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Abstract

The article presents the results of measurement of satisfaction of patients in spa resort using the Kano method. 12 characteristics of stay in the spa are analyzed, of which attractors characteristics, one-dimensional or indifferent ones are identified. The obtained results may allow to build the brand equity, indicating the received quality, recognizability or hypothetical loyalty.
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Abstract

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).
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Abstract

Over the past decade, the growing demand for imported coal from consumers (mainly Asian) coincided with supply constraints on the part of major suppliers. The sequence of events is referred to as force majeure. There were many events in the exporting countries, mainly including the cyclone and floods in Australia (Queensland, the world’s largest hard coking coal mining region). Imbalance between supply and demand causes commodity prices to be subject to cyclical changes, but in recent years the frequency and dynamics of these changes in the international metallurgical market (hard coking coal, semi-soft coking coal, PCI coal) has been extremely high. China, the world’s largest producer and consumer of coking coal, played a leading role in these events. Political action by the Chinese authorities regarding their domestic mining and metallurgical industries and the coke-chemical industry has made the country dethrone Japan since 2013 and has become a global leader in metallurgical coal imports. The rise of China’s importance in coal trading has become an important benchmark for monitoring market trends and benchmarking benchmarks. The market has become more bipolar and CFR China’s prices (in addition to Australia’s FOB prices). The paper describes the path of pricing mechanism changes in international trade contracts for metallurgical coal, against the background of market conditions that generate these changes.
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Abstract

The paper investigates the supply structure of the capacity market in Poland in the coming years. The results of the capacity auctions conducted in 2018 are analyzed for this purpose. Three auctions were held at that time. The products traded in the capacity market are capacity obligations for the following years: 2021, 2022 and 2023. The auctions were organized in accordance with (i) he Act of December 8, 2017 on the Capacity Market and the (ii) Capacity Market Regulations published by the Polish Power Grid. The source of data used in this study is the official information of the President of the Energy Regulatory Office on the final results of the main auctions for 2021–2023 delivery periods. The list of the capacity suppliers who won capacity auctions contains the type of capacity market units, the volume of capacity obligations, the duration of capacity agreements and the business name of the capacity suppliers. The conducted analysis indicates that the auction for 2021 was won mainly by existing units (45.81%) and refurbishing units (33.51%). In subsequent years, the share of existing generating units is significantly higher and amounts to 91.67% for 2022 and 84.54% for 2023. The results of the study carried out in this paper also show that one energy company, being the owner of power generating daughter companies, has a very high share in these capacity auctions. The PGE Capital Group contracted 51.95% for 2021, 69.92% for 2022 and 64.44% for 2023 of the total capacity obligation. The volume amounts to over 70% of their total installed capacity.
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Abstract

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.
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Abstract

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.
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Abstract

The article presents an analysis of Russia’s participation in international steam coal trade, which has been its important participant for years. The research covered the years 2014–2018. The geographical location on two continents and the availability of coal deposits, favors its presence on both the Pacific and Atlantic markets. The article also discusses the main coal producers in Russia and the prices of Russian steam coal directed to the spot market. Due to the significant share of coal exports for the Russian economy, the focus was also on analyzing Russian seaports. In recent years, Asian exports have dominated in Russian steam coal exports. The share of export to this market in the years 2014–2018 was in the range of 49–57% (60–87 million tons). Currently, three countries play an important role among Asian countries: South Korea, China and J apan. They purchased a total of 38–52 million tons of Russian coal. Although in the years under analysis Russia exported 52–67 million tons of steam coal to the European market, the share of this market dropped from almost half to around 40%. T he slow departure from coal energy contributes to reducing the share of recipients from this direction. Among European countries, in 2014 the main direction of export was Great Britain with 19% (24 million tons) of total export share. In 2018, exports fell to 9 million tons (5%). Among European destinations for Russian coal, Poland’s share is growing in importance. In the years 2014–2018, steam coal exports to Poland varied in the range of 5.6–16.2 million tons. In the years 2014–2018 it changed in the range of 5.6–16.2 million tons. The dynamic growth achieved in the last three years is noteworthy. In relation to 2016, imports increased by 10.0 million tons and in 2018 amounted to as much as 16.1 million tons. The article also discusses the geographical structure of coal imports to Poland by railway border crossings and seaports.
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Abstract

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.
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Abstract

