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

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.

Collaborative Renewable Energy Generation among Industries: The Role of Social Identity, Awareness and Institutional Design

“…Although this research sheds light on the factors stimulating the willingness of the industrial companies in Iran to invest in such projects, it is limited in the sense that the opinions of the industrial executives may be influenced by the economic sanctions against Iran, positioning the transition to RE as a lesser-priority plan. Yet, according to the findings of this research and the abovementioned reasons, transitioning to RE in Iran's industrial sectors seems to be a valid area of research which can be continued by performing costbenefit analyses while bringing different introduced incentive mechanisms [60] and the best renewable technologies [61] to be used in the spotlight.…”

Techno-Economic Analysis and Optimisation of Campus Grid-Connected Hybrid Renewable Energy System Using HOMER Grid

“…It was implemented long ago, but it has become popular since the Middle East oil embargo in the 1970s. Since that crisis, renewable energy has progressed well and become comparable to fossil fuel after it was introduced many decades ago [6]. The most popular renewable energy source used to be hydropower, which requires massive investment to build a dam.…”

Techno-Economic Analysis of Hybrid Diesel Generators and Renewable Energy for a Remote Island in the Indian Ocean Using HOMER Pro

“…Therefore, scientists and practitioners have suggested using alternative sources of energy that are environmentally friendly to solve this problem. Some of the most popular ones involve harnessing renewable sources of energy such as hydropower, wind, and solar to power our daily activities [4][5][6][7].…”