A multi-objective decision-making approach for sustainable energy investment planning

Beyzanur Cayir Ervural, Ramazan Evren, Dursun Delen

Research output: Contribution to journalArticle

13 Citations (Scopus)

Abstract

Rapidly growing energy needs require sustainable and efficient utilization of natural resources. Thus, meticulous development of long-term energy strategies and the proper planning of energy resources are critical. In this study, the energy-planning problem is investigated by formulating a multi-objective decision-making model under several realistic constraints. As an illustrative example, an energy company's renewable energy planning model is formulated. Specifically, a multi-objective mathematical model under several constraints (some of which are fuzzy) is developed to attain multiple goals simultaneously. Methodologically, (i) the energy company's plans to invest in renewable energy power plants in specific regions are formulated using a 0–1 goal programming approach, (ii) the social acceptance factor included in the model is obtained using the fuzzy Technique for Order Performance by Similarity to Ideal Solution (TOPSIS) method, and (iii) the goals are weighted by designing and implementing an Analytic Hierarchy Process (AHP) model. According to the results of the developed model, certain renewable energy generation alternatives are superior where the necessary renewable energy resources are efficiently assessed. It is also demonstrated that the proposed integrated analytics approach is capable of providing invaluable insights when the underlying model is systematically evaluated through sensitivity/scenario analyses.

Original languageEnglish
Pages (from-to)387-402
Number of pages16
JournalRenewable Energy
Volume126
DOIs
StatePublished - 1 Oct 2018
Externally publishedYes

Fingerprint

Decision making
Planning
Renewable energy resources
Analytic hierarchy process
Natural resources
Energy resources
Industry
Power plants
Mathematical models

Keywords

  • Analytic Hierarchy Process (AHP)
  • Fuzzy TOPSIS
  • Goal programming
  • Renewable energy planning
  • Sensitivity analysis

Cite this

Cayir Ervural, Beyzanur ; Evren, Ramazan ; Delen, Dursun. / A multi-objective decision-making approach for sustainable energy investment planning. In: Renewable Energy. 2018 ; Vol. 126. pp. 387-402.
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A multi-objective decision-making approach for sustainable energy investment planning. / Cayir Ervural, Beyzanur; Evren, Ramazan; Delen, Dursun.

In: Renewable Energy, Vol. 126, 01.10.2018, p. 387-402.

Research output: Contribution to journalArticle

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