Over the past two years, coking coal prices have been the most volatile among major bulk commodities. On the supply side, the most important factor determining the movement of coal prices were weather problems affecting the exports of coal from Australia (Queensland), where the production of the best quality coking coals is concentrated. On the demand side, an important factor is the growing role of China on the market, which, being the world’s largest producer and consumer of metallurgical coal, has also become its largest importer. The dominant, about 75% share of China in the global spot market has resulted in their level of activity influencing the periodic price decreases or increases in international trade and prices based on CFR China (along with Australian FOB prices) have become important indicators to monitor market trends and determine levels of negotiated benchmarks. The exceptional volatility on the market led to a change in the quarterly price fixing mechanism for hard-load hard coal contractors in mid–2017 to apply a formula that assumes the valuation of their quarterly volumes based on the average of the basket of spot price indices. This reflects the broader trend of the evolving market, with growing spot market activity. The article describes the current situation on the international coking coal market and presents short-term forecasts for hard coking hard coal prices (PHCC LV), which are a reference point for fixing prices of other types of metallurgical coal (hard standard, semi-soft, PCI).
The Energy Law of April 10, 1997 initiated changes in the energy market in Poland. Actions taken on the basis of this law were aimed at the modernization and development of the power sector. Organizational and legal changes causing the development of distributed generation, thus increasing the level of market competition have been introduced. The care for high quality of customer service, including the protection of vulnerable customers, environmental protection, growing share of renewable energy and emission reduction requirements have become a reality. It seems, therefore, that it is necessary for the Polish energy sector to undergo permanent modernization, to develop the production and industrial infrastructure and to develop modern conventional technologies by way of implementing innovations in the field of energy companies. The author of the paper argues that it is indispensable to make a broadly understood transfer of knowledge and technology to the energy sector on the basis of a knowledge-based economy. This also applies to energy clusters, which currently constitute a platform for cooperation: entrepreneurs, scientific-research units, and public authorities. The functioning of these entities is an important catalyst for the transfer of knowledge and technologies. Their regional nature boosts competitiveness of the involved enterprises, and is a natural way of transferring knowledge to the energy market.
The article presents a synthetic analysis of the crude oil market in Poland. As of today, this safety is provided mainly on the basis of native lignite and hard coal resources. However, the analysis of the hard coal market conducted by the authors indicates that the carried out mining restructuring (among others) led to an excessive reduction of mining volume and employment level in the hard coal mining sector. This led to a precedent situation when Poland became an importer of this energy carrier. In addition, the European Union’s requirements for greenhouse gas emissions must be taken into account. In connection with the above, it is necessary to search for new energy sources or technologies that enable hard coal to meet the requirements. It is possible to apply the so-called clean coal technologies that allow the greenhouse gas emissions generated during coal combustion to be reduced. As of today, they are not used on a mass scale, because the use of this type of technology involves additional financial expenses. However, taking into account that technologies have been growing faster and faster, are modernized in a shorter time, making a breakthrough discovery took hundreds of years, now it is often a few months, clean coal technologies can become the optimal solution in the near future. It is also necessary to diversify the sources of obtaining imported energy carriers. The article describes coal and crude oil in terms of their mutual substitution. The article is a continuation of research conducted by the authors. Previous publications presented considerations on analogous topics related to natural gas and renewable energy sources. The crude oil market in Poland was analyzed and forecasts for oil extraction and the demand in the world and Poland by 2023 were presented. The SARIMA model was also created. The model made it possible to obtain oil an prices forecast.
The essay critically approaches the current state and directions of changes in the university education. We see the critical point in the unconditioned endorsement by the university of the market values of intense competitiveness of global economy and the cult of the pro-market education which is its inevitable result. We would like to argue that although the university must respect economic conditions and limitations, nevertheless we fear that the ongoing process of corporatization of the university with its management strategies such as cutting costs, scanning environments for competitive purposes, re-engineering highly competitive efficiency criteria for the staff will bring about a neglect of the humanist values rooted in intellectual and social sensibility and hence undermine the social mission of the university which, apart from professional skills and research, must cultivate intellectual pluralism by providing space for intelligent conversation, sharing critical views of the present state of things thus fostering social criticism and the spirit of responsible dissent.
