scholarly journals Distributing Enterprise Value to Stakeholders in the Range of Sustainable Development on the Basis of the Energy Industry in Poland

2021 ◽  
Vol 13 (4) ◽  
pp. 2130
Author(s):  
Sylwia Lorenc ◽  
Arkadiusz Kustra
Keyword(s):  
Sustainable Development ◽  
Free Cash Flow ◽  
Added Value ◽  
Energy Industry ◽  
State Budget ◽  
Enterprise Value ◽  
Financial Benefits ◽  
Lost Potential ◽  
Energy Companies ◽  
Sustainable Transition

The aim of this paper is to analyse and compare the process of distributing value to stakeholders in energy industry enterprises in the range of sustainable transition. The analysis focuses on the four largest energy companies in Poland: ENEA Group, ENERGA Group, PGE Group and TAURON Polish Energy. Directions of value distribution in these companies have been presented for the years 2009–2018. The paper identifies the main groups of stakeholders of the above companies, i.e., owners, employees, suppliers, capital providers, the state budget and the budgets of local government units. The value dedicated to these stakeholders was estimated based on the free cash flow (FCF) methodology. According to the presented analysis, in the years 2009–2018, the energy industry in Poland realised a total of 236.2 billion PLN for selected stakeholders. PGE Group generated the most financial benefits, providing nearly 120 billion PLN. The smallest value was realised by ENERGA Group in the amount of over 28 billion PLN. Identification of added value according to the proposed methodology may support the process of making decisions related to the continuation or cessation of energy-related activities in the light of continued or lost potential stakeholder benefits.

scholarly journals Developments and Trends of Mergers and Acquisitions in the Energy Industry

Energies ◽  
2021 ◽  
Vol 14 (8) ◽  
pp. 2158
Author(s):  
Karolis Andriuškevičius ◽  
Dalia Štreimikienė
Keyword(s):  
Mergers And Acquisitions ◽  
Cost Reduction ◽  
Driving Forces ◽  
Energy Industry ◽  
Business Climate ◽  
Climate Conditions ◽  
Thomson Reuters ◽  
Green Development ◽  
Energy Companies ◽  
Political Economic

Developments, trends, business climate, conditions, factors influencing the efficiency and results of mergers and acquisitions (M&A) in the energy sector are explored in this research. PESTLE (political, economic, social, technological, legal, environmental) analysis was performed in order to determine the driving forces of M&As in the energy industry. Considering the motivation and main questions of the study, a sample of global M&A deals that have occurred during the period 1995–2020 has been analyzed. DataStream 5.1 database by Thomson Reuters was employed to identify the sample of global energy companies that took over another company in the period 1995–2020. According to the research, while the role and presence of M&As in the energy industry are increasing, the purpose of the M&A deals has changed remarkably. During 1995–2010, most M&A events were conducted in order to explore synergies and benefit from cost reduction. Since the last decade, firms are pursuing M&As in the search of growth opportunities, ensuring supply and reflecting demand for green development of ecological environment and ongoing changes in the nature of energy.

The Role of a Geographic Information System (GIS) in the Sustainability of Export Pipeline Projects

2002 ◽  
Author(s):  
Patricia C. Wild ◽  
Jennifer Barringer ◽  
William Lukens
Keyword(s):  
Sustainable Development ◽  
Corporate Culture ◽  
Sustainable Growth ◽  
Social Progress ◽  
Energy Industry ◽  
Development Economic ◽  
Market Place ◽  
Gis Technology ◽  
Bottom Line ◽  
Pipeline Systems

Sustainable development in the energy industry is rapidly expanding beyond the conceptual stage. Policies addressing the three principles of Sustainable Development (economic growth, environmental protection, and social progress) are being established and strategies to execute these policies are being developed and implemented in the field. Export pipeline projects provide a wide variety of applications for the three elements of sustainable development. Properly designed, installed and operated pipeline systems enable the energy industry to deliver hydrocarbon products to the market place in a way that delivers economic rewards while preserving the integrity of the environment and surrounding communities and their ways of life. Conoco is developing a strong corporate culture around sustainable development; and, pipeline systems play a vital role in delivering the triple bottom line results for our stakeholders. This paper will present some of the key focal points used by Conoco Inc. in pipeline project development. It proposes GIS technology to make pipeline projects a contributor to sustainable growth success.

