An extended interval regret theory method for ranking renewable energy alternatives in Fujian, China

Abstract

In this paper, an improved hybrid MADM method based on interval Decision Making Trial and Evaluation Laboratory (DEMATEL) and interval regret theory are put forward to evaluate five renewable energy alternatives for Fujian province, China. Firstly, the volatility of the evaluation information and the subjectivity of experts or stakeholders are taken into account. Second, political factors are further considered based on existing research. Third, the influence of the subjective initiative of decision makers on the decision result has been paid attention to. Furthermore, the result of the analysis shows that the extended regret theory method should set different parameters to reflect the preferences of decision makers. The ranking results of renewable energy are different with different parameter settings. For example, when α=0.1,δ=0.1, the priority of clean energy in Fujian Province is hydropower, followed by wind energy, solar energy, geothermal energy, and biomass energy. Sensitivity analysis indicates that the model possesses good serviceability. Based on considering different parameter settings, the Fujian government should invest, in order of priority, in these renewable energy sources to obtain benefits. And the projects related to these renewable energy sources should be evaluated.