Modern cities are increasingly promoting their own individual brands to gain a competitive advantage. 28 Polish cities, after joining the Cittaslow international network of cities, can additionally use their native brand in their activities. The aim of the author was to answer the question: should cities only use an individual brand, or maybe they can support these activities with a common brand strategy. The growth of interest in individual brands of 28 cities belonging to the Cittaslow network has been evaluated, also their popularity, popularity of the native brand on the Facebook, and the use of the Cittaslow brand by cities on their websites were analysed. It was noticed that not all cities use the Cittaslow logo. But most cities in Cittaslow publish a link to the network and brand information on their websites. The native brand Cittaslow is in Poland at the positioning stage but probably its popularity will grow as the benefits from using it begin to be noticed.
Differences in patients motivating factors influence their attitudes towards the role and quality of tourism agents’ services. This paper identified three major components (treatment-related, economic and travel-related) that explain patients motivation to travel for treatment. The study can help medical tourism agents to refine their marketing strategies and suggest the proper incentives to encourage participation in medical tourism. The research was made on the basis of a critical analysis of scientific literature, surveys and analyses.
The aim of the article to assess the functioning of the NewConnect market over 10 years from the organizer’s and participants’ perspective. This helps to diagnose the most important organizational advantages and problems of the Polish MTF, determine further development prospects and propose potential changes to neutralize the negative factors. To illustrate the problem, a comprehensive analysis will be made of aggregated statistical data from 2007–2017, which show the changes and trends on this market, and additionally include the data comparing the current state of the NewConnect market with other alternative markets organized by European stock exchanges. The conducted research does not allow to view the NewConnect market as an organizational success. The analysis identified a number of problems in the functioning of the Polish MTF, ranging from the inappropriate organization of the primary market, resulting in the admittance of too high a number of issuers of dubious credibility, to the consequences appearing on the secondary shares market. It does not give unambiguous grounds to expect positive prospects for the market development in the future. In order to stop unfavorable trends and to improve the issuers’ quality, a discussion on the regulations regarding issuers’ admission, i.e. the size of the minimum equity, IPO, capitalization and the issue price of the debuting company, should be initiated.
The advancing degradation of the ecosystem and the occurring climate changes demand decisive action to be taken by citizens, aimed at levelling the results of the lack of balance between the natural environment and business operations. The growing importance of ecology is reflected on the international financial market in the form of green bonds. This article is devoted to green bonds which are a specific group of securities, namely ecological debt instruments. Despite the green debt being one of the most recent segments of the capital market, its very dynamic expansion can be observed year by year. The article is aimed at identifying the conditions for the development of the global environmental bonds market, specifically the factors stimulating and inhibiting the process. The article is a review in character and the following research methods were used in order to achieve the desired objective: analysis of subject literature and data analysis from the green bonds market, a case study, a descriptive and an inductive method.
An attempt to summarize the primary iron raw materials and steel market’s hundred years history as well as influence of economic indicators on the iron ore deposit qualification for extraction has been undertaken in the paper. Steel products are crucial to the world economy, and their production has a major impact on the environment. The main factor is the huge scale of the production and growth rate, unprecedented among minerals. Iron ore and concentrates production has increased more than thirty times over the past century, and the geological resource base at the current level of consumption has provided almost 250 years of sufficiency. There have been tremendous changes in the world geography of the ore and steel industry. The iron ore mining industry is the driver of other economic activities (land transport, freight, metallurgy) and involves huge capital and human resources. The consumption of iron raw materials is also considered as an important indicator of the countries development and current or even future economic situation. Population growth remains one of the key stimulating factors. The prices of ore and iron concentrates depend on the quality of the raw material, delivery conditions, market balance and the weight of the ordered cargo. They are usually the subject of negotiations. In the past, they were long-term contracts, while short-term (yearly, quarterly) and current spot transactions are now significant. The prices of ores and concentrates in relation to steel prices are showing a strong correlation. The average iron content of the reserves has been reduced in the largest producers in the 21st century, however it does not translate into the quality of mining output. Exploitation of the richer parts of the mineral deposit is usually carried out. The high content of iron in the output is a response to the technological requirements of the metallurgy where the blast furnace charge should contain at least 56% Fe and 5–8% FeO. The current surplus of geological-mining supply (large resource base) justifies that a mineral deposit choice, destined for excavation, is economic profit maximization as well as social and environmental considerations.
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 state of development, the existing and emerging forms of development, the intensity and legibility of settlement systems, all this is essential for the living conditions of urban residents, their surroundings and peripheral systems. The purpose of the article is to assess the accessibility to market and public services by estimating the distance to these services from housing facilities in Poland. The use of the residential dispersion ratio (RDR) and an analysis of the spatial distribution of municipalities with the highest values of the coefficient allows to identify areas where accessibility to public and market services is weak.
