Operating Costs in the Polish Energy Sector: Challenges for Capital Groups
Abstract
1. Introduction
2. Literature Review
3. Materials and Methods
3.1. Methods and Sources of Information Used
3.2. Characteristics of the Energy Sector in Poland
4. Results
4.1. Cost Structure of the Groups’ Activities as Derived from the Individual and Consolidated Financial Report
4.2. Groups’ Structure of Costs by Type as Derived from the Individual and Consolidated Financial Report
5. Discussion
6. Summary and Conclusions
Author Contributions
Funding
Data Availability Statement
Conflicts of Interest
References
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Stage | Activities |
---|---|
| The research objective and research hypothesis were formulated in the introduction of the article after defining the research gap based on a critical review of the literature. The research questions concern the assessment of the information values of individual and consolidated financial statements in terms of information on incurred costs. The research problem was set in the energy sector, due to its role in the economy and society. |
| The multiple case study method was chosen for the research. It allows for a detailed analysis of individual entities in terms of reported cost information. The multiple case study allows for a wide range of analysis and comparability of the studied objects. On the other hand, this method has weaknesses concerning the possibility of making generalisations due to the limited number of observations. The method of document analysis was used, in particular, individual and consolidated financial reports of the studied capital groups. |
| The selection of entities for the study was purposeful. The study covered all four Polish energy capital groups, which together hold almost 100% of the electricity production and distribution market. The study assumed that taking into account the years 2018–2022 would be sufficient to capture the basic trends influencing changes in the size and structure of costs. The period studied includes both the COVID-19 pandemic and the outbreak of the war in Ukraine, which significantly affected the operating costs of energy companies, not only in Poland. The characteristics of the energy sector in Poland, which constitutes the background for the study, are presented in a broader time horizon. |
| The analysis of information on the costs of the entities and capital groups studied was carried out in an Excel spreadsheet. The preliminary and ratio financial analysis and its tools were used. The narrative method was used in the discussion of the results to formulate conclusions and recommendations. The conclusions indicated the limitations of the study and other possible directions of research. |
Costs | 2018 | 2019 | 2020 | 2021 | 2022 | |||||
---|---|---|---|---|---|---|---|---|---|---|
PLN ** Million | % | PLN Million | % | PLN Million | % | PLN Million | % | PLN Million | % | |
PGE SA—Individual Financial Report | ||||||||||
core operating activities | 10,873.0 | 92.3 | 14,347.0 | 82.1 | 26,824.0 | 98.0 | 35,317.0 | 99.8 | 34,612.0 | 99.4 |
Result from other operating activities * | 28.0 | 0.2 | 20.0 | 0.1 | 5.0 | 0.0 | 0.0 | 0.0 | 171.0 | 0.5 |
Financial | 885.0 | 7.5 | 3 099.0 | 17.7 | 532.0 | 1.9 | 80.0 | 0.2 | 49.0 | 0.1 |
Total | 11,786.0 | 100 | 17,466.0 | 100 | 27,361.0 | 100 | 35,397.0 | 100 | 34,832.0 | 100 |
PGE Group—Consolidated Financial Report | ||||||||||
core operating activities | 23,477.0 | 98.2 | 42,594.0 | 98.9 | 44,292.0 | 98.6 | 51,664.0 | 98.9 | 71,088.0 | 99.5 |
Result from other operating activities * | 0.0 | 0.0 | 0.0 | 0.0 | 66.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
Financial | 436.0 | 1.8 | 475.0 | 1.1 | 557.0 | 1.2 | 579.0 | 1.1 | 383.0 | 0.5 |
Total | 23,913.0 | 100 | 43,069.0 | 100 | 44,915.0 | 100 | 52,243.0 | 100 | 71,471.0 | 100 |
Costs | 2018 | 2019 | 2020 | 2021 | 2022 | |||||
---|---|---|---|---|---|---|---|---|---|---|
PLN Million | % | PLN Million | % | PLN Million | % | PLN Million | % | PLN Million | % | |
