Załamanie systemu zielonych certyfikatów a finansowanie wytwarzania energii z odnawialnych źródeł
The breakdown of tradable green certificates scheme and financing energy generation from renewable sources

Summary/Abstract: The article presents reasons of the breakdown of the tradable green certificates scheme that was introduced in Poland in 2005 as the mechanism of supporting energy generation from renewable sources. It also indicates consequences of significant oversupply of mentioned certificates on the market that led to their rapid prices fall and threatened the RES sector. New legal regulations being compiled by the government are analyzed in order to determine their ability to restore the balance on the green certificates market and ensure desired development of the sector. The last part of the article draws attention to underestimated (in this particular case) relation between lack of the stability and the expected rate of return, having an impact on the incentives that must be offered investors to attract them to the market.

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