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In this paper, we propose dynamic, short-term, financial risk management strategies for small electricity producers and buyers that trade in the wholesale electricity markets. Since electricity is mostly nonstorable, financial risk coming from extremely volatile electricity prices cannot be reduced by using standard finance-based approaches. Instead, a short-term operational planing and a proper trade diversification might be used. In this paper, we analyze the price risk in terms of the Markowitz mean–variance portfolio theory. Hence, it is crucial to forecast properly the variance of electricity prices. To this end, we jointly model day-ahead and intraday or balancing prices from Germany and Poland using ARX-GARCH type models. We show that using heteroscedastic volatility significantly improves probabilistic price forecasts according to the pinball score, especially if variance stabilizing transformation is applied prior to a model estimation. The price forecasts are then used for construction of dynamic diversification strategies that are based on volatility-type risk measures. We consider different objectives as well as a buyer's and a seller's perspective. The proposed strategies are applied for the diversification of trade among different markets in Germany and Poland. We show that the objective of the strategy can be achieved using the proposed approach, but the risk minimization is usually related to lower profits. We find that risk minimization is especially important for a seller in both markets, while for a buyer a profit maximization objective leads to a more optimal risk–return trade-off. [ABSTRACT FROM AUTHOR]

The energy crisis in Europe in 2022 and its consequences have brought changes to approaches towards the issue of energy security, energy policy, and the ability to react to crisis phenomena in the energy market in a short period of time. European countries that are dependent on Russian fossil fuels have faced numerous dilemmas and challenges in 2022. This paper aims to analyse the instruments and energy policies introduced as the reactions of European countries, specifically with the examples of Poland and Germany, to the ongoing fossil fuel crisis in the context of a short period. Due to the specificity of the energy market, the countries' energy policies mainly concern long- and medium-term goals. In 2022, there was an unprecedented situation in which many European countries had to make significant changes to their fossil fuel imports quickly. We analyse and evaluate how two European countries that are heavily reliant on imported energy resources responded in a short time to the necessity of modifying their patterns of fossil fuel supply and demand. The results of our research are models that illustrate both countries' reactions to the disturbances in the energy market during the initial months of the energy crisis. As part of the research, we conducted an analysis of the energy mix of Poland and Germany, their import energy dependency, and self-sufficiency. We then compared them with the short-term energy policies of both countries. As a result, we elaborate on a comparative analysis of the models of Poland's and Germany's responses to the crisis. The research also assesses the similarities and differences in the response models in Poland's and Germany's short-term energy security policies. The results of our research may help, in the future, to choose the available short-term instruments in the energy policy of countries in the face of a sudden need resulting from disruptions in supply chains. The article contributes to the future discussion on renewed national and regional energy security, as well as efficiency concepts. Our research findings could be valuable in selecting appropriate short-term energy policy tools for countries during supply chain disruptions. This article provides significant input for future deliberations on enhancing national and regional energy security, and also efficiency strategies. [ABSTRACT FROM AUTHOR]

Renewable energy sources, encompassing wind, solar, hydro, and geothermal options, are assuming an increasingly crucial role in the global energy landscape. They present a sustainable substitute for fossil fuels, effectively reducing greenhouse gas emissions and significantly contributing to the ongoing efforts against climate change. The widespread adoption of renewable energy technologies has undergone rapid expansion on a global scale, propelled by governmental policies, technological advancements, and decreasing costs. Despite their numerous advantages, renewable energy sources encounter challenges such as intermittent energy supply, storage solutions, and integration into existing power grids. Nevertheless, with sustained investment and innovation, renewable energy sources have the potential to become the predominant energy source of the future. This article conducts a bibliometric analysis of research on renewable energy sources in Poland and Germany. The analysis is grounded in publications catalogued in the Web of Science database, spanning the years from 1990 to 2023. The investigation delves into research topics related to renewable energy sources and scrutinizes the most frequently cited publications authored by individuals from these two countries. This bibliometric analysis stands out through its unique value proposition compared to other similar studies by placing a distinctive emphasis on critical research gaps, such as energy storage, smart grid technologies, and renewable energy in transportation. Additionally, the study's focus on the specific trajectories of Poland and Germany in renewable energy adoption, coupled with the identification of key institutions with the highest centrality index, provides unparalleled insights into the evolving landscape of sustainable energy research. The findings from this study can serve as a valuable source of information for policymakers, researchers, and other stakeholders interested in promoting the advancement and utilization of renewable energy sources. [ABSTRACT FROM AUTHOR]

In the face of global challenges related to climate change and sustainable development, comparing attitudes and infrastructure in the field of electromobility and renewable energy sources in different countries becomes crucial. The question of differences and similarities between Poland and Germany in these areas sheds light on the unique challenges and opportunities that the two countries present to each other. The aim of the study is to understand these dynamics, which can contribute to the shaping of more effective policies and strategies for green energy and sustainable mobility. This study was conducted through a review of Polish and foreign literature, the use of the method of tabular comparisons, and the analysis of a questionnaire that was used. These complex methods combined both quantitative and qualitative analysis, which allowed for an in-depth understanding and comparison of attitudes and infrastructure related to electromobility and renewable energy sources in Poland and Germany. The study revealed significant differences and similarities between Poland and Germany in terms of electromobility and renewable energy sources. Germany shows a higher level of urbanization, a higher share of electric car ownership, and better charging infrastructure, while in Poland there is a strong belief in the key role of renewable energy sources. These findings may have implications for future green energy initiatives and policies in both countries. The study presents a complex picture of electromobility and renewable energy sources in Poland and Germany, showing clear differences in awareness, infrastructure, and attitudes. Germany seems to be more advanced in these areas, while Poland shows a strong commitment to renewable energy sources. These conclusions do not exaggerate the differences, but underline the need for a case-by-case approach to green energy strategies in both countries. [ABSTRACT FROM AUTHOR]

