Nuclear power plants as the balancing source in fulfillment of energy requirements – forecast up to 2030

The energetic management in most of the countries, mainly based on the hard coal and lignite consumption, must be changed up to 2030 and the natural gas energy as well renewable energy should be more and more significant. As the energy forecast up to 2030 for Poland shows, taking into consideration growth the national requirement and the necessity of lowering the environmental pollution (being the effect of Union Directives), it is necessary to introduce the nuclear energy into energetic balance. The paper shows that the energy development decision makers took into account renewable energy and nuclear energy, which were neglected in the past by the government and ignored by coal energy producers. The newest data of nuclear energy in energy balances of various countries were presented.Енергетичний менеджмент, який у більшості країн світу базується на кам’яному вугіллі та споживанні лініту, повинен зазнати змін до 2030 року, а видобування енергії з природного газу, як більш екологічно чистого джерела енергії, повинно збільшитися. Прогнози для Польщі до 2030 року, враховуючи зростання національних потреб і вимог (згідно Директив Євросоюзу) щодо зниження екологічного забруднення, показують, що в енергетичний баланс країни необхідно ввести ядерну енергетику. Стаття показує, що теперішня влада, на відміну від попередньої, почала враховувати потреби використання відновлювальної та ядерної енергетики, що раніше ігнорувалося з огляду на виробників енергії з кам’яного вугілля. У статті також наведено найновіші дані про частку ядерної енергії в енергетичних балансах різних країн

Prospects for the development of photovoltaics in Ukraine

PURPOSE: The study of the photovoltaic market in Ukraine and the determination of its development prospects during post-war reconstruction is the main goal of our research.DESIGN/METHODOLOGY/APPROACH: The article uses a review of the information available in the scientific literature and regulations, as well as on the Internet. The collected information was processed using statistical methods and SWOT analysis, which made it possible to identify the strengths and weaknesses of the Ukrainian photovoltaics market, while identifying opportunities and threats to its development.FINDINGS: In the post-war period we should expect a significant development of the photovoltaic market in Ukraine, since: geographical location of Ukraine is favorable, significant deposits of silicon are located on the territory of Ukraine; Ukraine has a strong scientific potential for the development of photovoltaic technologies. In addition, the restoration of cities and villages will need to be carried out according to the principle of a “smart” city (village), taking into account the principles of sustainable development, including the generation of energy from renewable energy sources.PRACTICAL IMPLICATIONS: The factors that influence the functioning of the Ukrainian photovoltaic market, which are external opportunities, and factors that negatively affect it, the impact of which should be eliminated or at least minimized, are identified. The advantages and disadvantages of investing in photovoltaics in Ukraine are substantiated.ORIGINALITY/VALUE: The research found that the entire territory of Ukraine is suitable for the development of heat and power supply systems using solar energy. The development of the photovoltaic market in Ukraine will contribute to the development of the silicon mining and processing industry, because Ukraine has silicon reserves both to meet its own needs and for export. The markets for related products will also develop. The development of photovoltaic technologies can also be a driving force for the development of electromobility, which in recent years has become a priority for the development of the automotive industry, especially in the EU. Ukraine also has the opportunity to use the infrastructure (one of the largest in Europe) of the gas transportation system and underground gas storage facilities to develop the photovoltaic market.peer-reviewe

Wybrane aspekty podejmowania decyzji w sytuacjach kryzysowych. Studium przypadku

This article is a study of research on factors influencing decision-making under risk. An important management competence is the ability to make rational decisions. In reality, however, decisions are made with limited rationality or using heuristic methods. The right decisions are the basic factor affecting the condition of an enterprise and determining its development. Typically, the decisions made are influenced by the decision-maker's personality, experience and emotions. However, in professional life, decisions are also influenced by formal and legal regulations and rules as well as the rules and methodology adopted in a particular company. By confronting the ways in which decisions are made in both professional and personal life, it is possible to infer the tendencies that drive decision-makers. The article presents the results of an extensive literature analysis on governance and the influence of personality on decisionmaking. In the research part, a survey of a selected group of people was conducted and the results obtained were analysed comparatively in relation to the gender of the respondents. The results showed a greater tendency for men to take risks. Women were better at assessing the consequences of their decisions. Both women and men were cautious in estimating risks in professional decisions