The main purpose of the author was to determine the spatial diversity of hotel base development in the regional (voivodship) system. Assuming that many factors determine the level of hotel base development in a given area, the author has used a multidimensional approach, or more precisely – a multidimensional comparative analysis in its dynamic variant. Following the adopted algorithm, a potential set of diagnostic variables was identified on the basis of secondary information sources (date of CSO local data bank), then using factor analysis to reduce it to the final set of quasi-variables (four main factors). Based on them, a synthetic measure of the development of the hotel base of particular voivodships was constructed. This in turn allowed to determine the voivodship hierarchical structure due to particular main factors and synthetic variable, with its changes in the years 2002–2017. The voivodship were also divided into homogeneous groups, according to the value of the synthetic measure of development, as well as the direction and intensity of its temporal changes.
Costs of Spatial Disorder for the Real Estate Market. The article discusses the problem of costs which the spatial disorder in Poland causes in the real estate market. It also draws attention to the likely future consequences of the current lack of spatial order for the domestic real estate market. The impact of spatial chaos on the functioning of this market was considered in terms of economic, social and environmental costs. In the empirical part of the paper, analyzing land turnover in the Poznań agglomeration, the characteristics of the undeveloped real estate market in metropolitan areas in Poland were presented. At the same time, the negative effects of land trading in the situation of a flawed spatial planning system were emphasized. In addition, particular attention was paid to the common practice in Poland of excluding only part of the investment plots from agricultural use. At the same time, the urgent need to create the mechanisms of the actual protection of agricultural land within the agglomeration is emphasized.
The paper presents selected issues related to the development of international coal markets. World consumption of coal dropped for the second year in a row in 2016, primarily due to the lower demand from China and the US. The share of coal in global primary energy consumption decreased to 28%. World coal production accounted to 3.66 billion toe and it was lower by 6.2% when compared to the previous year. More than 60% of this decline took place in China. The decline in global production was more than four times higher than the decrease in consumption. The sufficiency of the world resources of coal are estimated at 153 years – that is three times more than the sufficiency of oil and gas resources. After several years of decline, coal prices increased by 77% in 2016. The current spot prices are at the level of $80/ton and are close to the 2014 prices. In the European market, after the first half of the year, coal prices reached the level of around 66% higher than in the same period of the last year. The average price in the first half amounted to PLN 12.6/GJ, which is close to the 2012 prices. The share of spot trade in the total purchase amount accounted to approx. 20%. Prices in futures contracts can be estimated on the basis of the Japan-Australia contracts prices and prices in supplies to power plants located in Germany. On average, the prices in supplies to these power plants were higher by approximately 9% in the years 2010 – 2016 and prices in Australia – Japan contracts were 12% higher than CIF ARA prices in 2017. Global energy coal trade reached about 1.012 billion tons in 2016. A decline by 4.8% is expected in 2019 primarily due to the expected reduction in demand in major importing countries in Asia.
In 1989–2017 women’s magazines were an important segment of Poland’s media market dominated by international publishing houses like Bauer Media, Edipresse Polska and Burda International. Each year they launched new leads (a total of about one hundred in that period). Most of them were successful in terms of sales and ad revenue. This article tries to chart the quantitative changes and major trends in the women’s magazines market as well as analyze the role of foreign capital in its development.
The second decade of the 21st century is a period of intense development of various types of energy storage other than pumped-storage hydroelectricity. Battery and thermal storage systems are particularly rapidly developing ones. The observed phenomenon is a result of a key megatrend, i.e. the development of intermittent renewable energy sources (IRES) (wind power, photovoltaics). The development of RES, mainly in the form of distributed generation, combined with the dynamic development of electric mobility, results in the need to stabilize the grid frequency and voltage and calls for new solutions in order to ensure the security of energy supplies. High maturity, appropriate technical parameters, and increasingly better economic parameters of lithium battery technology (including lithium-ion batteries) result in a rapid increase of the installed capacity of this type of energy storage. The abovementioned phenomena helped to raise the question about the prospects for the development of electricity storage in the world and in Poland in the 2030 horizon. The estimated worldwide battery energy storage capacity in 2030 is ca. 51.1 GW, while in the case of Poland it is approximately 410.6 MW.
