The article reviews the integrated territorial investments carried out in the Opolskie Voivodeship in the financial perspective 2014-2020. The object of the analysis was the Opole Agglomeration as the only of five functional areas of the Opolskie Voivodeship, where beneficiaries of funds from European Funds are located within this investment policy development policy.
Today’s cities tend to “pour out” beyond their administrative boundaries. This phenomenon is related to the settlement of people “from the city” in neighboring municipalities, or taking up jobs in cities by people living in neighboring municipalities. This has been recognized in the European Union, which has introduced appropriate legal instruments for cohesion policy. Integrated Territorial Investments were introduced to the EU cohesion policy for the fi rst time in the 2014-2020 fi nancial perspective. Their goal was to intensify cooperation between cities and their functional areas. Unfortunately, the emerging information about diffi culties in implementing ITIs often become the basis for considering this idea ineff ective. The purpose of the work is qualitative and quantitative verifi cation of the operation of ITU based on selected data, so that it is possible to answer the question about the validity of the existence of this instrument.
The aim of this article is to identify the role, that special residential law issued by the municipal executive authorities plays in the metropolises development. The article presents key urban and legal barriers related to the functioning of the spacial management system. The article ends with recommendations for further actions related to repair local spatial policy.
A number of thorough studies characterizing national and regional innovation systems have been published over the last years but what is relatively new is the theme of local innovation systems. In the era of increasing emphasis on urban issues in the development policies of countries and organizations such as the European Union and the location of innovation in the centre of regional development debate, it is justifi ed to ask how the measures are directed to the provincial cities. The article concentrates on 5 voivodeship cities as the main centers of regions with the highest number of institutions that usually build local innovation systems, three of which are located in the less developed regions in Poland.
In the 2014–2020 programming period, two new tools were introduced by the EU cohesion policy, namely Smart Specialisation (SS) and Integrated Territorial Investments (ITI). Their implementation aims at contributing on the one hand to activating and strengthening endogenic potentials, including those based on knowledge and innovation, and on the other hand to territorialisation of intervention for the purpose of obtaining competitive advantages or regions. The tools are based on two concepts of the development policy: smart specialisation and place-based and territorial approach to development. The article presents the rationale and prospective impact of the implementation of the tools on development programming of selected regions of Poland. Detailed analyses cover the provisions of the ITI Strategy of the Functional Urban Areas (FUAs) of Poznań (Wielkopolskie Voivodeship), Subregion Centralny (Śląskie Voivodeship), and Lublin (Lubelskie Voivodeship), as well as regional and national operational programmes in terms of potential contribution of the implementation of ITI to the strengthening of regional SS in some of the Polish region. The analyses performed for the three groups of Thematic Objectives (TO) of ESIF 2014–2020 (corresponding with 3 pillars of the Europe 2020 Strategy), i.e. ‘smart’ – TO 1–3; ‘sustainable’ – TO 4–7; and ‘inclusive’ – TO 8–10, show that the ‘sustainable’ group (in majority represented by companies from sections F, H) refers to infrastructure projects, often of a transport network; the ‘inclusive’ group is ascribed to companies from sections Q and P to generally ‘soft’ projects related to the development of social services, and ’smart‘ is related to sections M, F, J. Only in the case of 8% of projects (out of 78 analysed) it was stipulated that preferences would be given to the existing or newly established companies the profile of activity of which corresponds to regional SS. Such projects deal with the support for companies in the scope of business incubators and expansion of vocational education infrastructure in terms of adjustment to the needs of key sectors selected in RIS3 strategies of particular regions. In all of the analysed FUAs, ITI measures support regional SS in the framework of TO 3 and TO 10. The projects will be primarily implemented by companies from PCA sections M, F and P. The proposed methodology gives prospects to the analysis of future impact of interventions on the growth of the smart specialisation potential of the analysed FUAs PC.
