The Balance of Outlays and Effects of Restructuring Hard Coal Mining Companies in Terms of Energy Policy of Poland PEP 2040

Jarosław Kaczmarek

doi:10.3390/en15051853

Abstract

The article aimed to present the balance of outlays and the effects of restructuring Polish hard coal mining companies in the face of directions of the Energy Policy of Poland PEP 2040. The research problem is defined by the following question: have the goals of restructuring coal mining companies been achieved (and to what extent), and has the restructuring-related expenditure been economically rational? An answer to this question is based on the verification of five research hypotheses, in particular, have the incurred costs of restructuring contributed to changes to the energy mix (its desired time and degree), reducing related expenditure? The scope of research comprises all companies engaged in the extraction of solid mineral energy resources (the entire industry). An assessment of the restructuring process was conducted from two perspectives related to its time and scope. The first perspective was the restructuring programme as a sub-process of the economic transformation (1990–2020), and economic forecasts until the planned coal phase-out (2021–2049). The second perspective was an analysis of the mechanism that determines companies’ performance after carrying out typical and direct restructuring activities (2007–2021). Two multivariate measures were developed for methodological purposes, and the analysis also made use of a logit prediction model and several financial analysis ratios. The analysis led to the general conclusion that the restructuring of hard coal mining companies was not effective—it did not ensure their independent and effective functioning. In particular, the analysis led to the following conclusions: (1) the restructuring process had different levels of intensity, which allowed for its periodization; (2) the main and increasingly important factor of changes was human labour productivity (as opposed to objectified labour—machines and equipment); (3) the identified mechanism of creating results pointed to the areas of inappropriate management; (4) the previous restructuring costs did not contribute to changing the energy mix, and they are likely to rise until coal phase-out.

Highlights

Restructuring is a microeconomic category, and it relates to enterprises and management
With respect to the scope of the process, the analysis focuses on the mechanism that determines coal mining companies’ financial results in 2007–2021, i.e., after 2006, when the process of typical and direct restructuring activities came to an end
The results presented so far are the basis for the negative verification of the partial hypothesis (H1), because the main and increasingly important change driver was labour productivity; the process of replacing it by objectified labour was not identified; intense technical and technological advancement did not occur; asset productivity tended to decrease in longer periods of time, accompanied by difficulties in the renewal of production resources and the dramatically unfavourable asset–capital structure

Summary

Introduction

Restructuring is a microeconomic category, and it relates to enterprises and management. It can be viewed from a broader perspective of structural changes, and in the case of Poland, from the perspective of the economic transformation. Restructuring processes aim to increase the effectiveness of companies’ activities and their development. Various and interrelated processes are designed to achieve a state of equilibrium between a company and its environment. These processes are controllable and are reflected in the specific activities undertaken under a given strategy. Restructuring does not occur of its own accord—restructuring is a process that is managed. It mainly refers to a financial approach, i.e., specific results (which are strongly aggregated), without pointing to the original causes embedded in a company’s economic activities

Methods

Results

Discussion

Conclusion