Economic Analysis of Biomass Gasification-Solid Oxide Fuel Cell-Gas Turbine Hybrid Cycle

Abstract

In this study, an economic analysis of a hybrid system, a pressurized solid oxide fuel cell-gas turbine (SOFC-GT) with a capacity of 1.7 MW, which includes several sub-units, is conducted. Using the formulation, a cost-oriented economic survey including the equipment and the system costs, is also analyzed based on a sensitivity analysis. In compared with the previous studies, the presented model consists of some distinctions and the following considerations: First, considering the field equipment, the formulations is updated; Second, considering the variable cost, a range of variations for parameters’ prices is selected; Third, the objective function in non-linear mathematical optimization format is prioritized. The economic performances for the average price of energy in three different locations (Europe, US and Iran) during the cycle life time, is evaluated in these regions. The results indicate that based on current energy prices and economic conditions, Europe is the most economically justifiable by having internal rate of return (IRR) and a payback period equal to 15.5% and the 6.7 years respectively. It has also been compared with the results of the previous economic studies.