Wpływ dużych ekonomicznych szoków na wyniki finansowe morskich farm wiatrowych na przykładzie farm na Morzu Północnym w wyłącznej strefie ekonomicznej Niemiec
The impact of large economic shocks on the financial results of offshore wind farms, as exemplified by North Sea farms in the German exclusive economic zone

Summary/Abstract: In the article is conducted analysis of economic performance of selected wind farm in German Exclusive Economic Zone at North Sea. 8 Wind farms were included in the research. Research period cover years 2016-2023. As a source of economic data were used audited financial statements. Assessment of economic persofmances was including specific of surveyed companies (big CAPEX intensivity, one ‑off of the enterprises). Purpose of the research was to assess the impact of economic phenomenon on economic performance off‑‑shore windfarms. In research period occured two big global economic shocks. The first of these was global COVID pandemic in 2020 and related to its economic slowdown, that translated into a drop in energy prices and, consequently, a slight decline in revenues of the surveyed group of companies. Second schock was a full scale aggression of Russia on Ukraine in 2022. In resulted in increase of energy prices and hence increase of revenues of surveyed enterprises. Positive impact on economic performance was significantly limited by higher operational costs. The choice of the research area was dictated by the availability of data and the similarity of the locations of the selected farms to the wind farms currently (2025) under construction in the Polish special economic zone.

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