Enea SA—Individual Financial Report | ||||||||||
Core operating activities | 4732.2 | 93.4 | 5772.4 | 94.3 | 6346.4 | 94.9 | 7457.5 | 96.8 | 11,993.1 | 96.9 |
Result from other operating activities * | 70.2 | 1.3 | 66.3 | 1.0 | 64.9 | 0.9 | 61.2 | 0.8 | 103.2 | 0.8 |
Financial | 265.3 | 5.2 | 285.8 | 4.7 | 275.9 | 4.2 | 179.5 | 2.4 | 286.2 | 2.3 |
Total | 5067.7 | 100 | 6124.5 | 100 | 6687.2 | 100 | 7698.2 | 100 | 12,382.5 | 100 |
ENEA Group—Consolidated Financial Report | ||||||||||
Core operating activities | 11,754.4 | 96.3 | 14,663.7 | 96.2 | 16,548.5 | 97.0 | 18,980.9 | 98.2 | 29,008.8 | 98.3 |
Result from other operating activities * | 168.7 | 1.2 | 148.4 | 0.9 | 173.8 | 1.0 | 127.3 | 0.7 | 223.4 | 0.8 |
Financial | 302.9 | 2.5 | 441.9 | 2.9 | 346.3 | 2.0 | 214.8 | 1.1 | 276.6 | 0.9 |
Total | 12,226.0 | 100 | 15,254.0 | 100 | 17,068.6 | 100 | 19,323.0 | 100 | 29,508.8 | 100 |
Costs | 2018 | 2019 | 2020 | 2021 | 2022 | |||||
---|---|---|---|---|---|---|---|---|---|---|
PLN Million | % | PLN Million | % | PLN Million | % | PLN Million | % | PLN Million | % | |
Energa SA—Individual Financial Report | ||||||||||
core operating activities | 155.0 | 29.8 | 159.0 | 29.3 | 178.0 | 20.1 | 154.0 | 37.2 | 163.0 | 34.8 |
Result from other operating activities * | 14.0 | 2.7 | 22.0 | 4.1 | 30.0 | 3.4 | 9.0 | 2.2 | 10.0 | 2.2 |
Financial | 351.0 | 67.5 | 361.0 | 66.6 | 674.0 | 76.5 | 250.0 | 60.6 | 295.0 | 63.0 |
Total | 520.0 | 100 | 542.0 | 100 | 882.0 | 100 | 413.0 | 100 | 468.0 | 100 |
ENERGA Group—Consolidated Financial Report | ||||||||||
core operating activities | 8993.0 | 93.2 | 11,674.0 | 91.8 | 12,028.0 | 93.2 | 12,249.0 | 95.1 | 19,178.0 | 93.8 |
Result from other operating activities * | 272.0 | 2.8 | 284.0 | 2.2 | 183.0 | 1.4 | 379.0 | 2.9 | 844.0 | 4.1 |
Financial | 382.0 | 4.0 | 762.0 | 6.0 | 696.0 | 5.4 | 268.0 | 2.0 | 429.0 | 2.1 |
Total | 9647.0 | 100 | 12,720.0 | 100 | 12,907.0 | 100 | 12,896.0 | 100 | 20,451.0 | 100 |
Costs | 2018 | 2019 | 2020 | 2021 | 2022 | |||||
---|---|---|---|---|---|---|---|---|---|---|
PLN Million | % | PLN Million | % | PLN Million | % | PLN Million | % | PLN Million | % | |
Tauron SA—Individual Financial Report | ||||||||||
core operating activities | 8592.1 | 74.6 | 10,576.8 | 84.3 | 12,239.9 | 74.4 | 18,168.0 | 89.8 | 29,126.0 | 91.8 |
Result from other operating activities * | 3.9 | 0.0 | 2.7 | 0.0 | 10.5 | 0.1 | 3.0 | 0.0 | 8.0 | 0.0 |
Financial | 2923.2 | 25.4 | 1975.3 | 15.7 | 4189.2 | 25.5 | 2059.0 | 10.2 | 2608.0 | 8.2 |
Total | 11,519.2 | 100 | 12,554.8 | 100 | 16,439.6 | 100 | 20,230.0 | 100 | 31,742.0 | 100 |
Tauron Group—Consolidated Financial Report | ||||||||||
core operating activities | 17,546.4 | 98.2 | 20,422.4 | 98.1 | 21,802.6 | 96.3 | 24,820.0 | 98.3 | 35,940.0 | 97.1 |
Result from other operating activities * | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Financial | 321.5 | 1.8 | 392.4 | 1.9 | 831.6 | 3.7 | 420.0 | 1.7 | 1070.0 | 2.9 |
Total | 17,867.9 | 100 | 20,814.8 | 100 | 22,634.2 | 100 | 25,240.0 | 100 | 37,010.0 | 100 |
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Borowiec, L.; Wyrzykowska, B.; Kacprzak, M.; Król, A.; Wolińska, E. Operating Costs in the Polish Energy Sector: Challenges for Capital Groups. Energies 2024, 17, 6033. https://doi.org/10.3390/en17236033
Borowiec L, Wyrzykowska B, Kacprzak M, Król A, Wolińska E. Operating Costs in the Polish Energy Sector: Challenges for Capital Groups. Energies. 2024; 17(23):6033. https://doi.org/10.3390/en17236033
Chicago/Turabian StyleBorowiec, Leszek, Barbara Wyrzykowska, Marzena Kacprzak, Agnieszka Król, and Emilia Wolińska. 2024. "Operating Costs in the Polish Energy Sector: Challenges for Capital Groups" Energies 17, no. 23: 6033. https://doi.org/10.3390/en17236033
APA StyleBorowiec, L., Wyrzykowska, B., Kacprzak, M., Król, A., & Wolińska, E. (2024). Operating Costs in the Polish Energy Sector: Challenges for Capital Groups. Energies, 17(23), 6033. https://doi.org/10.3390/en17236033