simcock N (2019) Consumer (co-)ownership of renewables in England. In: Lowitzsch J (ed) Energy transition. Financing consumer co-ownership in renewables. Palgrave Macmillan, Cham, pp 370–372
IRENA and CPI (2018) Global landscape of renewable energy finance. International Renewable Energy Agency, Abu Dhabi
Egerer J, Oei PY, Lorenz C (2018) Renewable energy sources as the cornerstone of the German Energiewende. In: von Hirschhausen C et al (eds) Energiewende “Made in Germany”. Springer, Cham
UNEP & BNEF (2015) Global trends in renewable energy investment 2015. Frankfurt School of Finance & Management. Google Scholar
Mazzucato M, Semieniuk G (2018) Financing renewable energy: who is financing what and why it matters. Technol Forecast Soc Change 127:8–22
Polzin F, Migendt M, Täube FA, von Flotow P (2015) Public policy influence on renewable energy investments—a panel data study across OECD countries. Energy Policy 80:98–111. https://doi.org/10.1016/j.enpol.2015.01.026
Holstenkamp L (2019) Consumer (co-)ownership of renewables energy sources. In: Lowitzsch J (ed) Energy transition. Financing consumer co-ownership in renewables. Palgrave Macmillan, Cham, pp 370–372
OECD (Organisation for Economic Co-operation and Development) (2017) The government role in mobilising investment and innovation in renewable energy. OECD, Paris
CEER (Council of European Energy Regulators) (2018) Status review of renewable support schemes in Europe for 2016 and 2017. Ref: C18-SD-63-03, Brussels, 14 December 2018
Renewable Energy Support Policies in Europe. https://climatepolicyinfohub.eu/renewable-energy-support-policies-europe. Accessed 31 Mar 2019
Ministerstwo Energii (2018) Projekt Polityki Energetycznej Państwa do 2040 roku (PEP 2040), Warsaw, 23 November 2018
Graczyk A (2016), Zmiany wsparcia publicznego na rynku energii odnawialnej, Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, Uniwersytet Ekonomiczny we Wrocławiu, no. 453: 199–208
Central Statistical Office (2018) Energia ze źródeł odnawialnych w 2017 r., stat.gov.pl/.../pl/.../energia_ze_zrodel_odnawialnych_w_2017.pdf. Accessed 31 Mar 2019
European Commission (2017) State aid: commission approves PLN 40 billion (around €9.4 billion) Polish support scheme for renewable energy, Brussels, 13 December 2017
NIK (Najwyższa Izba Kontroli) (2018) Informacja o wynikach kontroli. Rozwój sektora odnawialnych źródeł energii, Warsaw
Szambelańczyk M (2016) Co przyniesie nowelizacja ustawy o OZE? Czysta Energia 6
Deloitte Resources Study (2018) Energy management: most consumers and businesses push for cleaner energy. https://documents.deloitte.com/insights/DeloitteResourcesSurvey2018. Accessed 8 Jan 2019
Koh JM (2018) Producing Bankable Projects. Institutional Investors, PPPs and Bankable Projects. Palgrave Macmillan, pp 235–268
Inderst G (2009) Pension fund investment in infrastructure. OECD Working Papers on Insurance and Private Pensions
Independent Evaluation Group (2009) The World Bank Group Guarantee Instruments. World Bank, Washington, DC
Ustawa z dnia 20 lutego 2015 r. o odnawialnych źródłach energii, Dz.U. 2015 poz. 478, z późn. zm
Ustawa z dnia 6 marca 2018 Prawo przedsiębiorców, Dz.U. 2018 poz. 646
Nowelizacja ustawy o OZE: prosument nie zarobi (2019). http://www.planergia.pl/post/nowelizacja-ustawy-o-oze-prosument-nie-zarobi-2354. Accessed 31 Mar 2019
Goebel K (2019) Consumer (co-)ownership in renewables in Poland. In: Lowitzsch J (ed) Energy transition. Financing consumer co-ownership in renewables. Palgrave Macmillan, Cham, pp 348–351
National Fund for Environmental Management and Water Protection (2019) Oferta finansowania. http://www.nfosigw.gov.pl/oferta-finansowania/. Accessed 30 Mar 2019
Urząd Regulacji Energetyki (2019) Raport zawierający zbiorcze informacje dotyczące energii elektrycznej wytworzonej z odnawialnego źródła energii w mikroinstalacji (w tym przez prosumentów) i wprowadzonej do sieci dystrybucyjnej w 2018 r. (art. 6a ustawy OZE), Warsaw, March 2019
Mało wiemy o OZE (2014) Agroenergetyka 1:7
OZE szansą na przerwy w dostawach prądu (2014) Agroenergetyka 2:23–24
Barber BM, Odean T (2001) Boys will be boys: gender, overconfidence, and common stock investment. Quart J Econ 116(1):261–292
Ricciardi V (2008) The psychology of risk: the behavioral finance perspective. In: Fabozzi FJ (ed) Investment management and financial management, Handbook of finance, vol 2. Wiley, Hoboken, NJ, pp 85–111
Schooley DK, Worden DD (1999) Investors’ asset allocations versus life-cycle funds. Financ Analysts J 55(5):37–43
Guiso L, Sapienza P, Zingales L (2018). Time varying risk aversion. J Financial Econ. https://doi.org/10.1016/j.jfineco.2018.02.007. Accessed 30 Mar 2019
CBOS, Collegium Civitas (2016) Polacy o oszczędzaniu energii i energetyce obywatelskiej, Komunikat z badań no. 36/2016, Warsaw, March, p 3–8
Graczyk AM (2019) Gospodarowanie odnawialnymi źródłami energii w ekonomii rozwoju zrównoważonego. Teoria i praktyka, PWN, Warsaw
CEER (Council of European Energy Regulators) (2016) Position paper on renewable self-generation. Ref: C16-SDE-55-03, Brussels, September 2016
Acknowledgments
This article was financed by the National Science Centre as part of two projects with the following decision number: 2012/07/D/HS4/00733 and 2011/01/N/HS4/01306.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this paper
Cite this paper
Graczyk, A.M., Graczyk, A., Żołyniak, T. (2020). System for Financing Investments in Renewable Energy Sources in Poland. In: Daszyńska-Żygadło, K., Bem, A., Ryszawska, B., Jáki, E., Hajdíková, T. (eds) Finance and Sustainability. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-34401-6_13
Download citation
DOI: https://doi.org/10.1007/978-3-030-34401-6_13
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-34400-9
Online ISBN: 978-3-030-34401-6
eBook Packages: Economics and FinanceEconomics and Finance (R0)