Abstract. Development of the concepts of sustainable development and corporate social responsibility has a great impact on reporting in companies. The increase of their importance has resulted in a need to create a reporting system that would provide information on not only the methods but also the results of implementation of those concepts in companies. Globally, there are many organizations that promote and support companies in the area of integrated reporting. The most popular standard for reporting non-financial data that is used by a number of companies worldwide is the Global Reporting Initiative (GRI) Guidelines. The main objective of the GRI is to support the development of sustainable economy in which companies take responsibility for the economic, social, and environmental consequences of their operations, manage that responsibility, and report all their actions. An example of a sector where the concept of sustainable development and its transparent reporting has an impact on the formation of values is the energy sector, which creates value for stakeholders and, together with the financial sector, has the greatest impact on national economies.

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.

Abstract. The objective of this article is the analysis and comparison of the value distribution process that takes place in enterprises for stakeholders. The following coal mining enterprises are subject of this work: JSW S.A., KGHM S.A., and LW Bogdanka S.A, for which the directions of value distribution in the years 2011-2016 were presented. The article defines the main groups of the partnerships' stakeholders, such as the owners, staff, suppliers, equity providers, the country budget and the local governments' budgets. The sustainable value benchmark was defined as the benefits received by the stakeholders through the allocation of financial surplus. The value defined for the abovementioned stakeholders was assessed according to the Free Cash Flow (FCF) methodology.

Abstract. The article presents cost of equity estimation of capital groups from the fuel and energy sector, listed at the Warsaw Stock Exchange, based on the Capital Asset Pricing Model (CAPM). The objective of the article was to perform a valuation of equity with the application of CAPM, based on actual financial data and stock exchange data and to carry out a sensitivity analysis of such cost, depending on the financing structure of the entity. The objective of the article formulated in this manner has determined its' structure. It focuses on presentation of substantive analyses related to the core of equity and methods of estimating its' costs, with special attention given to the CAPM. In the practical section, estimation of cost was performed according to the CAPM methodology, based on the example of leading fuel and energy companies, such as Tauron GE and PGE. Simultaneously, sensitivity analysis of such cost was performed depending on the structure of financing the company's operation. Key words -cost of equity, fuel and energy sector.

The article analyzes the process of preparing annual technical and economic plans in the public sector, on the example of the mining industry. Qualitative methods in the form of in-depth interviews (IDIs) were used in the analysis, consisting in conducting extensive interviews concerning the analyzed issues with representatives of coal companies. According to the study, the main aspect in creating a TEP for the analyzed mining companies is coal production. Taking into account the market environment and the reality of Polish coal companies, it was concluded that the starting point for the development of the TEP should not be the coal production or the pursuit of maximizing output volumes, but the sales market and demand for the raw material offered by individual companies. Three dimensions of TEP planning were also proposed.