20.500.12556/DKUM-58305 PRIMERJALNA ANALIZA UPRAVLJANJA TVEGANJ V DEJAVNOSTI PROIZVODNJE ELEKTRIČNE ENERGIJE Comparative analysis of risk management activities of electricity production Upravljanje tveganj je izredno pomemben proces v delovanju vsake organizacije in je prisoten tako v finančnem kakor tudi v realnem sektorju. Podjetja so se tega procesa še posebej pričela zavedati in ga prepoznati po nastanku globalno – finančne krize v letu 2008, ki je vplivala na uspešnost poslovanja udeležencev v obeh sektorjih. Zaradi tega je izredno pomembno, da vsa tveganja pravočasno prepoznamo, sprejmemo ukrepe in jih z njimi obvladujemo ter tako pripomoremo k poslovnemu uspehu podjetja ali pa celo njegovemu obstoju. Upravljanje tveganj ni samo proces, ki prinaša stroške, temveč je tudi proces, ki vpliva na način povečevanja vrednosti podjetja. Magistrska naloga je praktično usmerjena in zasnovana na primerjalni analizi upravljanja tveganj v panogi proizvodnje električne energije. Zaradi globalne finančne krize, spremenljivih razmer na trgu električne energije, direktiv EU za izpolnjevanje kvot iz obnovljivih virov energije, je v panogi proizvodnje električne energije posebej izpostavljeno obvladovanje finančnih tveganj. V nalogi smo na osnovi objavljenih letnih poročil želeli ugotoviti razvoj upravljanja tveganj v desetletnem obdobju pri poslovanju HSE in izvesti primerjalno analizo s podjetjem iz tujine- Skupina Statkraft, s poudarkom na obvladovanju finančnih tveganj in izbiro finančnih instrumentov za njihovo obvladovanje. Obe podjetji finančna tveganja uspešno obvladujeta in uporabljata enake finančne instrumente. V primerjavi s tujim podjetjem je HSE finančnim tveganjem bolj izpostavljena, predvsem zaradi največje finančne slovenske investicije v energetiki v izgradnjo blok 6, vendar pa ga s sprejetimi ukrepi v analiziranem obdobju uspešno obvladuje. Magistrska naloga je v splošnem razdeljena na dva dela, teoretični in empirični. V teoretičnem delu na kratko podamo spoznanja s področja tveganj, posameznih vrst tveganj s poudarkom na finančnih tveganjih. V empiričnem delu pa najprej na kratko predstavimo panogo proizvodnje električne v Sloveniji in na Norveškem ter izvedemo primerjalno analizo procesa upravljanja tveganj med HSE in Skupino Statkraft. Pri tem enako kot v teoretičnem delu posebno pozornost namenimo prav finančnim tveganjem. Na koncu magistrske naloge sledi Sklep v katerem povzamemo bistvene ugotovitve, potrdimo ali ovržemo postavljeni hipotezi ter podamo smernice za prihodnost. Risk management is an extremely important process in the functioning of any organization and is present both in financial as well as in the real sector. Companies have this process in particular began to realize and recognize the emergence of a global - financial crisis in 2008, which affected the performance of the participants in both sectors. For this reason, it is extremely important that all risks are timely recognize and take action by them are managed so as to contribute to the business success of the company or even its existence. Risk management is not just a process that brings costs, but also a process that affects the way of increasing the company's value. Master's thesis is practically oriented and based on a comparative analysis of risk management in the sector of electricity production. Due to the global financial crisis, the changing conditions in the electricity market, the EU directives for the fulfillment of the quota of renewable energy, in the sector of electricity production particularly exposed to financial risk management. The study was based on published annual reports, wanted to determine the development of risk management in the ten-year period in commerce and the HSE carried out a comparative analysis with the company from tujine- Statkraft Group, with a focus on financial risk management and the selection of financial instruments to manage them. Both companies financial risks successfully managed and used the same financial instruments. Compared with foreign companies, HSE financial risks more vulnerable, mainly because the largest Slovenian financial investment in the energy sector in the construction of block 6, but by the measures taken during the period analyzed successfully controlled. Master's thesis is generally divided into two parts, theoretical and empirical. In the theoretical part we give a brief knowledge of the areas of risk of certain types of risks with regard to financial risks. In the empirical part first briefly introduce related to electricity production in Slovenia and Norway and to perform a comparative analysis of the risk management process between the HSE and the group Statkraft. In the same way as in the theoretical part, we give special attention to financial risks. At the end of the master's thesis by the decision summarizing the main findings prove or disprove a hypothesis and give guidance for the future. tveganje finančna tveganja upravljanje s tveganje izvedeni finančni instrumenti panoga proizvodnje električne energije risk financial risk management risk derivatives industry production of electricity true true false [V. Medoš] Slovenski jezik Angleški jezik Magistrsko delo 2016-04-13 22:08:13 2016-09-15 15:56:32 2022-06-16 03:07:50 2019-07-11 10:35:12 2016 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 005.3 12497436 URN:SI:UM:DK:FIOXPND6 MAG_Medos_Vesna_2016.pdf MAG_Medos_Vesna_2016.pdf 1 3699A8BD355BB918F8296F8D4B3AF8AC fc4b7dddeb5c0a363f0670471be18decaf09813b2f8dd31c95cb9642e7cc136b a467f1b8-7c0c-11eb-bb7a-00155d0001ca https://dk.um.si/Dokument.php?lang=slv&id=93651 Ekonomsko-poslovna fakulteta 0 0 0