Article investigates the issue of terms of trade in energy products. The goal of this paper is to check how the terms of trade in energy fluctuate. The analysis is carried out on the example of Poland as a country which offers an interesting energy imports and exports structure. The time horizon covers the period from 2005–2015 and is extended to give the broader picture of the phenomenon wherever possible. In the research, the author uses the barter terms of trade concept. The paper has been organized in four sections. The study opens with introductory remarks presenting Polish energy situation, which is followed by a description of the terms of trade concept on the grounds of international economics. The results of the research are discussed in section three which ends with a summary and conclusions. The last part includes an additional description of study constraints and suggestions the next research steps. The statistical data used in the paper comes from national databases of the Polish Central Statistical Office and international sources such as the Organisation for Economic Cooperation and Development. Additional information on energy prices was derived from recognized branch sources such as BP Statistical Review of World Energy.

A transition from generating electricity from conventional sources to generating it from renewables is one of drivers leading us towards a circular economy. Electricity is a specific product and regardless of where and how it is produced, it takes the same form. A novel aspect of the research is the examination of correlations and relationships between guarantees of origin. The research objective is to analyse the market for the guarantees of origin in the volatile price environment that we had late 2021 and early 2022. Therefore, we analysed demand for the guarantees in January 1, 2020 to June 30, 2022 and the correlation between the price of electricity and guarantees of origin. It was based on the secondary data analysis method and the use of Pearson’s correlation coefficient and a linear regression function. The authors of the study made a hypothesis that the trading volume would increase during the study period and that there would be a positive correlation between the price of energy and the guarantees of origin. A key finding of the study revealed a steady increase in the purchase of guarantees despite the rise in prices. The buying of the guarantees is not a top-down requirement, but rather a bottom-up action, which indicates growing social expectations towards enterprises to consume energy from renewable sources.