An Internal Type-2 Trapezoidal Fuzzy Sets-PROMETHEE-II based Investment Decision Framework of Compressed Air Energy Storage Project in China under the Perspective of Different Investors

Abstract

• Establish a novel investment decision-making framework of the promising compressed air energy storage in China • Construct a comprehensive investment decision-making criteria system of CAES project • Build a scenario analysis model based on different investor preferences • A serious of sensitive investment criteria are identified for improving the investment decision making of CAES project. Along with the huge demand for volatility remedies of renewable energy, the construction of compressed air energy storage plant has been paid great attention around the world since it is economical to help flatten the intermittency, less geography restriction and little environment impact. To select the optimal compressed air energy storage project with massive difficulties in different preference of investors to energy development directions, uncertainties of decision-making environment and complex and various attributes of the evaluation object, an investment decision making framework is proposed in this paper from the perspective of four different types of investors based on internal type-2 trapezoidal fuzzy sets and PROMETHEE-II model. To validate the effectiveness of the established investment decision making framework, a case study in China is conducted. Result shows that different types of investors will have different optimal investment decision making results, and the investment selection results between the central government and local government, enterprises and individuals have a certain degree of consistency. Meanwhile, the stability and robustness as well as the superiority of the result and the proposed framework are confirmed by the sensitive and comparative analysis. This research possesses practical application value for investors or project managers in project investment choices.