Development of Cost Correlations for the Economic Assessment of Power Plant Equipment

Shamoushaki, Moein; Niknam, Pouriya H.; Talluri, Lorenzo; Manfrida, Giampaolo; Fiaschi, Daniele

doi:10.3390/en14092665

Cited by 23 publications

(18 citation statements)

References 61 publications

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“…Here, x i,j and x / i,j are calculated as calculated and reference values, respectively. There is no restriction of correlation form and coefficient number in this minimization method [26,48]. The optimization process convergence is obtained within the 5000 iteration limitation.…”

Section: Optimizationmentioning

confidence: 98%

“…A genetic algorithm is applied to minimizing the independent errors [48]. The considered objective function is as follows [26,48]:…”

Section: Optimizationmentioning

confidence: 99%

“…The mutation and crossover fraction factors were considered to be 0.2 and 0.8, respectively. The genetic algorithm was chosen because of its particular advantages: agreeable convergence rate, suitability for a wide diversity of optimization problems, wide solution space searchability, and facility in determining global optimums and avoiding trapping in local optimal [26]. The flowchart of the genetic algorithm is shown in Figure 1.…”

Section: Optimizationmentioning

confidence: 99%

“…The thermodynamic and exergoeconomic modeling of all systems is performed in a MATLAB environment, coupled to Refprop 9.1 (NIST, Gaithersburg, MD, USA) [28]. The most updated equipment costs are applied to generate these models, which are related to the 2020 database that has been presented by Shamoushaki et al [26]. Other applied cost correlations are updated based on the CEPCI index to consider the inflation rate [29].…”

Section: Introductionmentioning

confidence: 99%

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Different Geothermal Power Cycle Configurations Cost Estimation Models

et al. 2021

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An economic assessment of different geothermal power cycle configurations to generate cost models is conducted in this study. The thermodynamic and exergoeconomic modeling of the cycles is performed in MATLAB coupled to Refprop. The models were derived based on robust multivariable regression to minimize the residuals by using the genetic algorithm. The cross-validation approach is applied to determine a dataset to examine the model in the training phase for validation and reduce the overfitting problem. The generated cost models are the total cost rate, the plant's total cost, and power generation cost. The cost models and the relevant coefficients are generated based on the most compatibilities and lower error. The results showed that one of the most influential factors on the ORC cycle is the working fluid type, which significantly affects the final economic results. Other parameters that considerably impact economic models results, of all configurations, are geothermal fluid pressure and temperature and inlet pressure of turbine. Rising the geothermal fluid mass flow rate has a remarkable impact on cost models as the capacity and size of equipment increases. The generated cost models in this study can estimate the mentioned cost parameters with an acceptable deviation and provide a fast way to predict the total cost of the power plants.

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Section: Optimizationmentioning

confidence: 98%

“…A genetic algorithm is applied to minimizing the independent errors [48]. The considered objective function is as follows [26,48]:…”

Section: Optimizationmentioning

confidence: 99%

Section: Optimizationmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Different Geothermal Power Cycle Configurations Cost Estimation Models

et al. 2021

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“…Consequently, shifting to technologies with more environmentally friendly features is desirable. Energy demand has exhibited an increasing trend in the recent decade, and it is expected that developing countries will account for around 70% of this 4 . One of the main problems is energy waste (around 52% of generated energy) throughout the world 5 .…”

Section: Introductionmentioning

confidence: 99%

Assessment of a novel geothermal powered polygeneration system with zero liquid discharge

Afshari

Ehyaei

Esmaeilion

et al. 2022

Energy Science & Engineering

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Energy, exergy, economic, exergoenvironmental, and environmental analyses are reported for a novel polygeneration system consisting of a geothermal cycle, a CO2 cycle, a reverse osmosis unit, an electrodialysis unit, a lithium bromide absorption chiller, and a liquefaction unit for natural gas. The proposed system is able to produce electricity, cooling, desalinated water, sodium hydroxide, and hydrogen. To study the environmental aspects of the proposed facility, the associated social cost of air pollution is determined. This parameter implies a comparison between nonrenewable and renewable energy systems to produce the same amount of electricity, while the amount of air pollutants generated and their associated costs are considered. Three scenarios are introduced. The results indicate that the system produces 631 GWh/year electrical energy, 465 GWh/year cooling, 6.22 ‎ton/year NaClO, 1.57 × 108 m3/year hydrogen, and 386,000 m3/year potable water for a geothermal working fluid supplied with mass flow rate of 100 kg/s at a temperature of 150°C and a pressure of 457.5 kPa. Also, the calculated values of the energy and exergy efficiencies are 58.3% and 94.2%, respectively. The payback period is determined to be 5.3 years. The net present value ‎is found to be ‎113.6 million US$ which is lower than that for all the nonrenewable‐based scenarios considered.

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A Technoeconomic Model Coupled with HYSYS to Analyze the Electroreduction of Carbon Dioxide to Ethanol

Pickett

Wu³

et al. 2023

Advcd Theory and Sims

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This research develops a technoeconomic analysis to study the profitability of ethanol production from CO 2 electroreduction. A HYSYS simulation is used to calculate the separation costs, a challenge in previous models available in literature. The profitability of a 10 000 kg per day CO 2 electroreduction plant to produce ethanol is studied. An optimization of the pressure swing adsorber and distillation tower, which greatly influence the total cost of the plant (≈20% of total cost), is carried out, obtaining a total cost of separation of £1.94 × 10 6 . The study demonstrates that reducing the voltage applied to values around 0.5 V, i.e., by increasing the pH up to 12 makes the process economically feasible with a current density over 15 mA cm −2 . It also shows that the process is economically feasible using a current density of 5 mA cm −2 if the electricity cost from renewable sources drops to 2.0 × 10 −2 £ kWh −1 . Finally, it is proved that if catalyst stability is not considered, some catalysts currently available in the literature can be used with a positive economic income. The results of this research show that the industrial electroreduction of ethanol can be feasible and can attract interest in the industrial adoption of the technology.

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Development of Cost Correlations for the Economic Assessment of Power Plant Equipment

Cited by 23 publications

References 61 publications

Different Geothermal Power Cycle Configurations Cost Estimation Models

Different Geothermal Power Cycle Configurations Cost Estimation Models

Assessment of a novel geothermal powered polygeneration system with zero liquid discharge

A Technoeconomic Model Coupled with HYSYS to Analyze the Electroreduction of Carbon Dioxide to Ethanol

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