Next Article in Journal
Non-Distorted Optimization Spectrum Analysis
Previous Article in Journal
Comparison of Detection Capability by the Controlled Source Electromagnetic Method for Hydrocarbon Exploration
Article Menu
Issue 7 (July) cover image

Export Article

Open AccessArticle
Energies 2018, 11(7), 1840; https://doi.org/10.3390/en11071840

Selecting the Optimal Micro-Grid Planning Program Using a Novel Multi-Criteria Decision Making Model Based on Grey Cumulative Prospect Theory

1,2
,
1,2,* and 1,2
1
School of Economics and Management, North China Electric Power University, Beijing 102206, China
2
Beijing Key Laboratory of New Energy and Low-Carbon Development, North China Electric Power University, Changping, Beijing 102206, China
*
Author to whom correspondence should be addressed.
Received: 23 May 2018 / Revised: 3 July 2018 / Accepted: 10 July 2018 / Published: 13 July 2018
(This article belongs to the Section Electrical Power and Energy System)
View Full-Text   |   Download PDF [2129 KB, uploaded 13 July 2018]   |  

Abstract

As useful supplements and effective support for large-scale electric power networks, micro-grid systems are the development tendency of future electric power systems. The planning performance of a micro-grid not only affects its security, reliability and economy, but also has a profound influence on the stable operation of large-scale electric power networks with the increasing penetration of micro-grids. Hence, studies related to micro-grid planning program evaluation are of great significance. This paper established a novel multi-criteria decision making (MCDM) model combining the best-worst method (BWM), the entropy weighting approach, and grey cumulative prospect theory for optimum selection of micro-grid planning programs. Firstly, an evaluation index system containing 18 sub-criteria was built from the perspectives of economy, electricity supply reliability and environmental protection. Secondly, the weights of sub-criteria were calculated integrating the subjective weights judged by the BWM and the objective weights computed by the entropy weighting method. Then, the cumulative prospect theory (CPT) combined with grey theory was employed to select the optimal micro-grid planning program. The empirical result indicates that the program with 100 kWp photovoltaic power generation unit, 200 kW wind power generation unit and 600 kWh NaS battery energy storage system is the optimal micro-grid planning program. To verify the robustness of obtained result, a sensitivity analysis related to values change of parameters under different risk preferences was conducted, and the result indicates that the selected optimal micro-grid planning program will not be influenced by various risk preferences of decision makers (DMs) and investors. The novel MCDM proposed in this paper is applicable and feasible in the micro-grid planning programs evaluation and selection. View Full-Text
Keywords: micro-grid planning evaluation; best-worst method; grey cumulative prospect theory; risk preferences micro-grid planning evaluation; best-worst method; grey cumulative prospect theory; risk preferences
Figures

Graphical abstract

This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).
SciFeed

Share & Cite This Article

MDPI and ACS Style

Zhao, H.; Guo, S.; Zhao, H. Selecting the Optimal Micro-Grid Planning Program Using a Novel Multi-Criteria Decision Making Model Based on Grey Cumulative Prospect Theory. Energies 2018, 11, 1840.

Show more citation formats Show less citations formats

Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Related Articles

Article Metrics

Article Access Statistics

1

Comments

[Return to top]
Energies EISSN 1996-1073 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top