Thermally integrated heat pump (HP)-organic Rankine cycle (ORC) Carnot battery is a promising solution for efficient energy storage and waste heat utilization. Firstly, in order to research the influence degree of the operating parameters on the system performance, single-objective optimization is conducted by the orthogonal design method. Then, multi-objective optimization is conducted by combining the grey relational analysis (GRA) and orthogonal design method to assess the comprehensive performance of the system. The importance order and contribution rates of the operating parameters and the optimal operating combinations are determined. Finally, in order to explore the influence mechanism of the parameters on the system performance, the influence of the parameters on the subsystems and the subsystems on the whole system is quantitatively analyzed. The results show that thermal storage temperature difference, waste heat temperature difference and cold source temperature are the most important parameters affecting the comprehensive performance of the whole system. Under the optimal operating conditions, round-trip efficiency, exergy efficiency, energy storage capacity (ESC), energy storage density (ESD) and levelized cost of storage (LCOS) are 47.05 %, 22.66 %, 1943 kW, 2.90 kWh/m3 and 0.38$/kWh, respectively. Compared to the ORC subsystem, the HP subsystem is more important to round-trip efficiency and exergy efficiency.
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