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TRANSACTION COSTS OF INVESTMENT IN RENEWABLES IN POLAND: EXAMPLE OF WIND ENERGY PRODUCTION
Abstract
The purpose of this paper is to identify the impact of transaction costs in investment in renewables in Poland. The subject of the study involves investment in wind farms. The research concerns the years 2005 2017. The European Union has formulated specific goals for the development of renewable energy. Directive 2009/28 / EC of the European Parliament and the Council has set a target for the EU countries to achieve by 2020 a 20% share of energy from renewable energy sources (RES) in final gross energy consumption. In the case of Poland, it is 15%. The research methodology consisted of systematic observations of entrepreneur activities related to the investment in wind farms in Poland since 2005. Legislative procedures related to the operation of wind farms were taken into account. Legislative delays and subsequent amendments of legal regulations in Poland were the cause of additional transaction costs borne by investors. The main finding of the paper is that prolonged decision-making procedures of the government, amendments of legal regulations, and the associated costs are considered to be the most important factors hampering the development of investment in wind energy in Poland.
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