Decision-Making for Risk Management in Sustainable Renewable Energy Facilities: A Case Study in the Dominican Republic

Guido C. Guerrero-Liquet, Juan Miguel Sánchez-Lozano, María Socorro García-Cascales, María Teresa Lamata and José Luis Verdegay
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Guido C. Guerrero-Liquet: Departamento Electrónica Tecnología de Computadoras y Proyectos, Universidad Politécnica de Cartagena, 30202 Cartagena, Spain
Juan Miguel Sánchez-Lozano: Centro Universitario de la Defensa de San Javier, Academia General del Aire, Universidad Politécnica de Cartagena, 30720 San Javier, Spain
María Socorro García-Cascales: Departamento Electrónica Tecnología de Computadoras y Proyectos, Universidad Politécnica de Cartagena, 30202 Cartagena, Spain
María Teresa Lamata: Departamento de Ciencias de la Computación e Inteligencia Artificial, Universidad de Granada, 18014 Granada, Spain
José Luis Verdegay: Departamento de Ciencias de la Computación e Inteligencia Artificial, Universidad de Granada, 18014 Granada, Spain

Sustainability, 2016, vol. 8, issue 5, 1-21

Abstract: Today, Renewable Energy Sources (RES) are a key pillar to achieving sustainable development, which is the main reason why energy projects are being carried out not only in developed countries but also in many emerging countries. Since the technical and financial risk remains a major barrier to financing renewable energy projects, several mechanisms are available to reduce risks on investment into clean energy projects. This paper discusses risk management tools in solar photovoltaic facilities based on the guide to the Project Management (PMBOK Guide). To do this, a combination of different decision-making methodologies will be carried out. These methodologies enable to not only extract the knowledge by experts but also to know the causes and effects that help to make the best decision. In order to do so, techniques to seek information (Delphi and Checklist) as well as diagram techniques such as cause and effect diagrams or Strengths Weaknesses Opportunities and Threats (SWOT) are applied. The categorization and prioritization of risks will be carried out through the Analytic Hierarchy Process (AHP). Finally, a sensitivity analysis will allow for providing consistency to the obtained results. A real case in the Dominican Republic will also be presented as case study.

Keywords: risk management; renewable energies; multicriteria decision-making; analytic hierarchy process; Delphi (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (20)

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