Recent research published in the journal Mathematics sheds new light on the potential of geothermal energy in Taiwan, a region rich in untapped resources due to its location along the Pacific Ring of Fire. The study, led by Chia-Nan Wang from the Department of Industrial Engineering and Management at the National Kaohsiung University of Science and Technology, introduces an innovative approach to site selection for geothermal power development, specifically addressing the complex geological challenges that have historically hindered progress.
Geothermal energy is increasingly recognized as a critical component of the global transition to renewable energy, offering a low-carbon solution that can enhance energy security and sustainability. However, in Taiwan, the intricacies of site selection have often led to underutilization of available geothermal resources. Wang’s research employs a Modified Bounded Rationality Data Envelopment Analysis (MB-DEA) model, which combines traditional data analysis techniques with insights from behavioral economics to account for the risk preferences of decision-makers. This approach aims to refine the process of evaluating potential geothermal sites, making it more accurate and aligned with the realities of complex geological settings.
The study assessed 30 potential geothermal sites across Taiwan, revealing significant variations in site suitability based on both technical and psychological criteria. Key locations such as Datun Mountain, Maoxing, and Taolin emerged as consistently high-ranking candidates for geothermal development, demonstrating their robust potential regardless of the risk attitudes of stakeholders involved. Wang emphasizes that “this work significantly advances the methodology of renewable energy site selection by demonstrating the utility of incorporating psychological factors into analytical models.”
The implications of this research extend beyond academia and into the commercial sector. As Taiwan seeks to diversify its energy portfolio and reduce reliance on fossil fuels, the findings present substantial opportunities for developers and investors in the renewable energy sector. The refined site selection process could lead to more efficient and effective geothermal energy exploitation, ultimately contributing to Taiwan’s strategic energy planning goals.
Furthermore, the study highlights the importance of accurate geographical data in navigating complex terrains, suggesting that further refinement and integration of bounded rationality could enhance future research and development efforts. As the demand for renewable energy solutions continues to rise globally, Taiwan’s advancements in geothermal energy site selection could position the country as a leader in this field, attracting both domestic and international investment.
In summary, the research led by Chia-Nan Wang not only provides a valuable framework for evaluating geothermal sites in Taiwan but also opens the door for significant commercial opportunities in the renewable energy landscape, aligning with broader global efforts to transition to sustainable energy sources.
