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EN
This study has attempted to provide an analytical framework for the discussion of problem of debt servicing capacity of the developing countries, which are the major international borrowers today. 1 have concerned on analysing debt servicing problems of a hypothetical primary producing country which has a reasonably ambitions income growth target; which relies on foreign loans at conventional terms financing a considerable portion of its investment program; which has a relatively closed economy and cannot rapidly expand its exports of primary commodities, due to world market conditions. The fundamental difficulty is that the theory of debt servicing capacity has not yet been formulated, despite the fact that some aspects of the problem have been fairly thoroughly explored. This study is an attempt to define the “ safe level" of idebtedness which shouldn’t be exceeded. Among factors influencing the level mentioned above we can define some factors which are important in a short term, others are active in a long term and they will be the subject of this study.
EN
The development of renewable energetics is consistent with fundamental purposes of EU energy policy. It contributes to EU energy safety and improvement of natural environment’s condition. However, from the point of view of high investment costs the generation costs of renewable energy are high. Therefore the development of renewable energetics must be financial supported. To the most often systems of support used by EU member states belong: Feed in Tariffs, Quota Obligation, Tradable Green Certificates and Tendering System. However due to financial crisis of euro zone many EU member states decided to reduce their systems of support.
EN
The Europeans can enjoy the environment. The soundings of Eurobarometr show, that the majority (over 70%) of them wish, the decision makers treat with the same attention the question of environment, economic and social politics. For recent 30 years much has been done to improve the environment in Europe, however the main problems still exist. To the most important of them belong the climate changes, which cause unusually waether occurrences, regional water deficit and melting of polar glaciers. This negativ impact on the environment is caused by the emission on greenhous gases, which are released during the combustion processes of solid fuels. The source of the third part of the world emission of greenhous gases is the energetics, because of that the main activities are undertaken in this sector to reduce the size of this occurrence. EU has become the leader in determining of the ambitious purposes to reduce the emission of greenhous gases. It has accepted that no activity means too high risk. Therefore the EU has created and initiated the European Union Emissions Trading System, which should enable to reduce the emission of greenhous gases of 8 percent until 2012 in relation to 1990 in EU-countries. This target has been established over the Kyoto Protocol level. The European Union Emissions Trading System runs parallel to the liberalization process of the European electricity market. The aritcle presents the mutual relationships, which appear between the emission of greenhous gases and the electricity generation sector of EU. The combustion of solid fuels causes the pollution of environment but its protection expressed in necessity to possess some emission allowances leads to higher prices of electricity. A new type of cost will increase the price of electricity produced in power plants polluting the environment with CO2. It will stimulate the competition between different technologies of electricity production and development of environmental friendly energy sources.
XX
Celem artykułu jest określenie roli, jaką węgiel kamienny będzie spełniał w zaspokojeniu potrzeb energetycznych Polski. Cel ten zrealizowano analizując wpływ, jaki na tę rolę będą odgrywały trzy grupy czynników. Grupa czynników wewnętrznych o charakterze mikroekonomicznym obejmuje rosnące koszty wydobycia węgla i funkcjonowania spółek węglowych, efekty działań inwestycyjnych i restrukturyzacyjnych podejmowanych przez te spółki oraz działalność górniczych związków zawodowych. Do czynników wewnętrznych o charakterze makroekonomicznym zaliczono konieczność zapewnienia bezpieczeństwa energetycznego kraju, społeczny wymiar górnictwa, rozwój czystych technologii wykorzystania węgla kamiennego, inwestycje w energetykę węglową, wycofywanie mocy węglowej, rozwój innych technologii wytwarzania energii elektrycznej oraz konkurencję węgla brunatnego. Z kolei wśród czynników zewnętrznych, za najważniejsze uznano tendencje cenowe węgla kamiennego na rynku światowym, import węgla kamiennego, politykę klimatyczną UE, rozwój rynku energii elektrycznej w Europie oraz renesans węgla kamiennego w UE. Analizę przeprowadzono w trzech okresach czasowych, tj. w okresie krótkim (ST), obejmującym lata 2014-2017, w okresie średnim (MT), obejmującym lata 2018-2025 oraz w okresie długim (LT), obejmujących lata powyżej 2025 roku.Generalnym wnioskiem wynikającym z tej analizy jest możliwość zachowania „poprawnej” kondycji finansowej przez górnictwo węgla kamiennego w Polsce w ST, nieznacznej jej poprawy w MT oraz wyraźnego pogorszenia tej kondycji w LT.
EN
This article refers to the problems connected with the assesment of leasing risk and its security. It points at the necessity to secure by a leasing company its leasing receivables irrespective of the user’s present - and forecasted financial situation. It especially concerns the long-term leasing agreements with amounts above 1 million PLN which include objects with low liquidity extent. This cases - without additional security - are connected with high risk level for a leasing company and its ownership of the leasing objects is unsu 1 Many examples mentioned in this article of known Polish and foreign companies which. Quickly lost their stable financial situation speak for big importance of the additional securities of leasing receivables. They must be additional securied because of the influence in the economy factors independent of the companies which can cause that their financial condition may become worse and threaten with default on payments. This factors also can cause a financial forecasts and businnes plans may be not fullfiled. Moreever leasing companies must take into account that some businnesmen can act dishonestly or even on the border of law or with its transgression. In order to fullfil their task the additional securities of leasing receivables must be corectly estimated in respect of market value and ownership. The lack of the comparision of the value of securities to its market prices may casuse unpleasant surprises.
EN
On the Polish financial market leasing belongs, besides credit, to the most popular and used external finance sources. It isn’t now situation for credit, which belonged to the classical external finance sources for many years ago. However leasing has been obtaining its position during the last ten years. Recently some important regulations concerning leasing were arranged in Poland and it would let leasing to develop further. With its development a new type of risk has appeared, i.e. a leasing risk. This article refers to the mortgage as the way to secure the leasing receivables of a leasing company. It is the similiar situation as in the case of other finance companies, for example bank and because of that this article has in the majority an universal character. However the leasing risk differs from the credit risk in some points. The most important point is the risk connected with the leasing object which a leasing company owns. It means among other things the buy risk which includes the price and undelivery risk. In case o f heavy and big machines and especially in case of technological lines the property they are installed and run play an significant part. Those can only be used in places they are installed without losing their value. Because of that the mortgage on the property secure not only the leasing receivables but the leasing object installed inside as well. The mortgage on the property can play the double part in case of leasing. For the efficiency of the second part is however the quickly execution process necessary.
EN
This article presents the problem of stranded cost in the European electricity sector and especially in the new EU member states. Stranded costs are costs that were incurred by companies before the liberalisation of the electricity sector and that the effects of the liberalisation makes it impossible or very difficult to recover. The appearance of stranded costs influences negative the liberalisation of electricity markets in Europe. The member states have two ways to recover the stranded costs. They can apply to the European Commission for a transitional regime in accordance with Article 24 of the Directive 92/96/EU or try to receive a compensation payment. All proposed solutions affect the increase of customers’ payments. From respect to the importance of the problem the European Commission decided to prepare a stranded costs recovery scheme. Competition Commissioner Neelie Kroes commented: „The Commission has a duty to verify that EC Treaty state aid rules are respected in the electricity sector, in particular to ensure that state compensation is proportionate and does not deter new competitors from entering the market”.
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