The article discusses issues related to the generation, use, and transboundary movement of waste labeled with the code 191210 according to the waste catalogue regardless of its origin (municipal, industrial or mixed). Data contained in voivodship reports related to waste management and information about transboundary shipments shared by the Chief Inspectorate of Environmental Protection were also used in the article. The imbalance in the amount of produced and energetically used alternative fuels in Poland in the years 2015 to 2017 has been confirmed. This affects the economy of the waste management sector involved in the production of alternative fuels. The oversupply causes the prices of alternative fuels to fall and increases the need for subsidies in the case of the recovery or disposal of alternative fuels of lower quality. In the near future one should expect a stabilization of the supply of combustible waste to the cement industry, which is now beginning to achieve its technological potential; this is due to a high degree of replacement of fossil fuels. One should also expect an increase in the demand for alternative fuels from the commercial power sector and heating sector. It has been shown that much more alternative fuel is imported than exported from Poland. The amount of imported alternative fuel in the market is relatively low compared to the amount of fuel produced in the country. This oversupply affects, although not significantly, the possibility of using domestic waste for energy recovery. The export of the alternative fuel produced in the country is a favorable phenomenon when there is no possibility of sale on the domestic market. It seems rational, especially in the case of exports from installations producing fuels in border provinces.
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Abstract

The aim of the paper was to estimate how the value of 1 GJ of energy in coal with a calorific value of 5500 kcal/kg varies on the international coal market compared to 1 GJ of energy in coal with a calorific value of 6000 kcal/kg. The analysis of data from different ports was intended to answer the question of whether the pricing of coals of different producers according to their calorific value is convergent. The best-known price standard for thermal coal is 25.1 MJ/kg coal (6000 kcal/kg) and, until recently, coals with such quality parameters dominated international trade. Currently, coals with parameters other than considered to be standard parameters are traded on the coal market, hence it is necessary to price a unit of energy (e.g. 1 GJ) contained in these coals. The indices have been selected of the largest exporters of thermal coal for which data was available and referred to the same coal types (grades) determined on the same basis (FOB). Theoretically, the price differential between 6000 kcal/kg and 5000 kcal/kg coal (in USD/ton) should be (at least) as much as the difference in calorific value, i.e. about 9% per USD/ton. In reality, the price differential between these types of coal is greater, though. The overall conclusion of the analysis is that the price calculated per 1 GJ of energy fluctuated on average by 5.9% over the entire period considered. The analytical results obtained for coal from four countries are quite convergent, so it can be assumed that the calculated relationship between the prices of coal with different calorific values (6000 and 5000 kcal/kg) is a good approximation of the observed relationships in the international trade. The calculation results provide a simple formula allowing to estimate the price of coal with a calorific value other than the standard 25.1 MJ/kg (6000 kcal/kg) using the relationships from the international market.
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Abstract

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.
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Abstract

The condition of the Polish energy sector does not inspire any trust of its customers. Outdated machinery and the lack of investment in new technologies make it necessary to take action to ensure the stability and continuity of electricity supplies to the end-user. In Poland, the industrial power sector is based on the use of coal and despite the Government’s announcements to resign from this raw material, more and more power investments are being made to generate energy from coal (Ostrołęka power plant). The solution which compensates for the current state of the Polish power industry is the development of distributed generation. The article presents a description of dispersed sources, power market, its organization and problems arising from its implementation. Distributed energy sources in the form of micro installations, energy clusters and virtual power plants have been described and characterized as well. It also assesses the impact of power market introduction on the development of distributed energy sources. The impact of the power market on the development of distributed sources is very hard to predict and determine. The functioning and further development of the energy sector, including the capacity market, strongly depends on the laws, regulations, as well as the economic and political situation in Poland and Europe. The social factor will also play an important role as the introduction of the capacity market will burden the financial side of each energy consumer. On the basis of the data presented on particular sources and distributed systems, one can only make predictions related to the possible effects of introducing the capacity market for the development of distributed sources.
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Abstract

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.
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Abstract

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?
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Abstract

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.
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Abstract

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 lower demand from China and the U S. 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 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/t 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 tonnes in 2016. In 2019, a decline by 4.8% is expected primarily due to the expected reduction in the demand in major importing countries in Asia.
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Abstract

Coal production in 2018 increased by 3.3% and amounted to 7.81 million tons. Compared to 2010, it increased by 620 million tons. The structure of coal production in the world is very stable in the analyzed period of 2010–2018. Steam coal dominates in production with a share of 77%. Since 1990, the share of coal in the consumption of primary energy carriers has fallen by 3% in the global economy. In the EU, the share of coal in the consumption of primary energy carriers is more than twice lower than in the world, and in 2018 amounted to 13%. BP estimates the sufficiency of coal proven reserves based on 2018 data for the next 132 years. For oil and gas, they are estimated at 51 years. The decline in hard coal production in the European U nion can be dated almost continuously since 1990, which has decreased by 74%. In 2018, 74 million tons of coal were produced in the EU. In 2018, hard coal consumption in EU countries dropped to 226 million tons, i.e. by 20.6%. In 2018, global trade in steam coal amounted to 1.14 billion tons. The situation in China is crucial for the international coal market. The slight change in the import policy of this country significantly affects the situation in international trade in steam coal. In 2019, coal prices (at Newcastle, Richards Bay, ARA ports) dropped by an average of 23 U SD/ton. The average decreases for these three indices were 33%. The prices of steam coal in the forecasts presented in the paper are under pressure of the falling demand.
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Abstract

