IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v12y2020i3p985-d314310.html
   My bibliography  Save this article

Portfolio Optimization of Photovoltaic/Battery Energy Storage/Electric Vehicle Charging Stations with Sustainability Perspective Based on Cumulative Prospect Theory and MOPSO

Author

Listed:
  • Jicheng Liu

    (School of Economics and Management, North China Electric Power University, Changping, Beijing 102206, China
    Beijing Key Laboratory of New Energy and Low-Carbon Development, North China Electric Power University, Changping, Beijing 102206, China)

  • Qiongjie Dai

    (School of Economics and Management, North China Electric Power University, Changping, Beijing 102206, China
    Beijing Key Laboratory of New Energy and Low-Carbon Development, North China Electric Power University, Changping, Beijing 102206, China
    School of Mathematics and Computer Engineering, Ordos Institute of Technology, Ordos 017000, China)

Abstract

Recently, an increasing number of photovoltaic/battery energy storage/electric vehicle charging stations (PBES) have been established in many cities around the world. This paper proposes a PBES portfolio optimization model with a sustainability perspective. First, various decision-making criteria are identified from perspectives of economy, society, and environment. Secondly, the performance of alternatives with respect to each criterion is evaluated in the form of trapezoidal intuitionistic fuzzy numbers (TrIFN). Thirdly, the alternatives are ranked based on cumulative prospect theory. Then, a multi-objective optimization model is built and solved by multi-objective particle swarm optimization (MOPSO) algorithm to determine the optimal PBES portfolio. Finally, a case in South China is studied and a scenario analysis is conducted to verify the effectiveness of the proposed model.