scholarly journals An Influence of Group Purchasing Organizations on Financial Security of SMEs Operating in the Renewable Energy Sector—Case for Poland

Energies ◽  
2020 ◽  
Vol 13 (11) ◽  
pp. 2926 ◽  
Author(s):  
Grzegorz Zimon ◽  
Marek Sobolewski ◽  
Grzegorz Lew
Keyword(s):  
Renewable Energy ◽  
Environmental Changes ◽  
Research Question ◽  
Energy Sector ◽  
Energy Industry ◽  
The European Union ◽  
Operating Cycle ◽  
Cash Conversion Cycle ◽  
Energy Companies ◽  
Renewable Energy Industry

European countries are increasingly using renewable energy. Poland is an outsider of such solutions. The Polish energy sector is primarily based on energy produced from coal. However, environmental changes and regulations of the European Union are forcing the increased use of energy from renewable sources. Renewable energy is an industry that is still developing in Poland. At the same time, Poland is a country where the political decisions of the government over the last few years have resulted in a significant limitation of the possibilities of renewable energy development. These actions have also resulted in lowering the profitability of the currently operating renewable energy enterprises, especially those from the sector of small and medium-sized enterprises. An opportunity for SMEs operating in the renewable energy sector is to merge into industry purchasing groups. The aim of the article—and at the same time the research question—is: Is it financially safer for renewable energy companies to operate within purchasing groups compared to companies operating independently in this industry? Traditional ways of purchasing can be transferred to integrated purchasing systems, which will be created by purchasing groups associating renewable energy companies. For this purpose, the financial effects of the implementation and functioning of the purchasing groups in the renewable energy sector in relation to entities operating independently were examined. In the research of renewable energy SMEs, a comparative analysis of key indicators determining the possibility of continuing the activity of these entities was made. The following indicators were examined: current financial liquidity ratio, return on sales, operating cycle, cash conversion cycle, share of receivables in current assets, share of inventory in current assets, turnover ratios, level of receivables, liabilities and profitability. The scientific literature is dominated by studies on purchasing groups in the pharmaceutical and construction industries. Thanks to the research conducted, it has been indicated that the renewable energy industry can also improve its profitability, and thus the possibility of safe continuation of operations by extending the business model to inter-entity cooperation within purchasing groups. Increasing the efficiency of individual entities of the renewable energy industry within purchasing groups becomes particularly important during the COVID-19 pandemic. Statistical analyses and their graphic presentation present the significant impact on the safety and profitability of renewable energy entities in the form of purchasing groups.

scholarly journals Strategic Aspects of Economic and Energy Policy of Ukraine in the Context of Sustainable Development

2021 ◽  
Vol 1 (516) ◽  
pp. 65-76
Author(s):  
O. V. Klymchuk ◽  
◽  
S. V. Kozlovskyi ◽  
R. V. Lavrov ◽  
◽  
...  
Keyword(s):  
Sustainable Development ◽  
Renewable Energy ◽  
Energy Saving ◽  
Energy Policy ◽  
Renewable Energy Sources ◽  
The State ◽  
Energy Industry ◽  
Energy Sources ◽  
High Tech ◽  
The World

The article is aimed at developing strategic directions and introducing regulatory measures for the formation of Ukraine’s energy policy on the principles of energy saving and the development of renewable energy industry. On the basis of scientific works, the main organizational-economic vectors of energy industry sector development are systematized, which are associated with the formation of a favorable socio-political climate regarding the priority of using renewable energy sources in the fuel and energy complex; development of effective methods of both the State-based and the market-based regulation by the world community; coordination of the strategy of sustainable development of the world economy. It is determined that the energy saving policy should be based on a flexible combination of the State-based regulation and the market environment for the formation of the most acceptable stimulation mechanisms in the specific economic and political situations, which allows for the greatest economic benefit. It has been found out that the implementation of energy saving processes is impossible without the mass use of renewable energy carriers, which are a universal resource for processing to the right types of energy, are marked by energy independence related to obtaining economic benefits and contribute to the creation of an ecological friendly environment. In the perspective, the energy saving processes, the transition of the national economy to wide implementation in the production of high-tech technologies and the use of renewable energy sources should become the determining factors of Ukraine’s energy strategy.