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.
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Abstract

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.
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Abstract

Ensuring access to a stable supply of a number of raw materials has become a serious challenge for domestic and regional economies with limited production, the EU economy alike. Reliable and unconstrained access to certain raw materials is an ever more serious concern. In order to tackle this challenge, the European Commission has established a list of Critical Raw Materials (CRMs) for the EU, which is regularly reviewed and updated. In its Communication COM(217) 490 final of September 13, 2017, the European Commission presented an updated list of 27 critical raw materials for the EU as a result of a third assessment based on a refined methodology developed by the Commission. Economic Importance (EI) and Supply Risk (SR) have remained the two main parameters to determine the criticality of a given raw material. The list of critical raw materials for the EU includes raw materials that reach or exceed the thresholds for both parameters set by the European Commission. The only exception is coking coal (included in the list of critical raw materials for the first time in 2014) which, although not reaching the economic importance threshold, has been conditionally kept on the 2017 list for the sake of caution. Should it not fully meet this criterion, it will be withdrawn from the list during the next assessment. The article discusses the most important changes to the methodology used in the third review and their impacts on the coking coal criticality assessment. It presents the geographical structure of coking coal global production and consumption as well as the degree to which the EU is reliant on coking coal imports. Raw materials, even if not classified as critical raw materials, are essential for the European economy as they are at the beginning of manufacturing value chains. Their availability may change rapidly due to developments in trade flows or trade policy, which reveals the general need for the diversification of supply.
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Abstract

The role and importance of energy security increases with the development of civilization, whose inherent element has become the demand for energy and its carriers. The article discusses the issue of cooperation in the field of energy security in Central Europe at the moment of finishing work on the North-South Corridor, which changes the existing gas architecture in the region. In order to better understand the situation in the region, the energy systems of the Visegrad Group countries, identical to the Central European region, have been analysed, according to the definition of the World Bank and OECD. Considering the historical and geopolitical connections of the Visegrad Group’s fate, it is important to create a common gas market. The physical interconnection of gas systems greatly increases energy security in this region. Moreover, thanks to the construction of LNG terminals in Poland and Croatia, it will be possible to diversify not only the routes, but also the sources of supply of this important raw material.
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Abstract

The development of air transport affects elements of the aviation fuel market. In recent years an increase in both the number of passengers and the number of passenger operations has been observed. This phenomenon also concerns passengers and the number of operations served by Polish airports which translates into more and more fuel consumption in Poland. The authors of the study tried to approximate the characteristics of aviation fuels used in various types of aircrafts. The most important of them, from the perspective of the Polish aviation sector, include Jet. This type of fuel plays a key role in civil aviation. In the article, the enterprises operating in the analyzed sector were also reviewed. The empirical part of the article is devoted, in turn, to the analysis of changes in air passenger transport in Poland and changes in Jet fuel prices on the Polish fuel markets. The conducted research shows that the dynamics of changes in the number of passengers, as well as the number of passenger operations at Polish airports were characterized by an upward trend, and the increase in the number of passengers was driven not only by a larger number of available flights, but also by such factors as: increasing the capacity of aircraft and increasing the fill rate for seats. The authors have also attempted to examine the strength of dependence between the number of passengers deciding to use Polish airports and Jet fuel prices, which in recent years have undergone significant fluctuations. For this purpose, the value of Pearson’s linear correlation coefficient was used and the analyzed period covered the years 2011–2017. The data on passenger traffic used in the study came mainly from periodic reports prepared by the Civil Aviation Office (ULC).
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Abstract

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.
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Abstract

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.
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Abstract

With the upcoming implementation of the centralized capacity market in Poland, capacity auctions will be organized where domestic power companies will offer their available capacities. It is assumed that bidding will be auctioned according to the so called descending clock auction system with uniform-price (Pay-as-Clear), which will lead to the market equilibrium price. Some analysts, however, are of the view that it is more appropriate to organize capacity auctions in the Pay-as-Bid formula, as this system should lead to lower prices that those of Pay-as-Clear, hence lower costs of capacity purchase. However, this opinion does not confirm the practice – theoretical considerations do not take into account such important factors as the behavior of market players and the tendency of bidders to accept a higher risk or the lack of access to advanced analyses, and thus better information for all market participants. This paper presents a hypothetical calculation of the prices in the centralized capacity market using Monte Carlo simulations. The results of the study confirm that the price level for the Pay-as-Bid system, due to the asymmetry of information and the level of concentration of the power generation sector in Poland would lead to higher prices than for the Pay-as-Clear system on average by approximately 2.5%. The implementation of the PAB system would, therefore, be less efficient to electricity consumers.
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