Derivatives - Opportunities and Risks for Economic Operators

In this paper various types of derivative instruments will be studied in terms of their applications in companies and financial institutions. We will discuss among other things: forward contracts, futures contracts, swap and option contracts. In particular, we examine the advantages of their use and the risk they pose. We also analyze the trends that are made in recent years in domestic and global derivative market

Option Hedging Strategies in the Capital Investments Risk Management

Investment trends in the domestic capital market will be examined in this article. Risks associated with capital investment of entities will be analyzed as well. Hedging strategies based on some exotic options will be proposed to reduce risk of capital investments. Impact of sensitivity coefficients on option price will be analyzed to indicate options with best performance

Analysis of the Impact of the Assumed Moment of Meeting Total Energy Demand on the Profitability of Photovoltaic Installations for Households in Poland

In this article, the authors analyzed two extreme investment variants considering the installed capacity of Poland’s residential pv installation: (a) pv installation meets electricity demand only in the first year of operation, and in each subsequent year it is necessary to purchase electricity at market prices; (b) installation meets electricity demand even in the last year of operation, and in each previous year, the excess of generated electricity needs to be transferred back to the grid, with the limited (by law) right of drawing it from the grid for free in the future. In the article, a sensitivity analysis was performed, and profitability changes were established based on the NPV value, depending on case (a) or (b). The performed analyses showed that the pv installation profitability should not be analyzed, assuming only one moment when it meets 100% of the household’s electricity demand. It was shown that the choice of such a moment, depending on the value of particular technical and financial parameters, can lead to a change in the NPV value, even over 10%. Although the studies were done for Poland, such an approach can be implemented in other countries

The Impact of Implied Volatility Fluctuations on Vertical Spread Option Strategies: The Case of WTI Crude Oil Market

This paper aims to analyze the impact of implied volatility on the costs, break-even points (BEPs), and the final results of the vertical spread option strategies (vertical spreads). We considered two main groups of vertical spreads: with limited and unlimited profits. The strategy with limited profits was divided into net credit spread and net debit spread. The analysis takes into account West Texas Intermediate (WTI) crude oil options listed on New York Mercantile Exchange (NYMEX) from 17 November 2008 to 15 April 2020. Our findings suggest that the unlimited vertical spreads were executed with profits less frequently than the limited vertical spreads in each of the considered categories of implied volatility. Nonetheless, the advantage of unlimited strategies was observed for substantial oil price movements (above 10%) when the rates of return on these strategies were higher than for limited strategies. With small price movements (lower than 5%), the net credit spread strategies were by far the best choice and generated profits in the widest price ranges in each category of implied volatility. This study bridges the gap between option strategies trading, implied volatility and WTI crude oil market. The obtained results may be a source of information in hedging against oil price fluctuations

Identification of external risk factors: on the example of production of fertilisers based on digestate

In the era of renewable energy development, one of the most important problems is the utilisation of residues of production of the so-called clean energy. In the case of biogas plants, the problem is the utilisation of waste after the anaerobic methane fermentation process of the organic substrate. One of the ways to use it is to produce organic and mineral fertilisers. However, the fertiliser plant may be exposed to a number of threats that may prevent its functioning. To avoid this, the factors that carry the risk need to be identified. The purpose of the article is to identify external risk factors for a fertiliser plant based on digestate. The following types of risk were identified as a result of the research: risk of supplying fertiliser components of inadequate quality; risk of non-compliance with deadlines for the delivery of raw materials or their total absence; risk of the presence of eggs of parasites and pathogenic bacteria in fertiliser; price risk; cyclical risk; risk of competition; currency, credit and interest rate risk

Modelowanie kryzysowego zarządzania terytoriami w warunkach decentralizacji: na przykładzie Ukrainy

