A Multicriteria Decision-Making Model for the Selection of Suitable Renewable Energy Sources

Chia-Nan Wang, Jui-Chung Kao, Yen-Hui Wang, Nguyen Van Thanh, Viet Tinh Nguyen and Syed Tam Husain
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Chia-Nan Wang: Department of Industrial Engineering and Management, National Kaohsiung University of Science and Technology, Kaohsiung 80778, Taiwan
Jui-Chung Kao: Institute of Marine Affairs and Business Management, National Kaohsiung University of Science and Technology, Kaohsiung 80778, Taiwan
Yen-Hui Wang: Department of Information Management, Chihlee University of Technology, New Taipei City 220305, Taiwan
Nguyen Van Thanh: Faculty of Commerce, Van Lang University, Ho Chi Minh City 70000, Vietnam
Viet Tinh Nguyen: Faculty of Commerce, Van Lang University, Ho Chi Minh City 70000, Vietnam
Syed Tam Husain: Faculty of Commerce, Van Lang University, Ho Chi Minh City 70000, Vietnam

Mathematics, 2021, vol. 9, issue 12, 1-17

Abstract: With the expansion of its industrial and manufacturing sectors, with the goal of positioning Vietnam as the world’s new production hub, Vietnam is forecast to face a surge in energy demand. Today, the main source of energy of Vietnam is fossil fuels, which are not environmentally friendly and are rapidly depleting. The speed of extraction and consumption of fossil fuels is too fast, causing them to become increasingly scarce and gradually depleted. Renewable energy options, such as solar, wind, hydro electrical, and biomass, can be considered as sustainable alternatives to fossil fuels. However, to ensure the effectiveness of renewable energy development initiatives, technological, economic, and environmental must be taken in consideration when choosing a suitable renewable energy resource. In this research, the authors present a multi-criteria decision-making model (MCDM) implementing the grey analytic hierarchy process (G-AHP) method and the weighted aggregates sum product assessment (WASPAS) method for the selection of optimal renewable energy sources for the energy sector of Vietnam. The results of the proposed model have determined that solar energy is the optimal source of renewable energy with a performance score of 0.8822, followed by wind (0.8766), biomass (0.8488), and solid waste energy (0.8135) based on the calculations of the aforementioned methods.

Keywords: renewable energy; wind energy; solid waste energy; solar energy; biomass energy; MCDM; G-AHP; WASPAS (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 (4)

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