Revenue optimization modeling for renewable energy resource mix for sustainable development

Abstract

The adoption and attainment of sustainable development goals have diverted developing nations like India towards the use of renewable resource for meeting the growing need for electricity. With the advancement in technology for generating electricity, the concern is to develop such renewable energy mix that can help satisfy the electricity demand and be environment friendly. In this paper, one such problem wherein the three conflicting criterion such as maximization of energy savings, maximization of efficiency and minimization of the cost of installation has been considered for designing a multi-objective optimization model to meet the growing demand of electricity. Interactive fuzzy goal programming technique with three different functional forms of membership function namely linear, exponential, and hyperbolic have been used to solve the proposed problem. The results have shown substantial adequacy in meeting the desired load demand and at the same time reduction in installation cost has been seen which in turn will impact the revenue generation.