Abstract
The article presents the analysis fossil fuel power generation market, focusing on management of advanced fossil fuel (AFF) power generation challenges of related technologies especially when tackling climate change impacts, complying with stricter environmental requirements. A wide and dynamic spectrum in scope and scale of factors revealed confirms the necessity for solutions enabling organizations to transform and manage rationally their fossil fuel-based business models towards greater competitiveness in the context of emerging renewable energy reliance. Nevertheless, in this respect the measures in question may require trade-offs, therefore when considering their combination, a diligent multicriteria analysis will inevitably be involved. With pivotal focus on the economic utility and the balanced and sustained strategic development of business, as the result of the research author proposes to apply VIKOR method when deciding on AFF power generation options. Application flexibility of the proposed method allow to evaluate, compare possible alternatives in a comprehensive and complex manner and to mingle MCDA tools if needed.
Highlights
Tackling the impacts of climate change need transforming business models in order to sustain their competitiveness
Respective specific scientific researches related to matching renewable energy as well as other energy efficiency measures are limited and fragmentary especially when concerning complex management decisions in concert with multi-criteria analysis
The insight hereby is that the investment in question is an open system interacting with its business market participants and influencing their progress. In this respect, deciding on advanced fossil fuel (AFF) power generation technology is a rather puzzling in terms of possible organization strategy changes, its business model and all the parties concerned
Summary
Tackling the impacts of climate change need transforming business models in order to sustain their competitiveness. Testing four de-carbonization scenarios [2, 3, 4], i.e., renewables, nuclear, carbon capture and storage (CSS) and energy efficiency) requires combining a variety of diverse measures into the well-coordinated system The latter may vary, for instance, from fossil and biofuels to hydrogen and marine energy, from wind and solar to nuclear and geothermal, from upgrading traditional facilities to introducing advanced information and communication systems. The definite focus is on improving, as a complex, a management of the selection process of AFF power generation technologies utilizing multi-criteria analysis tools. For this purpose, as the result of the research, the author proposes to use VIKOR method enabling to choose rationally most.
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