WPŁYW RYZYKA KLIMATYCZNEGO NA PROCESY INWESTYCYJNE W ELEKTROENERGETYCE –STUDIA PRZYPADKÓWELEKTROWNI WĘGLOWYCH OSTROŁĘKA I JAWORZNO ORAZ ELEKTROWNI WIATROWEJ SZYMANKOWO
THE IMPACT OF THE CLIMATE RISK ON INVESTMENT PRO-CESSES IN THE POLISH ENERGY SECTOR – CASE STUDIES OF THE COAL-FIRED POWER PLANTS OSTROŁĘKA AND JAWORZNO AS WELL AS THE WIND POWER PLANT SZYMANKOWO

Summary/Abstract: Purpose – The ongoing energy transition poses a significant challenge for the Polish power sector. The investment gap in the area of power generation assets in Poland requires large-scale investment projects involving new generation sources. A key aspect of any electricity investment is an investment risk, which in this sector is particularly related to climate and financial risks. The aim of this article is to demonstrate the fundamental impact of climate risk on the success of investment projects in electricity generation assets. Methodology – Three case studies were carried out, for which the level of investment risk was determined with a particular focus on climate risk and the results of an economic analysis of the profitability of the investment. A review of literature and energy companies' documents has also been carried out. Findings – In times of energy crisis and ongoing energy and climate policy, it has become impossible to complete the financial assembly from external sources for new coal-fired units, as shown by the example of the failed Ostrołęka investment. Ignoring the climate risk as well as the results of the investment efficiency account led to the project being aborted and sunk costs generated. Current market conditions in the sector strongly support investment in renewable energy sources as being compatible with sustainable development. However, the Polish electricity system is currently in such a situation that it is also necessary to invest in large-scale generation units to ensure energy security, particularly during the energy crisis in Europe.

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