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Glavni namen naloge je bila preučitev stopnje korelacije med uspešnostjo izbranih podjetij v drugem in tretjem trgovalnem obdobju EU ETS in stroški ter prihodki iz naslova emisijskih kuponov. Cilje magistrske naloge smo poskušali izpolniti v teoretičnem in empiričnem delu naloge. V teoretičnem delu magistrske naloge smo najprej preučili vzroke in posledice podnebnih sprememb in opredelili ekonomski vpliv podnebnih sprememb na gospodarski razvoj. V nadaljevanju smo predstavili najpomembnejše mednarodne sporazume na področju podnebnih sprememb in njihovo uspešnost pri zmanjševanju toplogrednih plinov ter naredili analizo uspešnosti prvega, drugega in tretjega trgovalnega obdobja EU ETS. V empiričnem delu naloge smo v raziskavo zajeli tri izbrane družbe, ki so v letu 2013 skupaj predstavljale 68 % vseh preverjenih emisij toplogrednih plinov, vključenih v trgovalno shemo EU ETS v Sloveniji. Preučili smo stroške in prihodke iz naslova emisijskih kuponov ter uspešnost teh podjetij na podlagi revidiranih letnih poročil v obdobju od 2008 do 2016, torej za celotno drugo trgovalno obdobje EU ETS in za prva štiri leta tretjega trgovalnega obdobja EU ETS. Naredili smo analizo stroškov in prihodkov v zvezi z emisijskimi kuponi ter ločeno prikazali stroške brezplačnih emisijskih kuponov in stroške kupljenih emisijskih kuponov, prav tako smo prikazali prihodke slednjih. Za preučitev uspešnosti izbranih podjetij smo si izbrali kazalnika ROA in EBITDA marža. V drugem delu empiričnega dela smo tudi preučili povezanost stroškov in prihodkov iz naslova emisijskih kuponov ter povprečne prodajne cene električne in toplotne energije v izbranih podjetjih po letih. Glavne ugotovitve pri tej raziskavi so, da so se stroški emisijskih kuponov v tretjem trgovalnem obdobju povišali, prav tako stroški emisijskih kuponov predstavljajo v strukturi obratovalnih stroškov v tretjem trgovalnem obdobju višji delež kot v drugem trgovalnem obdobju EU ETS. Prihodki iz naslova emisijskih kuponov pa so se v tretjem trgovalnem obdobju znižali glede na drugo trgovalno obdobje EU ETS. Statistično sicer nismo uspeli dokazati korelacije med stroški emisijskih kuponov in uspešnostjo izbranih podjetij. Naslednja ugotovitev pri preučitvi povprečnih prodajnih cen električne in toplotne energije je, da se stroški emisijskih kuponov v tretjem trgovalnem obdobju niso odražali v prodajni ceni predvsem zaradi razmer na trgu z električno energijo. Pri prodajni ceni toplotne energije pa se strošek emisijskih kuponov odraža v prodajni ceni toplotne energije, ta dejavnost je namreč regulirana in je strošek kupljenih emisijskih kuponov priznan kot upravičen strošek. The main purpose of the task was to examine the degree of correlation between the performance of selected companies in the second and third trading periods of the EU ETS and the costs and revenues from emission coupons. We tried to achieve the goals of the master's thesis in the theoretical and empirical part of the task. In the theoretical part of the master's thesis, we first studied the causes and consequences of climate change and defined the economic impact of climate change on economic development. In the following, we presented the most important international agreements in the field of climate change and their success in reducing greenhouse gases and we also made an analysis of the success of the first, second and third EU ETS trading periods. In the empirical part of the project, the survey covered three selected companies, which together accounted for 68% of all verified CO2 emissions in Slovenia in 2013. We examined the costs and revenues from emission allowances and the performance of these companies on the basis of the audited annual reports for the period 2008-2016, for the entire second trading period of the EU ETS and for the first four years of the third trading period of the EU ETS. We made an analysis of the costs and revenues from emission allowances, showing the separate costs of free emission coupons and the cost of purchased emission coupons, as well as for revenues from this issue. To examine the performance of selected companies, we selected ROA and EBITDA margins. In the second part of the empirical part, we also examined the correlation between costs and revenues from emission allowances and the average sales price of electricity and heat in selected companies by years. The main findings of this study are that the emission allowances increased in the third trading period, and the cost of emission allowances is higher in the structure of operating costs in the third trading period than in the second trading period of the EU ETS. In the third trading period, revenue from allowances was reduced relative to the second trading period of the EU ETS. Statistically, we have not been able to prove the correlation between the cost of emission allowances and the performance of selected companies. The next finding by the examining the average sales prices of electricity and heat is that the cost of allowances in the third trading period were not reflected in the selling price, mainly due to the situation on the electricity market. In the sales price of heat, however, the cost of emission allowances is reflected in the sales price of heat, this activity is regulated and the cost of purchased emission allowances is recognized as a reasonable cost. |
