Thermoeconomic Methodology for Analysis and Optimization of a Hybrid Solar Thermal Power Plant

Abstract

Energy and exergy studies together with cost analysis for power plants design and multi-process chemical industries received much attention recently. In the present study, with second law analysis (based on the exergy concept), thermoeconomic analysis of a 500 kW hybrid solar thermal power plant (STPP) with parabolic collectors has been simulated. Its applications include the evaluation of utility costs such as products or supplies of production plants. These costs are applicable for feasibility studies, investment decisions, on comparing alternative techniques and operating conditions, for a cost-effective section of equipments during an installation, and an exchange or expansion of the energy system. In addition to simulation of thermal power plant operating condition, the study is aimed to minimizing objective function including investment cost of equipments and cost of exergy destruction. Optimization process is done by using thermoeconomic principles and genetic algorithm. The analysis shows that objective function for the optimum operating condition reduced by 28.4%. Also the cost of electricity produced by hybrid solar power plant in the optimum design is 2.5 cent(kWh)−1 lower than the base case. Finally, sensitivity analysis is carried out to study the effect of changes in the unit cost of electricity to the system important parameters such as solar plant size, interest rate, fuel cost, solar operation period, and system construction period.