The Innovative Nature of Selected Polish Companies in the Energy Sector Compared to the Use of Renewable Energy Sources from a Financial and an Investor's Perspective

Analysis of the energy sector from the micro perspective that relates to individual companies is much rarer than a macroeconomic analysis that concerns the power industry as a whole and its impact on the functioning of the economy. However, energy companies directly implement the government's energy policies and innovation strategies. Thus, this article attempts to answer the question concerning the relationships in three large energy companies operating in Poland (1) between the use of renewable resources for production and the innovative nature of a company, (2) between the use of renewable energy sources and the standing on the stock exchange and profitability. This study used multiple case studies, financial analysis indicators, a time series analysis, and an interdependence analysis. This study covers 2011-2022 and allows consideration of long-term changes in domestic energy policy. Our findings suggest that there is a relationship between a company's investment activity and the use of renewable energy sources. Unfortunately, the scope of the use of RESs in these companies is small (from ca. 1% to 15%, which demonstrates the low progress of green transformation) and has negative correlations with the investors' assessment and profitability. In relation to innovation, the ratio of intangible assets to total assets was the highest for Tauron SA, increasing from 1.96% to 5.16%. Its material commitment to innovation is distinguishable from the other two companies. This is also the company with the highest share of RESs in energy production. The second place belongs to Enea SA with its ratio of intangible assets to total assets that increased from 0.72% to 1.69%. The ratio was lowest for PGE SA, increasing from 0.37% to 1.47%. The results and standing of the analyzed energy companies are strongly affected by energy policy amendments, including the improved status of coal and the re-oriented use of RESs (prioritizing solar energy over wind). As a result, these companies, despite the twelve-year period of the implementation of green transformation in the European Union, have achieved little on the path to sustainable energy. Therefore, achieving the goal of a zero-emission economy seems unlikely, since the renewable energy mix is still very slight and not diversified. Changes in energy policy are also not conducive to sectoral and economic innovation.