This work seeks to answer the question as to whether the legal orders of Poland and Germany provide an effective framework for energy-efficient and climate-resilient urban space management. To this end, it verifies what similarities and differences exist between certain areas and whether they need reform. The starting point is the belief that legal instruments for environmentally friendly space management are a cross-border issue. Comparative studies are important because effective environmental protection knows no borders, and a lower level of protection in one country or geographic region can affect neighbouring countries and regions. The analysis of legal norms affecting such issues as passive energy construction; prevention of soil sealing and adequate ventilation; reduction of CO2 emissions; promotion of green areas; proper water management; reduction of so-called "grey energy" associated with new construction; the compact city; and a reduction of light pollution has enabled us to synthesise findings into specific conclusions and to propose postulates and directions for further research. However, this does not change the overall assessment that the legal systems of Poland and Germany enable environmentally friendly space management at a similar level, while at the same time, certain additions to the regulations and a further discussion of possible improvements are most welcome and needed. [ABSTRACT FROM AUTHOR]

The use of hydrogen exists in various sectors in Poland and Germany. Hydrogen can be used in industry, transport, decarbonisation of the Polish steel industry and as one of the low-emission alternatives to the existing coal applications in this sector. Limiting climate change requires efforts on a global scale from all countries of the world. Significant economic benefits will be realized by stimulating the development of new technologies to deal with climate change. The scenarios show an increasing demand for industrial hydrogen in the future. The key is to replace gray hydrogen with green, and to convert industrial processes, which will create additional hydrogen demand. The condition for the development of a green hydrogen economy is access to adequate installed capacity in renewable energy. Germany will become the leading market in the era of energy transformation in the coming years. The implementation of the hydrogen assumptions in Poland is possible, to a greater extent, by the efforts of entrepreneurs. [ABSTRACT FROM AUTHOR]

Biogas production is a process with great potential. It uses the biodegradable raw materials of animal, vegetable and municipal waste. The amount of municipal as well as agricultural waste is increasing every year. This waste is an unmanaged and nuisance waste, and using it in biogas plants reduces the amount of waste. Biogas production is part of the EU's policy to reduce dependence on fossil fuels and use energy from renewable sources (diversification of energy sources). Its importance is certain to increase in the future as energy demand increases. This article deals with the economical use of biodegradable waste for biogas production in Poland and Germany. Both countries have a similar agricultural and municipal waste structure. An agricultural biogas plant is one way of obtaining energy based on renewable energy sources (RES). Energy production from agricultural biogas will allow Poland to meet the 32% obligation imposed by the EU and Germany to continue to be the market leader in biogas plants. The biogas market in Poland is growing, while in Germany, there is a decline in biogas installations. The article indicates what changes need to take place in agriculture and the use of municipal waste in these countries to sustain the development of biogas plants. Both countries should maintain animal husbandry to ensure continuous access to substrate and use waste for production rather than growing maize or other mixtures only for biogas plants. Due to the high price of chemical fertilisers, pulp from biogas plants should be an alternative to chemical fertilisers in both countries, which will contribute to greener crops. The governments of both countries should support such measures. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic had a dramatic effect on the world economy, leading to disturbances in the global agri-food system. Disrupted supply chains caused instability in the market resulting in mixed reactions among market participants. The balance in the access and availability of food was disturbed at various levels starting from local up to international. Partial lockdowns of economies affected the equilibrium on the labor market in the food sector, the level of income and food security. The aim of this study was to determine the effect of shock caused by the COVID-19 pandemic on rates of return from shares of companies in the agri-food sector listed in Poland and Germany, as well as indicate dependencies between restrictions imposed by the investigated countries and changes in the rates of return from shares as a result of the pandemic. The source of data for the analyses of the capital markets in Poland and Germany was the Thomson Reuters database. In order to determine the effect of shock caused by the coronavirus pandemic and restrictions imposed by the states on the capital market the abnormal rates of return were calculated for shares of 24 Polish and 23 German companies from the food sector. The investigated Polish companies were listed on the Warsaw Stock Exchange, while the German companies were listed on the Frankfurt Stock Exchange and other stock exchanges in Germany. Calculations were based on stock market indexes: for the Polish stock exchange it was WIG and WIG-food, while for the German capital market it was DAX and DAX Food & Beverages. In this study the Stringency Index was also used as a tool to follow the response of the governments to the coronavirus pandemic. The results indicate that following the pandemic outbreak large reductions were observed for cumulative rates of return from shares as a consequence of the pandemic both in Poland and Germany. Abnormal cumulative rates of return for the investigated companies were comparable. Markedly greater increases in abnormal rates of return were recorded for the Polish companies of the food sector listed at the Warsaw Stock Exchange. The Stringency Index indicates that restrictions imposed by the German authorities in response to the coronavirus pandemic were slightly more radical than those introduced by the Polish government. [ABSTRACT FROM AUTHOR]