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Decision-Making for Risk Management in Sustainable Renewable Energy Facilities: A Case Study in the Dominican Republic

Author

Listed:
  • Guido C. Guerrero-Liquet

    () (Departamento Electrónica Tecnología de Computadoras y Proyectos, Universidad Politécnica de Cartagena, 30202 Cartagena, Spain
    These authors contributed equally to this work.)

  • Juan Miguel Sánchez-Lozano

    () (Centro Universitario de la Defensa de San Javier, Academia General del Aire, Universidad Politécnica de Cartagena, 30720 San Javier, Spain
    These authors contributed equally to this work.)

  • María Socorro García-Cascales

    () (Departamento Electrónica Tecnología de Computadoras y Proyectos, Universidad Politécnica de Cartagena, 30202 Cartagena, Spain
    These authors contributed equally to this work.)

  • María Teresa Lamata

    () (Departamento de Ciencias de la Computación e Inteligencia Artificial, Universidad de Granada, 18014 Granada, Spain
    These authors contributed equally to this work.)

  • José Luis Verdegay

    () (Departamento de Ciencias de la Computación e Inteligencia Artificial, Universidad de Granada, 18014 Granada, Spain)

Abstract

Today, Renewable Energy Sources (RES) are a key pillar to achieving sustainable development, which is the main reason why energy projects are being carried out not only in developed countries but also in many emerging countries. Since the technical and financial risk remains a major barrier to financing renewable energy projects, several mechanisms are available to reduce risks on investment into clean energy projects. This paper discusses risk management tools in solar photovoltaic facilities based on the guide to the Project Management (PMBOK Guide). To do this, a combination of different decision-making methodologies will be carried out. These methodologies enable to not only extract the knowledge by experts but also to know the causes and effects that help to make the best decision. In order to do so, techniques to seek information (Delphi and Checklist) as well as diagram techniques such as cause and effect diagrams or Strengths Weaknesses Opportunities and Threats (SWOT) are applied. The categorization and prioritization of risks will be carried out through the Analytic Hierarchy Process (AHP). Finally, a sensitivity analysis will allow for providing consistency to the obtained results. A real case in the Dominican Republic will also be presented as case study.

Suggested Citation

  • Guido C. Guerrero-Liquet & Juan Miguel Sánchez-Lozano & María Socorro García-Cascales & María Teresa Lamata & José Luis Verdegay, 2016. "Decision-Making for Risk Management in Sustainable Renewable Energy Facilities: A Case Study in the Dominican Republic," Sustainability, MDPI, Open Access Journal, vol. 8(5), pages 1-21, May.
  • Handle: RePEc:gam:jsusta:v:8:y:2016:i:5:p:455-:d:69643
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    References listed on IDEAS

    as
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    8. Abbas Mardani & Ahmad Jusoh & Edmundas Kazimieras Zavadskas & Fausto Cavallaro & Zainab Khalifah, 2015. "Sustainable and Renewable Energy: An Overview of the Application of Multiple Criteria Decision Making Techniques and Approaches," Sustainability, MDPI, Open Access Journal, vol. 7(10), pages 1-38, October.
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    Citations

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    Cited by:

    1. Jarosław Wątróbski & Paweł Ziemba & Jarosław Jankowski & Magdalena Zioło, 2016. "Green Energy for a Green City—A Multi-Perspective Model Approach," Sustainability, MDPI, Open Access Journal, vol. 8(8), pages 1-23, July.
    2. repec:gam:jsusta:v:10:y:2018:i:9:p:3117-:d:166920 is not listed on IDEAS
    3. repec:eee:renene:v:115:y:2018:i:c:p:1220-1230 is not listed on IDEAS
    4. repec:gam:jeners:v:10:y:2017:i:6:p:759-:d:99963 is not listed on IDEAS
    5. repec:eco:journ2:2017-04-06 is not listed on IDEAS
    6. Liudan Jiao & Liyin Shen & Chenyang Shuai & Bei He, 2016. "A Novel Approach for Assessing the Performance of Sustainable Urbanization Based on Structural Equation Modeling: A China Case Study," Sustainability, MDPI, Open Access Journal, vol. 8(9), pages 1-16, September.
    7. repec:gam:jsusta:v:11:y:2019:i:10:p:2905-:d:233290 is not listed on IDEAS

    More about this item

    Keywords

    risk management; renewable energies; multicriteria decision-making; analytic hierarchy process; Delphi;

    JEL classification:

    • Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics
    • Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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