In a significant stride towards optimizing renewable energy integration, researchers have developed a novel approach to aid investment decision-making for energy storage technologies. The study, led by Hui Li from the School of Economics and Management at Taiyuan University of Science and Technology, introduces a comprehensive framework that considers not just economic factors, but also environmental and social aspects, providing a more holistic view for investors and enterprises.
The research, published in the International Journal of Electrical Power & Energy Systems, addresses a critical gap in the current energy storage landscape. While the economic and technical feasibility of energy storage has been well-documented, the optimal investment decision-making process has remained unclear. “Our goal was to create a more nuanced decision-making model that incorporates the fuzziness and uncertainty inherent in such investments,” Li explains.
The team constructed an investment decision-making model that integrates interval type-2 trapezoidal fuzzy sets with the PROMETHEE-II method. This approach allows for a more flexible and realistic assessment of various energy storage technologies. The model evaluates four key technologies: pumped energy storage, hydrogen production by wind power, compressed air energy storage, and lithium iron phosphate battery energy storage.
The results reveal that when considering life cycle sustainability, pumped energy storage emerges as the top choice, followed by hydrogen production by wind power. However, the optimal investment selection varies depending on the priority of the enterprise. For instance, if economic benefits are the primary concern, hydrogen production by wind power takes the lead. On the other hand, if the focus is on technology or resource conservation, pumped energy storage becomes the preferred option.
“This research provides a robust tool for enterprises to navigate the complex landscape of energy storage investments,” Li notes. “By considering multiple objectives, our model can help guide investments towards technologies that not only offer economic returns but also contribute to sustainable development.”
The implications of this research are far-reaching. As the energy sector continues to grapple with the challenges of integrating renewable energy sources, effective energy storage solutions become increasingly vital. This study offers a pathway to optimize investment decisions, thereby promoting the large-scale application of energy storage technologies and supporting the low-carbon development of the electric power system.
Moreover, the methodology developed by Li and his team can be applied to other sectors facing similar decision-making challenges. By incorporating a broader range of factors, including resource utilization and environmental impact, this approach can help drive more sustainable and responsible investment practices across various industries.
As the world transitions towards a greener future, the need for innovative solutions in energy storage becomes ever more pressing. This research not only advances our understanding of the field but also provides practical tools to accelerate the adoption of sustainable energy technologies. In doing so, it paves the way for a more resilient and environmentally conscious energy sector.