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Portfolio Optimization of Photovoltaic/Battery Energy Storage/Electric Vehicle Charging Stations with Sustainability Perspective Based on Cumulative Prospect Theory and MOPSO

Author

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  • Jicheng Liu

    (School of Economics and Management, North China Electric Power University, Changping, Beijing 102206, China
    Beijing Key Laboratory of New Energy and Low-Carbon Development, North China Electric Power University, Changping, Beijing 102206, China)

  • Qiongjie Dai

    (School of Economics and Management, North China Electric Power University, Changping, Beijing 102206, China
    Beijing Key Laboratory of New Energy and Low-Carbon Development, North China Electric Power University, Changping, Beijing 102206, China
    School of Mathematics and Computer Engineering, Ordos Institute of Technology, Ordos 017000, China)

Abstract

Recently, an increasing number of photovoltaic/battery energy storage/electric vehicle charging stations (PBES) have been established in many cities around the world. This paper proposes a PBES portfolio optimization model with a sustainability perspective. First, various decision-making criteria are identified from perspectives of economy, society, and environment. Secondly, the performance of alternatives with respect to each criterion is evaluated in the form of trapezoidal intuitionistic fuzzy numbers (TrIFN). Thirdly, the alternatives are ranked based on cumulative prospect theory. Then, a multi-objective optimization model is built and solved by multi-objective particle swarm optimization (MOPSO) algorithm to determine the optimal PBES portfolio. Finally, a case in South China is studied and a scenario analysis is conducted to verify the effectiveness of the proposed model.

Suggested Citation

  • Jicheng Liu & Qiongjie Dai, 2020. "Portfolio Optimization of Photovoltaic/Battery Energy Storage/Electric Vehicle Charging Stations with Sustainability Perspective Based on Cumulative Prospect Theory and MOPSO," Sustainability, MDPI, vol. 12(3), pages 1-20, January.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:3:p:985-:d:314310
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    References listed on IDEAS

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    3. Józef Ober & Janusz Karwot, 2022. "Pro-Ecological Behavior: Empirical Analysis on the Example of Polish Consumers," Energies, MDPI, vol. 15(5), pages 1-27, February.

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