Abstract
The article aimed to present the balance of outlays and the effects of restructuring Polish hard coal mining companies in the face of directions of the Energy Policy of Poland PEP 2040. The research problem is defined by the following question: have the goals of restructuring coal mining companies been achieved (and to what extent), and has the restructuring-related expenditure been economically rational? An answer to this question is based on the verification of five research hypotheses, in particular, have the incurred costs of restructuring contributed to changes to the energy mix (its desired time and degree), reducing related expenditure? The scope of research comprises all companies engaged in the extraction of solid mineral energy resources (the entire industry). An assessment of the restructuring process was conducted from two perspectives related to its time and scope. The first perspective was the restructuring programme as a sub-process of the economic transformation (1990−2020), and economic forecasts until the planned coal phase-out (2021−2049). The second perspective was an analysis of the mechanism that determines companies’ performance after carrying out typical and direct restructuring activities (2007−2021). Two multivariate measures were developed for methodological purposes, and the analysis also made use of a logit prediction model and several financial analysis ratios. The analysis led to the general conclusion that the restructuring of hard coal mining companies was not effective—it did not ensure their independent and effective functioning. In particular, the analysis led to the following conclusions: (1) the restructuring process had different levels of intensity, which allowed for its periodization; (2) the main and increasingly important factor of changes was human labour productivity (as opposed to objectified labour—machines and equipment); (3) the identified mechanism of creating results pointed to the areas of inappropriate management; (4) the previous restructuring costs did not contribute to changing the energy mix, and they are likely to rise until coal phase-out.