A Novel Mixed Integer Programming Formulation for Selecting the Best Renewable Energies to Invest: A Fuzzy Goal Programming Approach

Masoud Rabbani, Mahsa Ghanbarpour Mamaghani, Amir Farshbaf-Geranmayeh and Mahsa Mirzayi
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Masoud Rabbani: School of Industrial Engineering, College of Engineering, University of Tehran, Tehran, Iran
Mahsa Ghanbarpour Mamaghani: School of Industrial Engineering, College of Engineering, University of Tehran, Tehran, Iran
Amir Farshbaf-Geranmayeh: School of Industrial Engineering, College of Engineering, University of Tehran, Tehran, Iran
Mahsa Mirzayi: School of Industrial Engineering, College of Engineering, University of Tehran, Tehran, Iran

International Journal of Operations Research and Information Systems (IJORIS), 2016, vol. 7, issue 3, 1-22

Abstract: The governments seeking to invest renewable energies for electrifying far spots and/or isolated islands are always confronted with the problem of selecting the best energy (portfolio of energies) technology. To reach the optimum decision, they must take into account a variety of criteria including technical, economic, environmental and social aspects at the same time. Therefore, the main objective of this study is to address the mentioned concern by developing a multi objective mixed integer programming formulation that not only takes into account the above criteria with a focus on tax, depreciation costs and time value of money, but also optimizes a set of objective functions simultaneously. Furthermore, to model the intrinsic uncertainty of some parameters like demand and budget, a fuzzy goal programming approach is applied. In order to demonstrate the applicability of the model, a numerical example, based on the data obtained from the literature, is developed. The results indicate that, for the given conditions, hydro and PV are superior to their counterparts.

Date: 2016
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