“…The exergo-economics based analysis of thermodynamic processes considers the cost of exergy only not the entire cost of its elements (utility, equipment cost, labour cost, raw materials) for detailed economic analysis. The later approach has been reported to be used in the thermo-economic analysis of some thermodynamic systems which gives more realistic measure of performance such as in oil shale retorting processes with gas or solid heat carrier [34], lowgrade waste heat recovery in Yazd combined-cycle power plant by a CO 2 trans critical Rankine cycle [35], distillation based hybrid configurations for bioethanol refining [36], Organic Rankine cycle for exhaust waste heat recovery of a diesel engine [37], pressure swing adsorption process for bioethanol refining [38], combined supercritical CO 2 (carbon dioxide) recompression Brayton/organic Rankine cycle [39], ORCs (organic Rankine cycles) for low temperature waste heat recovery [40], milk spray dryer exhaust to inlet air heat recovery [41], Dual-purpose Power and Desalination Plants [42] and air energy storage (CAES) system integrated with a wind power plant in the framework of the IPEX market [43]. In addition, significant progress has been made in the design of hybrid system to convert the waste heat in PEMFC to electricity [44,45].…”