Taking the importance of time and risk into account has a significant impact on the value of investment projects. Investments in the energy sector are long-term projects and, as such, are burdened with uncertainty associated with the long-term freezing of capital and obtaining the expected return. In the power industry, this uncertainty is increased by factors specific to the sector, including in particular changes in the political and legal environment and the rapid technological development. In the case of discounted cash flow analysis (DCF), commonly used for assessing the economic efficiency of investments, the only parameter expressing investor uncertainty regarding investment opportunities is the discount rate, which increases with the increasing risk of the project. It determines the value of the current project, thus becoming an important criterion affecting investors’ decisions. For this reason, it is of great importance for the assessment of investment effectiveness. This rate, usually in the form of the weighted average cost of capital (WACC), generally includes two elements: the cost of equity capital and borrowed capital. Due to the fluctuant relationship between these two parameters in project financing, performing a WACC analysis in order to compare the risks associated with the different technologies is not completely justified. A good solution to the problem is to use the cost of equity. This article focuses on the analysis of this cost as a measure of risk related to energy investments in the United States, Europe and worldwide.
This paper presents the innovative activity of enterprises as a process that is risky but necessary for the survival of a company in a competitive market, and as a way to maximize the long-term value for the owners. Risks and benefits were analysed, and the possible sources of added value in innovative projects were identified in the context of the capital market equilibrium and the budgeting of investments. Innovative projects become a source of added value for investors if the financial effects such as changes in the residual cash flow and higher growth rate outweigh the combined impact on the risk generated by two factors: increase of systematic risk and emerging specific risks.
The extraction of mineral deposits is usually charged with additional taxes or royalty fees that go beyond the general income tax. As a rule, countries prefer stable sources of fiscal revenues based on the volume of raw material extraction, and investors prefer models based on profit tax, i.e. taking operating costs and risks lower than the expected profitability of the project into account. As a rule, too high a burden for the mining sector affects investors’ decisions regarding the introduction of new investments. There are a number of examples where excessive fiscal burdens force investors to move to countries with more favorable tax systems. An analysis of various forms of taxation of mining enterprises around the world has been presented and compared with the system implemented in Poland. Usually, the countries that apply the royalty fee in the mining sector at the same time introduce a number of adaptation mechanisms. This is crucial for new investments due to the fact that they may to some extent compensate for the high costs of transition from the investment to the operational phase. In most cases, several incentive mechanisms are used at the same time, e.g. the accelerated settlement of investment expenditures and the unlimited settlement of losses. The copper and silver mining tax introduced in Poland increased the discounted effective tax rate (ETR) from 38.5% to 89% for the entire investment period, which resulted in a 11-year return on investment, as well as a drop in the internal rate of return (IRR).There are currently no mechanisms in Poland which would balance the burden of this tax for a new investor. In order to balance the extraction tax for certain minerals in terms of the IRR and ETR key indicators, the introduction of several adaptation mechanisms has been proposed. For new investments the most essential mechanism is the preferential settlement of capital expenditures incurred in the pre-production phase of an investment. The others include accelerated amortization, the ability to deduct certain expenses for the exploration phase from the tax base, along with an extended tax loss settlement period, or a mechanism for deducting a certain percentage of investment expenses directly from the tax.
This paper presents the main dilemma of development of the Polish energy sector on the 20th anniversary of the first liberalization directive of the European Union, which created the energy market. The situation in the Polish energy sector based on fossil fuels, its transformation into lower emission one is closely connected to the process of restructuring and further development of the mining sector. On the other hand, we are witnessing the development of RES, household installations producing electricity with storage and the electrification of public transport. The investments in new, large scale fossil fuel fired power plants are very expensive and not economically proven when electricity prices are low. Until the new direction of investment in energy sector will be decided, the option of the lasting of the operating existing power units seems to be a good proposal. Is the thesis: “The energy security of Poland should be fully based on indigenous sources, generation and distribution assets, delivering electricity to end users. Ensuring competitive energy prices to the economy and households, the market should be fully open to producers and consumers, including chip electricity arising from the European single market” the right assumption for the Polish energy policy?
