Thermodynamics and Thermoeconomics

Abstract

Raising the efficiency of an energy system is within the domain of thermodynamics. Raising the efficiency cost-effectively (Thermoeconomics) is a multi-disciplinary problem in which thermodynamics interfaces other disciplines of knowledge which in this particular case are design, manufacture and economics. This paper deals with a communication/optimization strategy, via the concept of costing equations, whereby the system can be analyzed and optimized for minimum cost within the domain of thermodynamics. The communication/optimization strategy is explained. The generation of costing equations is demonstrated. A gas turbine power system and seawater distillation process system are used as examples for improved design point and improved configuration. The results of their optimized design points for configurations in order of increasing complexity are displayed on cost-efficiency coordinates.

Keywords

• second law analysis, costing, thermoeconomics, optimization