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EN
This paper builds a theoretical foundation and adds to it empirical data from two different energy markets; the Icelandic and the Polish markets. The data merges insights from an interdisciplinary literature review, with empirical verification generated from two complimentary, qualitative studies. The specific objectives are to research similarities and differences between the two above mentioned markets. Furthermore to assist in the above mentioned managerial challenge by means of theoretical sound measures of marketing behavior. In particular branding and it´s sub dimension, differentiation by making propositions on theory development for differentiation of brands within the electricity sector.(fragment of text)
EN
Formation of common European energy market implies the necessity of making adjustments to domestic low and adopt market development possibilities in order to meet European Union regulations. Implementation of system support to develop high-efficiency cogeneration was one of those aspects. Several years of functioning such mechanism allow to: analyze those regulations and their impact on sub-sector development, make a deep cost analysis and discuss about its efficiency. This paper describes the background of implementation of EU regulations, results of efficiency analysis and comparison with the functioning mechanism in the Flemish Region.
EN
The aim of this paper is to describe and measure risk on the Polish & German Energy Market. The risk was estimated with three types of Value-at-Risk measures: VaR, stress VaR and Incremental Risk Charge (IRC). These measures were calculated on time series of logarithmic daily rates of return of indexes from the Polish Power Exchange (POLPX) andthe European Energy Exchange (EEX) spot market. Based on time series from 01.2009 to 28.09.2012 we attempted to answer the two questions: which measure is more appropriate for risk estimation, and where the risk level is higher.
PL
Wdrażanie infrastruktury Smart Grid (tzw. inteligentnej sieci elektroenergetycznej) spowodowało pojawienie się nieznanych wcześniej problemów związanych z przetwarzaniem oraz analizowaniem dużych i zróżnicowanych zbiorów danych, które z uwagi na bezpieczeństwo sieci i uczestników gry rynkowej powinno być realizowane w czasie niemal rzeczywistym. Co więcej, postępujące na rynku energii elektrycznej zmiany implikują przejście od modelu tradycyjnego do rynku bardziej zorientowanego na klienta. Wynika to przede wszystkim ze zwiększonego dostępu do narzędzi i informacji pozwalających na monitorowanie i redukcję zużycia energii oraz rosnącej świadomości konsumentów odnośnie do przysługującego im prawa zmiany sprzedawcy energii elektrycznej. Portale internetowe czy media społecznościowe stają się miejscem dyskusji, porównania i oceny obecnie dostępnych ofert. Tym samym odpowiednio przeanalizowane informacje publikowane za ich pośrednictwem mogą być źródłem budowania przewagi konkurencyjnej firmy. Artykuł ocenia możliwości wsparcia potrzeb informacyjnych przedsiębiorstw funkcjonujących na rynku energii elektrycznej poprzez wykorzystanie analizy wydźwięku opinii klientów o operatorach energetycznych oraz o produktach przez nich oferowanych.
EN
The implementation of the Smart Grid infrastructure caused previously unknown problems connected with processing and analyzing large and diverse data sets. Due to the security of the electricity network and the market participants, the processing and analyzing large data sets should be achieved in the near real-time. Furthermore, the changes in the electricity market have implied a shift from the traditional market model to the customer-oriented market. This is primarily a result of the increasing access to the tools and information which allow consumers to monitor and reduce the energy consumption, and of the customers' growing awareness about the right to change their electricity supplier. Web portals and social media have become a place for discussion, comparison and review of the currently available offers. Thus, the proper analysis of the information published on such websites can be a source of competitive advantage for the electricity suppliers. The article shows a possibility to support the information needs of electricity companies by means of the sentiment analysis of customer's reviews on energy suppliers and on the services they offer.
EN
Liberalization on the electricity market in Poland is related to the possibility of free choice of electricity supplier. On a liberalized market, suppliers have to compete to gain new customers and retain the old ones. The suppliers have to satisfy the customers’ needs − which are more and more complex − and customize their approach. Therefore, negotiations of electricity sale conditions become an usual practice. The purpose of this study is to propose a way of supporting the negotiation process of electricity sale conditions between a supplier and a customer. To solve this problem, the scoring method has been used.
PL
W artykule przedstawione zostały wybrane zagadnienia dotyczące zmiany modelu funkcjonowania rynku energii elektrycznej w Unii Europejskiej. Omówiono działania strategiczne Komisji Europejskiej w sprawie budowania unii energetycznej opartej o większą solidarność krajów członkowskich, bardziej zintegrowany rynek energii i dalszy rozwój rynku energii odnawialnej. Przedstawiono kierunki budowania gospodarki niskowęglowej w Polsce poprzez pryzmat globalnych priorytetów ochrony klimatu oraz realizację europejskiej polityki energetycznej, klimatycznej i ekologicznej.
EN
The article presents selected issues concerning changing the model of a functioning electricity market in the European Union. The strategic activities of the European Commission on building energy union based on greater solidarity between Member States, a more integrated energy market and the continued development of the renewable energy market were discussed. Actual trends in building a low-carbon economy in Poland through the prism of global priorities for climate protection and implementation of European energy, climate and environmental policies were presented.
