The concept of risk is well known in the energy sector. It is normally recognized when it comes to price and cost forecasting, annual production calculation, or evaluating project lifetime. Nevertheless, it should be pointed out that the quantitative evaluation of risk is usually difficult. The discount rate is the only parameter reflecting risk in the discounted cash flow analysis. Therefore, knowledge of the discount rate along with the major components affecting its level is of fundamental significance for making investment decisions, capital budgeting, and project management. By referring to the standard coal-fired power generation projects the authors of the paper tackle the analysis of the composition of discount rate for onshore wind farm technologies in the Polish conditions. The study was carried out on the basis of a typical (hypothetical) onshore wind farm project assessed at the feasibility stage. To enable comparisons and discussions, it was assumed that the best reference point for such purposes is the real risk-adjusted discount rate, RADR, after-tax, in all equity evaluations (the ‘bare bones’ assumption); that is because such a rate reflects the inherent characteristics of the project risk. The study methodology involves the a priori application of the discount rate level and subsequently—in an analytical way—calculation of its individual components. The starting point for the analysis of the RADR’s composition was the definition of risk, understood as the product of uncertainty and consequences. Then, the risk factors were adopted and level of uncertainty assessed. Subsequently, using the classical sensitivity analysis of IRR, the consequences (as slopes of sensitivity lines) were calculated. Consequently, risk portions in percentage forms were received. Eventually, relative risks and risk components within cost of equity were assessed. Apart from the characteristics of the discount rate at the feasibility stage, in the discussion section the study was supplemented with an analogous analysis of the project’s cost of equity at the operating stage.

Capacity remuneration mechanisms operate in many European countries. In 2018, Poland implemented a centralized capacity market to ensure appropriate funding for the existing and new power generation units to improve long-term energy security. One of the declarations made while the mechanism was deployed was its beneficial influence on incentives for investments in new units. In this context, this paper aims to analyze the effects of the capacity mechanism adopted for investments in new power generation units that may be financed under the capacity market mechanism in Poland. The analysis is conducted for four types of capacity market units, the existing, refurbishing, planned, and demand-side response types, and includes the final results of capacity auctions. The results prove that the primary beneficiaries of the capacity market in Poland have been the existing units (including the refurbishing ones) responsible for more than 80% of capacity obligation volumes contracted for 2021–2025. Moreover, during the implementation of the capacity market in Poland, the planned units that signed long-term capacity contracts with a total share of 12% of the whole market were already at the advanced phases of construction, and the investment decisions were made long before the implementation of the capacity market mechanism. Therefore, they were not associated with the financial support from the capacity market. The study indicates that the capacity market did not bring incentives for investments in new power generation units in the investigated period.

The decentralization of the large-scale energy sector, its replacement with pro-ecological, dispersed production sources and building a citizen dimension of the energy sector are the directional objectives of the energy transformation in the European Union. Building energy self-sufficiency at a local level is possible, based on the so-called Energy Communities, which include energy clusters and energy cooperatives. Several dozen pilot projects for energy clusters have been implemented in Poland, while energy cooperatives, despite being legally sanctioned and potentially a simpler formula of operation, have not functioned in practice. This article presents the coopetitive nature of Energy Communities. The authors analysed the principles and benefits of creating Energy Communities from a regulatory and practical side. An important element of the analysis is to indicate the managerial, coopetitive nature of the strategies implemented within the Energy Communities. Their members, while operating in a competitive environment, simultaneously cooperate to achieve common benefits. On the basis of the actual data of recipients and producers, the results of simulations of benefits in the economic dimension will be presented, proving the thesis of the legitimacy of creating coopetitive structures of Energy Communities.

The increasing demand for energy on a global scale, as well as the social pressure related to counteracting the effects of climate change, has created favourable conditions for the transformation of energy sectors towards the possession of low-emission generation sources. This situation, however, requires investment actions in order to modernise the existing power and CHP (Combined Heat and Power) plants and construct new units. These issues, together with the climate and energy policy pursued by the European Union, are the main reasons for the emergence of various governmental mechanisms supporting the replacement of old coal power units with highly efficient cogeneration units based on gas turbines and other units. The support may take different forms. This article discusses two examples of mechanisms available on the Polish market, i.e., (i) the capacity market and (ii) promoting electricity from high-efficiency cogeneration in the form of individual cogeneration premium. The purpose and novelty of the analysis was to identify the pros and cons and the key parameters which determine the advantage of a given mechanism. Both these mechanisms have been characterised and then compared via the example of a planned cogeneration gas unit (an open cycle gas turbine—OCGT). This assessment was made using discount methods based on the FCFF (free cashflow to company) approach. The analysis did not bring forward an unequivocal answer as to the absolute advantage of any of the solutions, but it was able to point out significant problems related to their practical use.

Fleet electrification is one of the measures proposed for achieving climate neutrality in the coming years. The replacement of internal combustion engine vehicles with electric vehicles has a positive impact on carbon emission reduction in some countries. However, in countries highly dependent on fossil fuels, such a possibility requires examination with respect to the means of electricity generation and fuel mix used in their power systems. One such country is Poland, selected as an example of an economy strongly dependent on fossil fuels. The main objective of this paper is to investigate the impact of fleet electrification of an individual company located in Poland on the reduction of carbon emissions. The concept and calculations are based on historical data on the single-year mileage and fuel consumption of 619 cars used by this company. Even though the Polish power system is based on fossil fuels, fleet electrification could contribute to a reduction in carbon emissions of 24%. The decrease in operational costs by EUR 370 thousand/year is also significant. Apart from environmental and economic impacts, this paper provides valuable findings on the difference between catalogue and real-driving data application in the various analyses. With respect to Polish fuel mix in 2019, the application of data published by car producers shows that fleet electrification would increase carbon emissions by 14% in this company. This means that depending on the initial assumptions, different conclusions can be drawn by policymakers, regulatory bodies, academics, or other groups of interest.