ABSTRACT
Heat energy sector in Poland is characterized by high level of investment risk, which results from a variety of reasons. First reason for high level or risk results from the specific nature of heat energy sector that can be classified as an infrastructure sector. Investment in heat energy sector, similarly to other forms of infrastructure investments, are characterized by their huge ‘physical’ size, increased financial expenditures, high capital intensity, high contribution of sunk costs and a number of other features that impact on the investment risk level (Ratajczak, 1999; Marcinek, 2000).