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EN
The aim of this paper is the analysis of risk on Scandinavian energy market: Nord Pool Spot. The analysis is based on Value-at-Risk and Expected Shortfall. As the normality assumption for linear returns of prices has been rejected, the alternative distribution has been proposed: the alpha-stable distribution. The results shown that there are some differences between risks among submarkets of Nord Pool Spot. Moreover, the alpha- stable distribution better approximate real Value-at-Risk than normal one only if quantiles of order 0,05 and 0,95 are considered.
EN
The aim of this paper is a comparative analysis of contract electric energy portfolios at Polish Power Exchange (POLPX) and European Energy Exchange (EEX) spot markets. The multi-criteria approach proposed in this paper is based on minimization of the Conditional Value at Risk with the confidence level 0.95 and maximization of portfolio rates of return. The analyzed portfolios have been constructed independently for each power exchange (for investors who are interested to invest on one market only), as well as for POLEX and EEX together (for investors who invest on more than one market) with two criteria.
PL
W artykule dokonano analizy porównawczej modeli wyboru portfeli budowanych w oparciu o miarę ryzyka CVaR (warunkowaną wartość zagrożoną). Zbadano portfele na rynkach kontraktów krótkoterminowych energii elektrycznej z wykorzystaniem liniowych dziennych stóp zwrotu cen notowanych na Towarowej Giełdzie Energii (POLPX) i Europejskiej Giełdzie Energii EEX.
EN
Progressing liberalization and electricity market development in Poland results increase of competitiveness. The new products being offered to customers are increasingly more complex and sophisticated. Accordingly, it requires a challenge for both portfolio and risk management skills. Considering market risk peculiarity within the frame of energy market as well as lack of energy derivatives market - including options contracts, position's hedging becomes very difficult. Hedging efficiency determines risk exposure and furthermore risk capital demand. Dynamic hedging approach described in this paper has been focused especially on short position in call option, written as a compliment - additional value for customer. The main purpose of presented approach is to provide stable enough financial performance and adequate risk's yield premium.
EN
In this paper a comparison of risk level changes of exchange company of power sector is presented. The analysis is based on data from Polish Stock Exchange (GPW) for following companies: Tauron Polska Energia SA (TPE), Polska Grupa Energetyczna SA (PGE), Polish Energy Partners SA (PEP), Zespół Elektrociepłowni Wrocławskich Kogeneracja SA (KGN) Enea SA (ENA), CEZ SA (CEZ). For these companies the portfolio with minimum Conditional Value-at-Risk (CVaR) is proposed.
EN
The objective of the paper is to analyse the system of prosumer energetics support in Poland. The system has been functioning since 2013 based on the regulations provided by the revised Energy Law. The purpose of the study is to present the essence of prosumer energetics and also the identification and synthetic characteristics of basic administrative and financial as well as economic and financial instruments stimulating the development of micro-installations of dispersed generation taking advantage of renewable energy sources. A lot of space was devoted, in particular, to the characteristics of feed-in tariffs and the "Prosumer" priority programme initiated by the National Fund for Environment Protection and Water Management.
EN
The aim of this paper is to present the way in which the European Union intends to achieve greater energy security through a framework of regional cooperation. The article analyses the cooperation among of the Energy Community, the Caucasus and Central Asia, and the Baltic Sea states as well as a cooperation with the Scandinavian countries.
PL
Celem pracy jest przeprowadzenie analizy porównawczej ryzyka zmiany ceny oraz wolumenu obrotu na rynku energii elektrycznej oraz rynku gazu prowadzonych przez Towarową Giełdę Energii. W pracy została przeprowadzona analiza rozkładów stóp zwrotu z omawianych rynków, na podstawie której zaproponowano miary estymacji ryzyka. Na bazie oszacowanego ryzyka zostanie przeprowadzona analiza porównawcza poziomu ryzyka na poszczególnych rynkach.
EN
The aim of this paper is to carry out a comparative risk analysis of price and volume changes between electric energy contract prices and natural gas contracts quoted on Polish Power Exchange. On both markets prices are quoted continuously, and in fixings. In this paper the distribution of rates of return from both markets is analyzed. Based on this analysis, measures for estimating risk of price changes are proposed.
PL
W artykule podjęto próbę przybliżenia obowiązków, jakie w zakresie handlu derywatami towarowymi nakłada na spółki obrotu rozporządzenie MAR. Poruszono w nim kwestię wpływu rozporządzenia MAR na rynek towarowy i relacji tego rozporządzenia do pozostałych regulacji mających wpływ na rynek energii i gazu (REMIT, EMIR, MiFID II). Przedstawiono wątpliwości i konsekwencje skutków tak ukształtowanego zakresu przedmiotowego regulacji. Zasygnalizowano także zagadnienia związane z planowanym harmonogramem wdrażania rozporządzenia MAR, jak również wyzwania dla podmiotów działających na rynku energii.
EN
The aim of the paper is to present the impact of the Regulation on market abuse (MAR) on duties placed on companies trading in commodity derivatives. It also tackles the issue of the influence of the MAR Regulation on the commodity market and its relation to other legislation regarding the energy and gas market (REMIT, EMIR, MiFID II). The paper discusses also the precariousness and consequences of such legislative scope. Moreover questions are posed regarding the planned implementation schedule for the MAR Regulation as well as challenges for entities active on the energy market.
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