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Best Option of Investment in Renewable Energy: A Multicriteria Decision-Making Analysis for Iranian Energy Industry

Author

Listed:
  • Nima Norouzi

    (Department of Energy Engineering and Physics, Amirkabir University of Technology (Tehran Polytechnic), 424 Hafez Avenue, PO. Box 15875-4413, Tehran, Iran)

  • Alireza Bozorgian

    (Department of Chemical Engineering, Mahshahr Branch, Islamic Azad University, Mahshahr, Iran)

  • Mohammad Ali Dehghani

    (Department of Industrial Engineering, College of Engineering Shiraz Branch, Islamic Azad University, Shiraz, Iran)

Abstract

Electricity production and consumption can be considered as one of the most important factors and necessities in the growth and development of any country. To generate electricity, it is necessary to build power plants. Due to the high exchange rate and the high cost of construction and operation of any new power plant in the electricity industry, it is necessary to select these power plants based on a wide range of criteria. In this research, using economic, environmental, technical, and social criteria, different power plants in Iran are prioritised using Vlse Kriterijumska Optimizacija Kompromisno Resenje (VIKOR) fuzzy hierarchical analysis methods for the 2018–2040 period. Indicators of environmental pollution, initial investment per unit of electricity generated, maintenance costs, accessibility, public acceptability, and the possibility of developing and increasing capacity were the main indicators affecting the prioritisation of power plants in Iran. In general, according to all the indicators studied in this study, the level of environmental pollution has the greatest impact on the prioritisation of power plants. Also, the indicators related to the amount of initial investment per kilowatt-hour of electricity generated, maintenance costs, the possibility of expanding and increasing the capacity, and the possibility of easy access to spare parts were the most important factors. The results of multicriteria decision prioritisation show that solar power plants are the first option for the strategic choice of power plants, and wind farms and small-scale biomass are in the next priorities. Therefore, it is suggested that the government and policy institutions, according to the prioritisation of power plants, create the necessary infrastructure to exploit these energies.

Suggested Citation

  • Nima Norouzi & Alireza Bozorgian & Mohammad Ali Dehghani, 2020. "Best Option of Investment in Renewable Energy: A Multicriteria Decision-Making Analysis for Iranian Energy Industry," Journal of Environmental Assessment Policy and Management (JEAPM), World Scientific Publishing Co. Pte. Ltd., vol. 22(01n02), pages 1-35, June.
  • Handle: RePEc:wsi:jeapmx:v:22:y:2020:i:01n02:n:s1464333222500016
    DOI: 10.1142/S1464333222500016
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    Cited by:

    1. T. M. I. Riayatsyah & T. A. Geumpana & I. M. Rizwanul Fattah & T. M. Indra Mahlia, 2022. "Techno-Economic Analysis of Hybrid Diesel Generators and Renewable Energy for a Remote Island in the Indian Ocean Using HOMER Pro," Sustainability, MDPI, vol. 14(16), pages 1-18, August.
    2. T. M. I. Riayatsyah & T. A. Geumpana & I. M. Rizwanul Fattah & Samsul Rizal & T. M. Indra Mahlia, 2022. "Techno-Economic Analysis and Optimisation of Campus Grid-Connected Hybrid Renewable Energy System Using HOMER Grid," Sustainability, MDPI, vol. 14(13), pages 1-18, June.
    3. Sina Eslamizadeh & Amineh Ghorbani & Yashar Araghi & Margot Weijnen, 2022. "Collaborative Renewable Energy Generation among Industries: The Role of Social Identity, Awareness and Institutional Design," Sustainability, MDPI, vol. 14(12), pages 1-25, June.
    4. Muhammad Sharjeel Ali & Syed Umaid Ali & Saeed Mian Qaisar & Asad Waqar & Faheem Haroon & Ahmad Alzahrani, 2022. "Techno-Economic Analysis of Hybrid Renewable Energy-Based Electricity Supply to Gwadar, Pakistan," Sustainability, MDPI, vol. 14(23), pages 1-25, December.

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