The article presents the challenges faced by the hard coal mining sector in Poland. The biggest challenge results from a decrease in the demand for coal, which was triggered mainly by the climate policy, including the tightening of environmental standards and an increase in the efficiency of generating units. The fundamental model of the MRÓWKA domestic coal market has been described. The model allows for determining the marginal price of a given fuel for a given generating unit in the system and the optimal mix of fuels to meet the energy demand. The results of the model calculations for the baseline and alternative scenarios were presented. It has been shown that the optimal distribution of coal mining capacities promotes the import of the discussed fuel in the north-eastern part of the country and that the individual customer valuation leads to a decrease in the competitiveness of the units located in the central-western part of the country. The paper also discusses the potential impact of the domestic oversupply on the balance sheet and the price of coal. According to the obtained results and the basic laws of economics, an oversupply of coal leads to a decrease in prices. For the analyzed variants, the dependence of prices was estimated at PLN 0.0308 / GJ for every million tons of the oversupply. The fall in prices is largely due to the fuel supply to units located close to ports or railway border crossings. Based on the presented arguments it can be concluded that the maximization of financial result from the extraction of coal should be based on an analysis taking incremental changes in fuel prices into account.
The paper presents the impact of the reformed EU ETS (Emission Trading Scheme – ETS in the European Union) on the currently operating market for trading in CO2 emission allowances. The new Directive introduced a number of changes aimed at tightening the climate policy, which the Polish energy sector based mainly on hard coal may mean an increase in the costs of electricity production, and thus an increase in the cost of the entire economy. The main goal of the changes is to achieve one of the objectives the European Union has set for itself, i.e. the reduction of CO2 emissions by 40% until the year 2030. These assumptions are the result of joint arrangements of the EU countries under the Paris Agreement on climate change adopted in 2015. The Directive introduces a new market stability reserve mechanism (MSR) which, according to its assumptions, is designed to ensure a demand and supply balance of the ETS. Bearing the balance in mind, it means the reduction of excess allowances, which, although their number is decreasing, it is decreasing to slowly according to EU legislators, still oscillating around 2 billion EUA. The paper also draws attention to the rigorous assumptions adopted in the new Directive, aimed at increasing the price of CO2, that is the costs in electricity production. Due to manually-controlled prices, are we doomed to high CO2 prices and therefore the prices of electricity? What are its estimated maximum levels? Will the new assumptions encourage the Member States to switch to lowcarbon technologies? Can they weaken the economies of countries that are currently based mainly on coal energy sources, and strengthen countries where green energy is developed?
The sustainable development of human activities is directly related to the protection of the environment by lowering the anthropogenic stress. Pharmaceuticals – due to their growing consumption (use in medicine, veterinary, animal production, cosmetics) and their incomplete removal in wastewater treatment plants – are classiﬁed as a group of new and rapidly emerging pollutants which have been proven to have a negative impact onto water organisms. In order to ensure the proper protection of human health and the environment there is an urgent necessity of determining pharmaceuticals in clinical, cosmetic, food and environmental samples. Gas (GC) and high performance liquid chromatography (HPLC) are valuable techniques for such determination, especially when they are coupled with mass spectrometry (GC-MS; LC-MS) or tandem mass spectrometry (GC-MS/MS; LC-MS/MS). The purpose of this paper is to present an analysis of sustainability features of analytical techniques in the light of necessity to determine trace amounts of pharmaceuticals in the aforementioned different matrices. Using the Delphi method we performed an analysis of the key sources of the competitive advantages of the application of GC and GC-MS techniques for determining the pharmaceutical residue in clinical, cosmetic, food and environmental samples – compared to techniques based on HPLC or LC-MS. The analysis covered the following areas: (i) the features of the technique, (ii) the price, and (iii) the applicability in various sectors of economy.
This article investigates two interesting phenomena which exist within the framework of the European Union (EU) integration process, i.e. “social dumping” and “letterbox companies”. Taking into account recent EU legislative changes and commentaries in the available legal literature, it contends that the EU’s institutions and its Member States are aware of some negative effects that these phenomena may have for attaining one of the EU’s basic aims, that of a “highly competitive social market economy”, as provided in Article 3(3) (ex 2, as amended) of the Treaty on the European Union. The EU should be understood as being not only focused on the implementation of the Internal Market freedoms, but also the protection of social rights. “Social dumping”, and to a certain extent also “letterbox companies”, reduce the level of this protection. Posting of workers is a good example of an EU integration area where “social dumping” and “letterbox companies” occur on a quite large scale and create some real practical problems. If we can clearly understand the concepts underlying these phenomena and their possible relationships, it would be easier to find a solution to reduce their negative effect on the protection of social rights. This article researches these issues and presents possible solutions to problems they give rise to.