Modelowanie kryzysowego zarządzania terytoriami w warunkach decentralizacji: na przykładzie Ukrainy capability related to the effectiveness of the scheduled actions. The most problematic area in crisis management is the development of an effective model that takes into account the participation of citizens in the process of business decision-making. One of the possible solutions to this problem is to model situations to overcome the crisis, and to study the territories (regions of the country) in terms of their socio-ecological and economic status. The study applied the following methods: study of phenomena (objects, subjects); division of the territory of Ukraine into parts according to aggregate indicators; research into the various aspects of territorial objects; and the identification and analysis of interrelations between the factors and results. On the basis of the developed approach and results of the study, a model is suggested for identifying the crisis status of territories in a decentralised environment; the latter takes the following into account: availability of resource and labour potential; social, ecological and economic components of the development of territories; risk factor for the advent of crisis; and the overall coefficient of decentralisation. The introduction of an algorithm was suggested for grouping objects, which takes into account the level of improvement in anti-crisis management under the conditions of a decentralised environment. The use of the cluster ranking methodology, which, unlike the existing ones, includes calculations based on taxonomic metrics, was rationalized. The research allowed the introduction of a differentiation approach to creating development plans for the various types of territorial systems included in the clusters. The division was made in accordance with the crisis situation in the territories to allow development on the basis of sustainability in the context of introducing decentralisation.W artykule przeanalizowano proces modelowania zarządzania kryzysowego gospodarką w warunkach decentralizacji, na przykładzie Ukrainy. W warunkach reform gospodarczych i rozprzestrzeniania zjawisk kryzysowych, istotnym zadaniem jest umiejętność przewidywania skuteczności zaplanowanych działań. Najbardziej problematyczne w zarządzaniu kryzysowym jest opracowanie skutecznego modelu uwzględniającego udział obywateli w procesie podejmowania decyzji ekonomicznych. Jednym z możliwych rozwiązań tego problemu jest modelowanie sytuacji w celu przezwyciężenia kryzysu i zbadanie terytoriów (regionów kraju) pod względem ich stanu społeczno- ekologiczno-gospodarczego. W trakcie badania wykorzystano następujące metody: badanie zjawisk (przedmiotów, obiektów); podział terytorium Ukrainy na podstawie zestawu wybranych wskaźników; badanie zróżnicowania obiektu terytorialnego; identyfikacja i analiza relacji między czynnikami a wynikami. W oparciu o opracowane podejście i wyniki badania zaproponowano model umożliwiający identyfikację sytuacji kryzysowej terytoriów w warunkach decentralizacji, który bierze pod uwagę: dostępność zasobów i potencjał zasobów pracy; społeczne, ekologiczne i ekonomiczne elementy rozwoju terytoriów; współczynnik ryzyka kryzysu; ogólny współczynnik decentralizacji. Zaproponowano algorytm grupowania obiektów, który uwzględnia poziom poprawy zarządzania kryzysowego w warunkach decentralizacji. Uzasadniono wykorzystanie metody rankingu klastrów, która wykorzystuje indeks taksonomiczny. Przeprowadzone badania umożliwiły wskazanie różnych podejść do tworzenia planów rozwoju różnych typów systemów terytorialnych wchodzących w skład klastrów. Podział został przeprowadzony zgodnie z sytuacją kryzysową poszczególnych terytoriów, co zapewniłoby ich zrównoważony rozwój w warunkach wprowadzenia decentralizacji

Evolution of the interest rate theory

Artykuł został poświęcony analizie prac naukowych z zakresu rynkowych stóp procentowych. Szczegółowo opisano w nim m.in. teorie: klasyczne, preferencji płynności, neoklasyczne i postkeynesowskie. Autorzy bliżej przyglądają się modelowi wyznaczania stopy procentowej Irvinga Fishera, teorii procentu Johna Maynarda Keynesa oraz postkeynesowskiemu ujęciu stopy procentowej w teorii zapasów. W zaprezentowanych teoriach poszukują wzajemnych związków nie na drodze prostych zależności, ale opierając się na konsekwencjach, jakie rodzą dla realnej gospodarki.The article was devoted to the analysis of scientific papers in the field of market interest rates. Classical theory and the theory of liquidity preference, as well as neoclassical and postkeynes theories are described in more detail. The authors accurately look at the Irving Fisher’s model of determining the interest rate, John Maynard Keynes’ theory of interest and postkeynes terms of the interest rate in a stock theory. In the presented theories, the authors seek mutual relations not only as a simple dependence, but based on the consequences for the real economy