The study examines the long-run relationship between renewable energy consumption and economic growth within the framework of the traditional production function in 29 European countries from 1995 to 2016. The study was based on the panel unit root tests, panel cointegration test-the Kao (1999), Pedroni (1999, 2004), Westerlund (2005) and fully modified ordinary least squares estimator and dynamic ordinary least squares estimator. The study found that there is a long-term equilibrium relationship between economic growth and renewable energy consumption and that renewable energy consumption has a positive impact on economic growth. The results suggest that the use of renewable energy as a global commodity in the process of economic growth is highly significant. Therefore, policies to promote renewables can provide for economic growth, an increase in renewables and the reduction of greenhouse gas (GHG) emissions, and ensure important sustainable development goals.

Abstract. Our paper uses the panel data approach to investigate the relationship between energy consumption and economic growth for V4 countries and for the 14 EU "old" Member States from 1995 to 2012. We defi ne the diff erences between the estimated results for these t wo groups of countries. We assume that there is a positive relationship between energy use and economic growth. Our results reveal that in the countries in question energy consumption is not neutral to economic growth. Th e estimation of GDP equation indicates that that energy consumption is positively related to economic growth. Energy consumption is a pro-growth variable which means that the increase in energy consumption causes the increase of economic growth. Moreover, the energy consumption in relation to GDP growth in the V4 countries seems to be more effi cient than in the "old" EU countries. Furthermore, our results point at the individual growth rate eff ect of GDP for every country that was not captured by the estimated model.

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e paper investigates the relationship between electricity consumption and economic growth in Poland for the period 2000 to 2012. Understanding the behavior of electricity consumption in relation to the economy is very important for improve a stable economic growth and development. e obtained results indicate that there is the causal relationship between electricity consumption and economic growth in Poland and the relationship is bi-directional. We also discovered the bi-directional causality between capital and economic growth. On the basis of the causality results we estimated a one-sector aggregate production function, where the electricity consumption was one of the input variables. e evaluated growth model showed that electricity consumption is a pro-growth variable, so the results indicate that economic growth of Poland is electricity-dependent. at's allows to state that electricity is a limiting factor to economic growth of Poland.

Abstract. Many regions, not only in the Europe, introduce plans for the modernization of energy systems so that in a few or several years most of the demand for electricity was being able to cover using renewable energy sources. The aim of this paper is to present the possibility of estimation of appropriate power supply based on the renewable energy sources in the context of the whole energy system in the annual balance, taking into account the technical and the economic optimization strategies. The article presents also the simplified structure of the 100% renewable energy system supported by energy storage systems and the production of synthetic fuels.