scholarly journals Social Capital in Energy Enterprises: Poland’s Case

Energies ◽  
2022 ◽  
Vol 15 (2) ◽  
pp. 546
Author(s):  
Elżbieta Jędrych ◽  
Dariusz Klimek ◽  
Agnieszka Rzepka
Keyword(s):  
Social Capital ◽  
Economic Development ◽  
Energy Industry ◽  
Basic Question ◽  
Relational Capital ◽  
Economic Success ◽  
Professional Groups ◽  
Industrial Companies ◽  
Structural Capital ◽  
Energy Companies

Social capital is currently perceived as one of the basic factors of economic development and economic success of enterprises. However, while there is already much research on social capital in enterprises, there has been little such research in the energy industry. The aim of the publication is to fill the gap in this regard. The basic question that the authors try to answer is whether there is a higher level of capital in energy companies compared to other industries, and if so, what the reasons are for this. Apart from answering this question, the authors present their own method of measuring the level of this capital. The first part of the article presents the results of a study on the level of social capital in Polish energy companies, whereas the second part compares the levels of social capital in energy companies and industrial companies in other sectors. According to the study, energy companies generally have higher levels of social capital than companies in other industries. It has been found, however, that individual forms of capital that comprise social capital differ. The most significant differences were observed in relational capital, followed by cognitive capital at a lower value and structural capital at the lowest. The survey also revealed that there is a difference in social capital levels among the researched professional groups: management, administration, and production.

scholarly journals The Environmental Aspect in the Concept of Corporate Social Responsibility in the Energy Industry and Sustainable Development of the Economy

Energies ◽  
2021 ◽  
Vol 14 (18) ◽  
pp. 5993
Author(s):  
Katarzyna Huk ◽  
Mateusz Kurowski
Keyword(s):  
Sustainable Development ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Negative Impact ◽  
Iso 14001 ◽  
Energy Industry ◽  
Environmental Aspect ◽  
The World ◽  
Corporate Social ◽  
The Impact

Sustainable development is now an important direction for the further development of all economies in the world. It is important to balance economic development with the impact on the environment and our planet. Another direction in the development of management sciences is the emergence of the concept of Corporate Social Responsibility, which considers this impact in three key aspects—economic, environmental and social—in terms of microeconomics. This concept gives companies specific guidelines and tools that minimize their negative impact on the environment. Reducing the negative impact of companies influences the environment and this is what is mainly associated with them. However, companies should also pay attention to internal consistency and caring for employees. Company practices such as the exploitation of people, including children, and injustice in the workplace are some of the factors that can be observed in less developed countries. The article focuses on the presentation of the environmental aspect in the context of the concept of corporate social responsibility. We analyzed individual sectors of the economy in terms of the environmental aspect, with particular emphasis on the energy industry. The study is based on a statistical analysis taking into account data from 1718 companies from all over the world. The aim of the article is to present the environmental aspect in the context of corporate social responsibility in the energy industry as a direction for sustainable development of the economy. The article is based on the analysis of the literature and databases presenting CSR, which was created on the basis of questionnaire research. The article shows which regions of the world are worse and which are better in terms of the environmental aspects of CSR. Conclusions on the main CSR guidelines for the environment are also presented. We analyzed factors such as environmental routines, policies and targets, implementation of environmental management systems, ISO 14001/EMAS certification, environmental reporting, environmental requirements inside the supply chain, the trend of GHG emissions and the trend of energy consumption for their environmental impact. The analysis was carried out on the basis of given regions of the world and individual sectors of the economy, especially the energy industry.