The article includes analysis of the constructing of the concept of the child and childhood within neoliberal culture set against the background of mechanisms for exercising power and constructing subjectivity. In particular, in conducting these areas such phenomena as: population policy, investing in childhood, management of childhood are involved. Additionally, the theoretical perspective lying at the basis of the analysis refers to the concept of “governmentality” in light of Michel Foucault and his ideas.
The article presents probable consequences for the protection of deposits and other mining needs, related to the entry into force of the Act of July 5, 2018 on the Facilitation of the Preparation and Implementation of Housing Investments and Accompanying Investments. This act introduces facilities for the preparation and implementation of housing as well as related projects, including the possibility of introducing investments incompatible with the existing local plans. In addition, it does so in a situation where land reserves for housing development, both in local plans and in studies of conditions and directions of spatial development, many times exceed the future needs of our country. The article presents the fundamental changes introduced by the Act to the existing planning and spatial planning system, as well as the risks associated with the mining industry. Among the latter, the following can be mentioned: lower stability of local law regulations, the possibility of resolving changes in spatial development at a very fast pace, without providing an effective way to inform subjects that may be threatened by these changes and increase the probability of the appearance of investments in the area of mining, the neighborhood of which may lead to limit or even liquidate these installations, due to even their disadvantages to housing. Some remedies have been proposed to mitigate some of the threats in the article. The Act in question was prepared and passed at an express pace, with a large opposition from many environments. At the same time, a number of legal solutions were applied in it, which were not applied in the Polish law. As a result, there are many doubts about the effects of its introduction.
The Act of July 5, 2018 on Facilitating of Preparation and Implementation of Housing and Accompanying Investments allows such investments irrespective of the existence of a local development plan or determination of use of land in the local development plan. In other words, the abovementioned investments may be implemented on land with a completely different designation according to the local development plan, as for example the mining of minerals. The location of the investment is decided by a resolution of the municipal council. If the planned location is to be situated within the boundaries of documented mineral deposits and the so-called „mining areas”, it needs, among others, to be agreed with the appropriate geological administration authority. Not taking a position within 21 days is considered as a consent. With reference to the deposits not covered by mining licenses, the Act does not indicate the premises that should be taken into consideration while providing such consent. There is a concern that this may lead to the development of the land in a way that will cause the subsequent extraction of the mineral impossible.
The aim of the article is to present the issue of risk and related management methods, with a particular emphasis on the conditions of investment in energy infrastructure. The work consists of two main parts; the first one is the theoretical analysis of the issue, while the second discusses the application of analysis methods on the example of the investment in an agricultural biogas plant. The article presents the definitions related to the investment risk and its management, with a particular emphasis on the distinction between the risk and uncertainty. In addition, the main risk groups of the energy sector were subjected to an analysis. Then, the basic systematics and the division into particular risk groups were presented and the impact of the diversification of investments in the portfolio on the general level of risk was determined. The sources of uncertainty were discussed with particular attention to the categories of energy investments. The next part of the article presents risk mitigation methods that are part of the integrated risk management process and describes the basic methods supporting the quantification of the risk level and its effects – including the Monte Carlo (MC), Value at risk (VaR), and other methods. Finally, the paper presents the possible application of the methods presented in the theoretical part. The investment in agricultural biogas plant, due to the predictable operation accompanied by an extremely complicated and long-term investment process, was the subject of the analysis. An example of “large drawing analysis” was presented, followed by a Monte Carlo simulation and a VaR value determination. The presented study allows for determining the risk in the case of deviation of financial flows from the assumed values in particular periods and helps in determining the effects of such deviations. The conducted analysis indicates a low investment risk and suggests the ease of similar calculations for other investments.
The article aims to present the scope of influence of Integrated Territorial Investments (ITI) on the sustainable development of urban functional areas (FUAs) in Poland. Against the background of the general principles of the implementation of the both instruments, practical aspects of the implementation of ITI in FUAs have been presented. Detailed analyses in the financial and spatial aspect were carried out using the Sustainable Development Indicators (SDI). These provided the basis for presenting the practical aspect of supporting the sustainable development of urban functional areas in the EU Cohesion Policy 2014–2020.