Assessment of Renewable Energy Technologies Based on Multicriteria Decision Making Methods (MCDM): Ocean Energy Case

Abstract

Renewable energy technologies in OECD countries have been highly promoted for the purpose of producing cleaner energy and better life conditions for people in urban areas. However, developing countries require an additional extended analysis to assess the feasibility for their implementation, identify financial risks and settle emissions reduction. In Colombia, in the last several years, there have been more robust public policy strategies to expand alternative energy sources and accomplish the COP 21 limits of 20% GHG reduction before 2030. In this study, a methodology based on Multicriteria Decision Making Methods (MCDM), which is the result of a research project to assess comparatively new renewable energy technologies with renewable energy technologies currently used in the country based on technical, financial, and environmental criteria, has been developed. The methodology allows for the identification of the best and the worst alternatives from the output ranking, considering the numerical value of criteria placed on the decision matrix and the dominance index output. The methodology was tested to assess the comparison of ocean energy technologies in Colombia. Tidal range was identified as the best alternative and ocean current the worst, among the projects evaluated.