System Dynamics Simulation and Adjustment on Coal Resource Utilization Based on Circular Economy

2012 ◽  
Vol 524-527 ◽  
pp. 3190-3201
Author(s):  
Yan Hong Hao ◽  
Ling Mei Wang ◽  
Li Xia Qiu
Keyword(s):  
Sustainable Development ◽  
System Dynamics ◽  
Resource Utilization ◽  
Circular Economy ◽  
Waste Recycling ◽  
Added Value ◽  
Dynamics Simulation ◽  
Utilization Rate ◽  
Recycling Rate ◽  
Coal Resource

Coal resource utilization system, based on circular economy, is an opening, complex and time-varying system. It composes of subsystems such as industry, population, economy and environment etc. Taking the industry subsystem as prime object, this paper builds its system dynamics model adopting the system dynamics method based on full life cycle. The adjustment parameters such as utilization rate of by-product of mining, the proportion of coal use in each industry and waste recycling rate etc. were confirmed. As a case of coal utilization system being designed, thirteen development projects belong to two types of scenarios were run on the model. The efficacy coefficient method was applied to analyze the simulation results and determine the comparatively best project of coal resource utilization system for the first time. The results indicate that the C4 among them are the best project comparatively, its waste emission is the least, and the benefits of economy, environment and society are the maximum. Research shows that extending industrial chain, increasing production proportion of high added-value product and raising waste recycling rate are beneficial to decrease coal-mining quantity for unit output value, protect coal resource and achieve sustainable development, namely that adopting circular economy development pattern is undoubtedly worthy of advocating for sustainable development of economy, environment and society.

Integrated Watershed Management for Sustainable Development

2011 ◽  
pp. 920-933
Author(s):  
Goshu Worku
Keyword(s):  
Sustainable Development ◽  
Natural Resources ◽  
Soil Water ◽  
Watershed Management ◽  
Developed Countries ◽  
Added Value ◽  
Sources Of Information ◽  
Promising Tool ◽  
Integrated Watershed Management ◽  
Over Exploitation

The over exploitation of natural resources (soil, water, fauna and flora) is critically affecting the social, economic and environmental needs of the current generation and is feared to risk the ability of the future generation to meet its needs. Nowadays citizens in many countries are facing severe livelihood challenges ranging from seeking for external aids for existence to massive life devastation due to natural hazards such as flooding & land slide imposing death tolls. The degradation of the natural environment imposes the threatening of life not only in those less developed nations but also life all over the globe. The problem is more pronounced in less developed countries like the Eastern Nile Catchment nations. Sustainable development is hoped nowadays to be a promising solution. In this regard integrated watershed management is a potential tool for bringing about such a promising tool, by laying better ground for sustainable development. This chapter is prepared with the intent of showing the link between integrated watershed management and sustainable development which a country envisages to reach, and the contribution of integrated watershed management to sustainable development. Various previous documents are reviewed and used as sources of information for the preparation of the write up. The author’s professional experience on the current overall natural resources condition is an added value, too. Sustainable development, which can be achieved through proper conservation and utilization of the existing resources by employing integrated watershed management, is development which meets the needs of the present without compromising the ability of future generations to meet their own needs,. Integrated watershed management is the process of formulation and carrying out a course of actions involving the manipulation of resources in the watershed to provide goods and services without adversely affecting the soil, water, vegetation base and other elements of the ecosystem, by employing multi-disciplinary teams.

Romanian Rural Tourism in the Context of Sustainable Development

2015 ◽  
pp. 138-160
Author(s):  
Marian Zaharia ◽  
Rodica-Manuela Gogonea ◽  
Daniela Enachescu
Keyword(s):  
Sustainable Development ◽  
Natural Resources ◽  
Regional Development ◽  
Regional Distribution ◽  
Rural Tourism ◽  
Added Value ◽  
Future Generations ◽  
Equitable Distribution ◽  
Rational Use ◽  
Statistical Indicators

Tourism, in all its activities, is dependent on the environment, and by exploiting its resources, products are created, creating a significant added value. But all this must take into account the rational use of natural resources with risk of depletion or degradation and the ability to achieve a decent standard of living for future generations, with an equitable distribution of general or specific revenue. Based on these considerations, the aim of this chapter is to assess the evolution of touristic infrastructure both in time and in terms of regional distribution. To estimate the tourism supply of Romanian rural tourism accommodation, the main statistical indicators used were the number of agro tourist boarding houses, the existing accommodation capacity, and the accommodation capacity in operation, their territorial concentration, and the way in which the results are strategic levers in the regional development of Romania.

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