Research on Two-Stage Investment Decision-Making in Park-Level Integrated Energy Projects Considering Multi-Objectives

The scientific investment decision of Park-level Integrated Energy System (PIES) projects is of great significance to energy enterprises for improving the efficient utilization of funds, promoting green and low-carbon transformation, and achieving the goal of carbon neutrality. This paper proposed a two-stage investment framework that integrates a multi-objective 0–1 programming model with a multi-criteria decision-making (MCDM) technique to determine the optimal PIES project investment portfolios under the constraint of quota investment. First, a multi-objective (MO) 0–1 programming model was constructed for typical PIES projects in Stage-I, which considers economic and environmental benefits to obtain Pareto frontier solutions, i.e., PIES project portfolios. Second, an evaluation index system from multiple dimensions was established, and a hybrid MCDM technique was adopted to comprehensively evaluate the Pareto frontier solutions in Stage-II. Finally, the proposed model was applied to an empirical case, and the simulation results show that the decision framework can achieve the best overall benefit of PIES project portfolios with maximal economic benefit and minimum carbon emissions. In addition, the robustness analysis was performed by changing the indicator weights to verify the stability of the proposed framework. This research work could provide a theoretical tool for investment decisions regarding PIES projects for energy enterprises.