Decision analysis related to the renewable energy investments in Turkey based on a Fuzzy AHP-EDAS-Fuzzy FMEA approach

Abstract

Due to the factors such as technological developments, industrialization, population growth, etc. the energy need in the world is constantly increasing and the available resources are insufficient to meet this need. Therefore, the search for alternative energy sources has accelerated recently and this situation has directed the countries to renewable energy. Although the use of renewable energy had gone until before of the first industrial revolution, it has become a very popular area today due to significantly eliminating the increasing concerns related to the security of energy supply, being environmentally friendly, and has positive economic effects. For this reason, nowadays countries form their strategies, policies, and goals related to the energy sector with a focus on renewable energy and make serious investments in this field. Owing to the current importance of the issue, in this study it is aimed to determine how the optimum investment decisions could be taken at the renewable energy sector in Turkey. Five renewable energy alternatives which are hydropower, solar energy, wind energy, geothermal energy and biomass energy, were taken into consideration. First of all, using the Fuzzy Analytical Hierarchy Process and the Evaluation Based on Distance from Average Solution methods, the importance weights of renewable energy alternatives were found and they were prioritized. Afterwards, the risks of renewable energy alternatives were found with the Fuzzy Failure Mode and Effect Analysis. Finally, the best alternatives were determined by comparing the evaluation results. When the results of study were analyzed it was clearly seen Turkey should focus on hydropower and wind energy in renewable energy investments.