A Hybrid Novel Fuzzy MCDM Method for Comprehensive Performance Evaluation of Pumped Storage Power Station in China

Peipei You, Sijia Liu and Sen Guo
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Peipei You: Department of Finance, Accounting and Auditing Research, State Grid Energy Research Institute, Beijing 102209, China
Sijia Liu: Department of Finance, Accounting and Auditing Research, State Grid Energy Research Institute, Beijing 102209, China
Sen Guo: School of Economics and Management, North China Electric Power University, Beijing 102206, China

Mathematics, 2021, vol. 10, issue 1, 1-25

Abstract: Considering the goals of carbon peaking and carbon neutrality, along with their related policies, pumped storage power stations are set to develop quickly in China. The comprehensive performance of pumped storage power stations must urgently be evaluated, which can help investors in decision making and provide a reference for policymakers. In this paper, a hybrid novel fuzzy multicriteria decision-making (MCDM) method combining the fuzzy best worst method (BWM) and fuzzy TOPSIS was proposed for the comprehensive performance evaluation of pumped storage power stations in China. The fuzzy BWM was utilized to determine the criteria weights describing the comprehensive performance of pumped storage power stations, while the fuzzy TOPSIS was used to rank the comprehensive performance of pumped storage power stations. The index system for the comprehensive performance evaluation of pumped storage power stations in China incorporated economic, social, and environmental aspects. The comprehensive performance of four pumped storage power stations in China was empirically evaluated using the proposed hybrid novel fuzzy MCDM method, and the results indicate that pumped storage power station PSPS2 exhibited the best comprehensive performance, followed by pumped storage power stations PSPS1 and PSPS4, whereas pumped storage power station PSPS3 had the worst comprehensive performance. A sensitivity analysis and comparative analysis were also conducted. The results indicate that the proposed hybrid novel fuzzy MCDM method, combining the fuzzy BWM and fuzzy TOPSIS for comprehensive performance evaluation of pumped storage power stations, is robust and effective.

Keywords: pumped storage power station; comprehensive performance evaluation; hybrid fuzzy MCDM; fuzzy best worst method; fuzzy TOPSIS (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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