Efficiency of Polish Energy Companies in the Context of EU Climate Policy

The purpose of this article is to assess the impact carbon allowances on financial performance and strategic behavior Polish energy companies listed Warsaw Stock Exchange, with a particular focus period when price these increased. eight largest were surveyed, research covered 2010–2021. process used an analysis condition its determinants in current long-term perspective. In approach, following used: sales margin, operating cost revenue structure. assessment regularity capital structure debt ratios was used. both perspectives, results confronted power generation sources segmentation core business, including production, distribution, trading. allow us conclude that increase emission has adversely most strongly affected focused from high-carbon sources.