Abstract:
Energy resources are a key indicator in determining a country's level of economic development and sustainable growth. The finite nature of non-renewable energy sources has increased global demand for renewable energy resources. In order to reduce environmental impacts, the use of inexhaustible energy sources such as solar and wind energy has become more preferred. Despite Turkey’s strategic geopolitical position and its vast renewable energy potential, there is an insufficient number of energy producers capable of effectively utilizing these resources. To address this gap, the government needs to develop incentives and appropriate policies to support the sector. Decision-making processes in the energy sector are becoming complex and challenging due to the interaction of numerous variables. Therefore, this study employs a multi-criteria decision-making model consisting of the TOPSIS-ARAS-MABAC methods, enabling the simultaneous consideration of various factors. These methods offer decision-makers the opportunity to achieve more reliable results by taking multiple criteria into account. The study evaluates the financial performance of companies in the Borsa Istanbul (BIST) energy sector between 2018-2023, including the effects of the Covid-19 pandemic. The aim of the study is to identify the company with the highest financial performance in the BIST energy sector. The findings reveal that the SMRTG energy company demonstrated the highest financial performance in 2018-2020 and 2023, while the ARASE energy company showed the highest performance in 2021-2022. The results obtained from the TOPSIS-ARAS-MABAC model used in the study were found to be consistent, validating the model’s applicability These results demonstrate that multi-criteria decision-making methods can be effectively used in sectoral performance evaluation.

Keywords: Energy Sector, MCDM, TOPSIS, ARAS, MABAC

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