The Evaluation of Power Plants Investment Alternatives with Grey Relational Analysis Approach for Turkey

AKAY D., Boran F. E., YILMAZ M., Atak M.

ENERGY SOURCES PART B-ECONOMICS PLANNING AND POLICY, vol.8, no.1, pp.35-43, 2013 (SCI-Expanded) identifier identifier

  • Publication Type: Article / Article
  • Volume: 8 Issue: 1
  • Publication Date: 2013
  • Doi Number: 10.1080/15567249.2010.493917
  • Journal Name: ENERGY SOURCES PART B-ECONOMICS PLANNING AND POLICY
  • Journal Indexes: Science Citation Index Expanded (SCI-EXPANDED), Social Sciences Citation Index (SSCI), Scopus
  • Page Numbers: pp.35-43
  • Keywords: energy investments, grey relational analysis, multi-criteria decision making, power plants, DECISION-MAKING, ENERGY, SYSTEMS, IMPACT
  • Hacettepe University Affiliated: No

Abstract

The evaluation of investments on the expansion of power-generating capacities is a challenging one that requires consideration of many conflicting criteria and objectives. Consequently, these sorts of problems are quite suited to the use of multi-criteria decision making methods. The aim of this study is to select the best power plants among six different energy investment options, currently being planned for construction in Turkey. Decisions are made subject to a set of 17 criteria relating to technical, economic, and environmental considerations. As a methodological tool, the grey relational analysis (GRA) approach is applied to solve the presented problem. The analysis is also supported through scenarios by giving different weights to the criteria in the GRA in order to improve the quality of decision given by policy makers.