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A joint Multi Criteria - Cost Benefit Analysis for project selection on smart grids

Techno-economic assessment methodologies are fundamental tools both for defining strategic policies and for selecting the worthy investment options. Since smart grid transition and the increasing demand for novel decision support tools, a joined Multi Criteria – Cost Benefit Analysis (MC-CBA) is presented in this paper. The aim is to provide an assessment framework for smart grid projects which considers monetary and non-monetary impacts. The joint approach is proposed for outclassing the weaknesses of both CBA and MCA by emphasizing their strengths. The MC-CBA framework is employed for identifying the best option among a set of active network distribution planning alternatives. The monetisation of all impacts is not required; hence, the MC-CBA is suitable for assessing social and technical impacts without introducing any underlying bias. The aim of the proposed MC-CBA is to help companies and government bodies in strategic planning.