FINANCIAL PERFORMANCE ASSESSMENT OF ENERGY COMPANIES:
EXPERIENCE OF EU POST-TRANSITIONAL COUNTRIES
Dubravka Pekanov Starcevic – Ekonomski fakultet u Osijeku, Sveučilište Josipa Jurja Strossmayera u Osijeku, Trg Ljudevita Gaja 7, Osijek; Hrvatska
DOI: https://doi.org/10.31410/EMAN.2020.323
4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times, Online/Virtual, September 3, 2020, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-30-1, ISSN 2683-4510
Sažetak::
U okviru Klimatskog i energetskog okvira do 2030. Europske unije postavljeni su ključni
ciljevi za 2030. godinu: smanjenje emisija stakleničkih plinova za minimalno 40%, povećanje udjela
obnovljive energije za minimalno 32% te poboljšanje energetske učinkovitosti za minimalno 32,5%,
sve u odnosu na razine iz 1990. Europska unija snažno podupire energetsku učinkovitost i prijelaz na
obnovljive izvore energije. Navedeno zahtijeva značajne promjene u europskoj energetskoj industriji;
investiranje u niskougljične tehnologije uz istovremeno održavanje sigurnosti u opskrbi energijom.
Promjene na energetskom tržištu utječu na financijsku uspješnost energetskih kompanija.
Cilj je ovoga rada ocijeniti financijski uspjeh energetskih kompanija u posttranzicijskim zemljama Europske
unije: Bugarskoj, Češkoj, Estoniji, Mađarskoj, Latviji, Litvi, Poljskoj, Hrvatskoj, Rumunjskoj,
Slovačkoj i Sloveniji. Istraživanje uključuje energetske kompanije s najvećim tržišnim udjelom u svakoj
promatranoj zemlji tijekom razdoblja 2006.-2015. Analiza omjera korištena je kako bi se poboljšalo
razumijevanje njihove likvidnosti, profitabilnosti i rizika. Temeljem rezultata, u radu se raspravlja o položaju
EU energetskih kompanija iz posttranzicijskih zemalja, kao i o mogućnostima njihove prilagodbe
promijenjenim regulatornim i tržišnim uvjetima.
Ključne riječi:
Financijski uspjeh, Energija, Analiza omjera, Europska unija.
Abstract:
Within the European Union’s 2030 climate & energy framework, key targets for 2030 were
set; to cut greenhouse gas emissions for at least 40%, to increase renewable energy for at least 32%,
and to improve energy efficiency fot al least 32.5%, all compared to 1990 levels. European Union
strongly encourages energy efficiency and transition to renewable energy. This requires significant
changes in the European energy industry; namely investing in low-carbon technologies while maintaining
security of energy supply. Changes in the energy market affect the financial performance of energy
companies.
The purpose of this paper is to evaluate the financial performance of energy companies in the European
Union post-transitional countries; Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania,
Poland, Republic of Croatia, Romania, Slovakia and Slovenia. Research includes energy companies
with the largest market share in each country in the period 2006-2015. Ratio analysis was employed in
order to increase the understanding of their liquidity, profitability, as well as risk. Based on the results,
the paper discusses the position of the EU energy companies from post-transitional countries as well
as their capabilities for adaptation to the changing regulatory and market conditions.
Keywords:
Financial success, Energy, Ratio analysis, European Union.
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