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Comparison of the Financial Standing of Companies Generating Electricity from Renewable Sources and Fossil Fuels: A New Hybrid Approach

Department of Operations Research, Faculty of Computer Science and Management, Wrocław University of Science and Technology, Wyb. Wyspiańskiego 27, 50-370 Wrocław, Poland
Energies 2019, 12(20), 3856; https://doi.org/10.3390/en12203856
Received: 11 September 2019 / Revised: 30 September 2019 / Accepted: 10 October 2019 / Published: 12 October 2019
(This article belongs to the Special Issue Economics of Sustainable and Renewable Energy Systems)
Companies operating in the energy sector are under pressure to boost the level of green energy production. The use of renewable energy sources will have a positive impact on the environment, but the basic question is whether power plants that produce electricity using renewable energy sources are in better financial condition than those that use only traditional energy sources. We address the latter using a new hybrid approach that extends prior research by combining three analyses: ratio analysis with a large set of indicators, the Altman model and cluster analysis. To test the statistical significance of differences between groups, Student’s t-test is applied. The sample concerns companies from the Baltic States and Central Europe in the years 2008–2017. The results indicate that in most cases there is no statistical difference in the financial standing of companies that use renewable energy sources and those that generate only fossil fuel-based energy. View Full-Text
Keywords: RES companies; financial standing; ratio analysis; cluster analysis; Altman model; emerging markets RES companies; financial standing; ratio analysis; cluster analysis; Altman model; emerging markets
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MDPI and ACS Style

Tomczak, S.K. Comparison of the Financial Standing of Companies Generating Electricity from Renewable Sources and Fossil Fuels: A New Hybrid Approach. Energies 2019, 12, 3856.

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