FINANCIAL PERFORMANCE ASSESSMENT OF ENERGY COMPANIES:
EXPERIENCE OF EU POST-TRANSITIONAL COUNTRIES
Dubravka Pekanov Starcevic – Ekonomski fakultet u Osijeku, SveuΔiliΕ‘te 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
SaΕΎetak::
U okviru Klimatskog i energetskog okvira do 2030. Europske unije postavljeni su kljuΔni
ciljevi za 2030. godinu: smanjenje emisija stakleniΔkih plinova za minimalno 40%, poveΔanje udjela
obnovljive energije za minimalno 32% te poboljΕ‘anje energetske uΔinkovitosti za minimalno 32,5%,
sve u odnosu na razine iz 1990. Europska unija snaΕΎno podupire energetsku uΔinkovitost i prijelaz na
obnovljive izvore energije. Navedeno zahtijeva znaΔajne promjene u europskoj energetskoj industriji;
investiranje u niskougljiΔne tehnologije uz istovremeno odrΕΎavanje sigurnosti u opskrbi energijom.
Promjene na energetskom trΕΎiΕ‘tu utjeΔu na financijsku uspjeΕ‘nost energetskih kompanija.
Cilj je ovoga rada ocijeniti financijski uspjeh energetskih kompanija u posttranzicijskim zemljama Europske
unije: Bugarskoj, ΔeΕ‘koj, Estoniji, MaΔarskoj, Latviji, Litvi, Poljskoj, Hrvatskoj, Rumunjskoj,
SlovaΔkoj i Sloveniji. IstraΕΎivanje ukljuΔuje energetske kompanije s najveΔim trΕΎiΕ‘nim udjelom u svakoj
promatranoj zemlji tijekom razdoblja 2006.-2015. Analiza omjera koriΕ‘tena je kako bi se poboljΕ‘alo
razumijevanje njihove likvidnosti, profitabilnosti i rizika. Temeljem rezultata, u radu se raspravlja o poloΕΎaju
EU energetskih kompanija iz posttranzicijskih zemalja, kao i o moguΔnostima njihove prilagodbe
promijenjenim regulatornim i trΕΎiΕ‘nim uvjetima.
KljuΔne rijeΔi:
Financijski uspjeh, Energija, Analiza omjera, Europska unija.
Abstract:
Within the European Unionβs 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.
REFERENCES
Borozan, D., & Starcevic, D. P. (2016). In Search of the new EU energy reforms: assessing the
financial performance of the EU energy companies. U Bilgin M., Danis H. (ur)., Entrepreneurship,
Business and Economics-Vol. 2 (str. 231-246). Springer, Cham.
BΓΆwer, U., & Turrini, A. (2009). EU accession: A road to fast-track convergence? Preuzeto
2.2.2020. s https://ec.europa.eu/economy_finance/publications/pages/publication16470_
en.pdf
Europska komisija (EK) (2014). The 2030 climate and energy framework. Preuzeto 25.2.2020. s
https://ec.europa.eu/clima/policies/strategies/2030_en
Europska komisija (EK) 2015. Energy Union. Preuzeto 24.2.2020. s https://ec.europa.eu/energy/
topics/energy-strategy/energy-union_en
Europska komisija (EK) 2020. Cogeneration of heat and power. Preuzeto 15.2.2020. s https://
ec.europa.eu/energy/topics/energy-efficiency/cogeneration-heat-and-power_en
Eurostat (2019). Energy statistics β an overview. Preuzeto 20.2.2020. s https://ec.europa.eu/
eurostat/statistics-explained/index.php?title=Energy_statistics_-an_overview&oldid= 444923#Gross_inland_energy_consumption Kiyak, I. (2012). Electricity deregulating in UK and Turkey: A comparative assessment. ENERGY EDUCATION SCIENCE AND TECHNOLOGY PART A-ENERGY SCIENCE AND RESEARCH, 28(2), 739-748. Podkaminer, L. (2013). Development Patterns of Central and East European Countries (in the course of transition and following EU accession) (No. 388). WIIW Research Report. United Nations Climate Change (UNCC) (2015). The Paris Agreement. Preuzeto 18.2.2020. s https://unfccc.int/files/essential_background/convention/application/pdf/english_paris
agreement.pdf
Ε½ager, K. & Ε½ager, L. (1999). Analiza financijskih izvjeΕ‘taja. Zagreb, Hrvatska: Masmedia.