Analiza porównawcza kondycji finansowej przedsiębiorstw produkujących energię 
ze źródel odnawialnych oraz nieodnawialnych: Podejście hybrydowe
[Comparison of the financial standing of companies producing renewable energy 
and fossil fuel energy: A hybrid approach]

Sebastian Tomczak (KBO, PWr, Wrocław)


Companies operating in the energy sector are under pressure to boost the level of 
green energy production. The use of renewable energy sources will have a positive 
impact on the environment, but the basic question is whether power plants that 
produce energy using renewable energy sources are in better financial condition than 
those that use only traditional energy sources. Therefore, the purpose of the article 
is to evaluate and compare the financial condition of power plants. A new hybrid 
approach is presented that extends prior research combining three analyses. First, a 
ratio analysis (big set of variables) was used and then an integrated analysis was 
performed, using the Altman model and cluster analysis. To test the statistical 
significance of differences between the two groups, the Student's t-test was applied. 
The sample concerns the Baltic States and Central Europe in the period of 2008–2017. 
The results indicate that in most cases there is no statistical difference in the 
financial standing of companies that are using renewable energy sources in the 
structure of fuel and other energy carriers used for primary electrical energy 
generation compared with the financial standing of companies that produce fossil 
fuel-based energy.