Regulatory uncertainty in renewable energy project finance: An attribution procedure
References
- Adamska, B. (2022). Magazyny energii niezbędnym elementem transformacji energetycznej [Energy storage as a necessary element of the energy transition]. Energetyka Rozproszona, 7, 55-61. https://doi.org/10.7494/er.2022.7.55
- Alonso-Travesset, À., Coppitters, D., Martín, H., & de la Hoz, J. (2023). Economic and regulatory uncertainty in renewable energy system design: A review. Energies, 16(2), 882. https://doi.org/10.3390/en16020882
- Boomsma, T. K., Meade, N., & Fleten, S.-E. (2012). Renewable energy investments under different support schemes: A real options approach. European Journal of Operational Research, 220(1), 225-237. https://doi.org/10.1016/j.ejor.2012.01.017
- Egli, F. (2020). Renewable energy investment risk: An investigation of changes over time and the underlying drivers. Energy Policy, 140, 111428. https://doi.org/10.1016/j.enpol.2020.111428
- Egli, F., Steffen, B., & Schmidt, T. S. (2018). A dynamic analysis of financing conditions for renewable energy technologies. Nature Energy, 3(12), 1084-1092. https://doi.org/10.1038/s41560-018-0277-y
- Eryilmaz, D., & Homans, F. R. (2016). How does uncertainty in renewable energy policy affect decisions to invest in wind energy? The Electricity Journal, 29(3), 64-71. https://doi.org/10.1016/j.tej.2015.12.002
- Esty, B. C. (2004). Modern project finance: A casebook. Wiley.
- European Bank for Reconstruction and Development [EBRD]. (2024). PPP project appraisal guidelines (Vol. II, Chapter 9). https://www.ebrd.com/content/dam/ebrd_dxp/assets/pdfs/legal-reform/infrastructure-and-natural-resources/public-private-partnerships-and-concessions/volume-2/vol2_chap9.pdf
- European Commission. (2021). Better regulation guidelines (SWD(2021) 305 final). Commission Staff Working Document. https://commission.europa.eu/law/law-making-process/planning-and-proposing-law/better-regulation/better-regulation-guidelines-and-toolbox_en
- Fabrizio, K. R. (2013). The effect of regulatory uncertainty on investment: Evidence from renewable energy generation. Journal of Law, Economics, and Organization, 29(4), 765-798. https://doi.org/10.1093/jleo/ews007
- Finnerty, J. D. (2013). Project financing: Asset-based financial engineering (3rd ed.). Wiley. https://doi.org/10.1002/9781119204169
- Gatzert, N., & Vogl, N. (2016). Evaluating investments in renewable energy under policy risks. Energy Policy, 95, 238-252. https://doi.org/10.1016/j.enpol.2016.04.027
- Holburn, G. L. F. (2012). Assessing and managing regulatory risk in renewable energy: Contrasts between Canada and the United States. Energy Policy, 45, 654-665. https://doi.org/10.1016/j.enpol.2012.03.017
- Kitzing, L. (2014). Risk implications of renewable support instruments: Comparative analysis of feed-in tariffs and premiums using a mean-variance approach. Energy, 64, 495-505. https://doi.org/10.1016/j.energy.2013.10.008
- Mohun, J., & Roberts, A. (2020). Cracking the code: Rulemaking for humans and machines (Working Papers on Public Governance, No. 42). OECD Publishing. https://doi.org/10.1787/3afe6ba5-en
- Niedziółka, P. (2021). Zielona rewolucja w polskiej bankowości: Finansowanie projektów lądowej energetyki wiatrowej oraz fotowoltaicznej w Polsce z wykorzystaniem metody Project Finance [Green revolution in Polish banking: Financing onshore wind and photovoltaic projects in Poland using the Project Finance method]. Difin.
- Ustawa z dnia 10 kwietnia 1997 r. – Prawo energetyczne [Act of 10 April 1997 – Energy Law]. Tekst jednolity: Dz.U. 2024, poz. 266. https://isap.sejm.gov.pl/isap.nsf/download.xsp/WDU19970540348/U/D19970348Lj.pdf
- Ustawa z dnia 20 lutego 2015 r. o odnawialnych źródłach energii [Act of 20 February 2015 on Renewable Energy Sources]. Tekst jednolity: Dz.U. 2024, poz. 1361. https://isap.sejm.gov.pl/isap.nsf/download.xsp/WDU20150000478/U/D20150478Lj.pdf
- Ustawa z dnia 8 grudnia 2017 r. o rynku mocy [Act of 8 December 2017 on the Capacity Market]. Tekst jednolity: Dz.U. 2023, poz. 2131. https://isap.sejm.gov.pl/isap.nsf/download.xsp/WDU20180000009/U/D20180009Lj.pdf
- OECD. (2020). Regulatory impact assessment. Best Practice Principles for Regulatory Policy. https://doi.org/10.1787/7a9638cb-en
- OECD. (2025). Applying regulatory impact assessment at regulatory authorities. A methodology for assessing the economic, social and environmental impacts of regulation (Report). https://doi.org/10.1787/0b5ea522-en
- Olczak, P., & Gucwa, A. (2024). Evaluation of economic profitability using energy storage in context of using renewable energy. Polityka Energetyczna, 27(2), 27-46. https://doi.org/10.33223/epj/182435
- Ritzenhofen, I., & Spinler, S. (2016). Optimal design of feed-in-tariffs to stimulate renewable energy investments under regulatory uncertainty – A real options analysis. Energy Economics, 53, 76-89. https://doi.org/10.1016/j.eneco.2014.12.008
- Trela, M., & Dubel, A. (2017). Porównanie systemów wsparcia odnawialnych źródeł energii w Polsce: Zielone certyfikaty vs system aukcyjny na przykładzie instalacji PV [Comparison of renewable energy support systems in Poland: Green certificates vs. auction system for PV installations]. Polityka Energetyczna, 20(2), 105-116. https://bibliotekanauki.pl/articles/283458
- Yescombe, E. R. (2014). Principles of project finance (2nd ed.). Academic Press/Elsevier. https://doi.org/10.1016/C2011-0-04268-0
Language: English
Page range: 374 - 385
Submitted on: Mar 20, 2025
Accepted on: Aug 4, 2026
Published on: Aug 24, 2026
Published by: University of Economics in Katowice
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year
Related subjects:
© 2026 Wojciech Więcławek, published by University of Economics in Katowice
This work is licensed under the Creative Commons Attribution-NonCommercial 4.0 License.