Determinants of investment risk in processes of transformation and modernization of polish heat energy sector

摘要

Heat energy sector in Poland is characterized by high level of investment risk, which results from a variety of reasons. First reason for high level or risk results from the specific nature of heat energy sector that can be classified as an infrastructure sector. Another important reason for higher risk is political and economic transitions in Polish economy that have taken place after 1989. New Energy Law, legislated as late as in 1997, implemented market forms of business activity in heat energy sector. Third group of the reasons for high investment risk results from technical and ecological reasons. This paper aims to clarify these reasons behind the high level of investment risk profoundly and identify the sources of investment risk in heat energy sector.