Suggested Citation

  • Jicheng Liu & Qiongjie Dai, 2020. "Portfolio Optimization of Photovoltaic/Battery Energy Storage/Electric Vehicle Charging Stations with Sustainability Perspective Based on Cumulative Prospect Theory and MOPSO," Sustainability, MDPI, vol. 12(3), pages 1-20, January.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:3:p:985-:d:314310
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/12/3/985/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/12/3/985/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    2. Bin Ye & Jingjing Jiang & Lixin Miao & Peng Yang & Ji Li & Bo Shen, 2015. "Feasibility Study of a Solar-Powered Electric Vehicle Charging Station Model," Energies, MDPI, vol. 8(11), pages 1-19, November.
    3. García-Triviño, Pablo & Torreglosa, Juan P. & Fernández-Ramírez, Luis M. & Jurado, Francisco, 2016. "Control and operation of power sources in a medium-voltage direct-current microgrid for an electric vehicle fast charging station with a photovoltaic and a battery energy storage system," Energy, Elsevier, vol. 115(P1), pages 38-48.
    4. Chandra Mouli, G.R. & Bauer, P. & Zeman, M., 2016. "System design for a solar powered electric vehicle charging station for workplaces," Applied Energy, Elsevier, vol. 168(C), pages 434-443.
    5. Huang, Chi-Cheng & Chu, Pin-Yu & Chiang, Yu-Hsiu, 2008. "A fuzzy AHP application in government-sponsored R&D project selection," Omega, Elsevier, vol. 36(6), pages 1038-1052, December.
    6. Zeng, Ziqiang & Nasri, Ehsan & Chini, Abdol & Ries, Robert & Xu, Jiuping, 2015. "A multiple objective decision making model for energy generation portfolio under fuzzy uncertainty: Case study of large scale investor-owned utilities in Florida," Renewable Energy, Elsevier, vol. 75(C), pages 224-242.
    7. Dominic A. Savio & Vimala A. Juliet & Bharatiraja Chokkalingam & Sanjeevikumar Padmanaban & Jens Bo Holm-Nielsen & Frede Blaabjerg, 2019. "Photovoltaic Integrated Hybrid Microgrid Structured Electric Vehicle Charging Station and Its Energy Management Approach," Energies, MDPI, vol. 12(1), pages 1-28, January.
    8. Huiru Zhao & Nana Li, 2016. "Optimal Siting of Charging Stations for Electric Vehicles Based on Fuzzy Delphi and Hybrid Multi-Criteria Decision Making Approaches from an Extended Sustainability Perspective," Energies, MDPI, vol. 9(4), pages 1-22, April.
    9. Hassanzadeh, Farhad & Nemati, Hamid & Sun, Minghe, 2014. "Robust optimization for interactive multiobjective programming with imprecise information applied to R&D project portfolio selection," European Journal of Operational Research, Elsevier, vol. 238(1), pages 41-53.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Abraham Alem Kebede & Maitane Berecibar & Thierry Coosemans & Maarten Messagie & Towfik Jemal & Henok Ayele Behabtu & Joeri Van Mierlo, 2020. "A Techno-Economic Optimization and Performance Assessment of a 10 kW P Photovoltaic Grid-Connected System," Sustainability, MDPI, vol. 12(18), pages 1-29, September.
    2. Józef Ober & Janusz Karwot, 2022. "Pro-Ecological Behavior: Empirical Analysis on the Example of Polish Consumers," Energies, MDPI, vol. 15(5), pages 1-27, February.
    3. Xiaogang Pan & Kangli Liu & Jianhua Wang & Yutao Hu & Jianfeng Zhao, 2023. "Capacity Allocation Method Based on Historical Data-Driven Search Algorithm for Integrated PV and Energy Storage Charging Station," Sustainability, MDPI, vol. 15(6), pages 1-16, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eltoumi, Fouad M. & Becherif, Mohamed & Djerdir, Abdesslem & Ramadan, Haitham.S., 2021. "The key issues of electric vehicle charging via hybrid power sources: Techno-economic viability, analysis, and recommendations," Renewable and Sustainable Energy Reviews, Elsevier, vol. 138(C).
    2. Wu, Yunna & Xu, Chuanbo & Ke, Yiming & Li, Xinying & Li, Lingwenying, 2019. "Portfolio selection of distributed energy generation projects considering uncertainty and project interaction under different enterprise strategic scenarios," Applied Energy, Elsevier, vol. 236(C), pages 444-464.
    3. Mohd Bilal & Ibrahim Alsaidan & Muhannad Alaraj & Fahad M. Almasoudi & Mohammad Rizwan, 2022. "Techno-Economic and Environmental Analysis of Grid-Connected Electric Vehicle Charging Station Using AI-Based Algorithm," Mathematics, MDPI, vol. 10(6), pages 1-40, March.
    4. Bhatti, Abdul Rauf & Salam, Zainal, 2018. "A rule-based energy management scheme for uninterrupted electric vehicles charging at constant price using photovoltaic-grid system," Renewable Energy, Elsevier, vol. 125(C), pages 384-400.
    5. Qiongjie Dai & Jicheng Liu & Qiushuang Wei, 2019. "Optimal Photovoltaic/Battery Energy Storage/Electric Vehicle Charging Station Design Based on Multi-Agent Particle Swarm Optimization Algorithm," Sustainability, MDPI, vol. 11(7), pages 1-21, April.
    6. Gheorghe Badea & Raluca-Andreea Felseghi & Mihai Varlam & Constantin Filote & Mihai Culcer & Mariana Iliescu & Maria Simona Răboacă, 2018. "Design and Simulation of Romanian Solar Energy Charging Station for Electric Vehicles," Energies, MDPI, vol. 12(1), pages 1-16, December.
    7. Nick Rigogiannis & Ioannis Bogatsis & Christos Pechlivanis & Anastasios Kyritsis & Nick Papanikolaou, 2023. "Moving towards Greener Road Transportation: A Review," Clean Technol., MDPI, vol. 5(2), pages 1-25, June.
    8. Yang, Libing & Ribberink, Hajo, 2019. "Investigation of the potential to improve DC fast charging station economics by integrating photovoltaic power generation and/or local battery energy storage system," Energy, Elsevier, vol. 167(C), pages 246-259.
    9. Figueiredo, Raquel & Nunes, Pedro & Brito, Miguel C., 2017. "The feasibility of solar parking lots for electric vehicles," Energy, Elsevier, vol. 140(P1), pages 1182-1197.
    10. Aritra Ghosh, 2020. "Possibilities and Challenges for the Inclusion of the Electric Vehicle (EV) to Reduce the Carbon Footprint in the Transport Sector: A Review," Energies, MDPI, vol. 13(10), pages 1-22, May.
    11. Matej Tkac & Martina Kajanova & Peter Bracinik, 2023. "A Review of Advanced Control Strategies of Microgrids with Charging Stations," Energies, MDPI, vol. 16(18), pages 1-25, September.
    12. Oliver Linton & Esfandiar Maasoumi & Yoon-Jae Wang, 2002. "Consistent testing for stochastic dominance: a subsampling approach," CeMMAP working papers 03/02, Institute for Fiscal Studies.
    13. van den Bergh, J.C.J.M. & Botzen, W.J.W., 2015. "Monetary valuation of the social cost of CO2 emissions: A critical survey," Ecological Economics, Elsevier, vol. 114(C), pages 33-46.
    14. Heiko Karle & Georg Kirchsteiger & Martin Peitz, 2015. "Loss Aversion and Consumption Choice: Theory and Experimental Evidence," American Economic Journal: Microeconomics, American Economic Association, vol. 7(2), pages 101-120, May.
    15. Shoji, Isao & Kanehiro, Sumei, 2016. "Disposition effect as a behavioral trading activity elicited by investors' different risk preferences," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 104-112.
    16. Muhammad Kashif & Thomas Leirvik, 2022. "The MAX Effect in an Oil Exporting Country: The Case of Norway," JRFM, MDPI, vol. 15(4), pages 1-16, March.
    17. Jonathan Meng & Feng Fu, 2020. "Understanding Gambling Behavior and Risk Attitudes Using Cryptocurrency-based Casino Blockchain Data," Papers 2008.05653, arXiv.org, revised Aug 2020.
    18. Daniel Fonseca Costa & Francisval Carvalho & Bruno César Moreira & José Willer Prado, 2017. "Bibliometric analysis on the association between behavioral finance and decision making with cognitive biases such as overconfidence, anchoring effect and confirmation bias," Scientometrics, Springer;Akadémiai Kiadó, vol. 111(3), pages 1775-1799, June.
    19. Robert Gazzale & Julian Jamison & Alexander Karlan & Dean Karlan, 2013. "Ambiguous Solicitation: Ambiguous Prescription," Economic Inquiry, Western Economic Association International, vol. 51(1), pages 1002-1011, January.
    20. Boone, Jan & Sadrieh, Abdolkarim & van Ours, Jan C., 2009. "Experiments on unemployment benefit sanctions and job search behavior," European Economic Review, Elsevier, vol. 53(8), pages 937-951, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:12:y:2020:i:3:p:985-:d:314310. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.