Research Article
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Year 2021, Volume: 3 Issue: 1, 43 - 55, 31.03.2021
https://doi.org/10.46959/jeess.606042

Abstract

References

  • Bejan, A., Moran, M. J., & Tsatsaronis, G. (1996). Thermal design and optimization. Wiley. com.Cengel, Y. A., & Boles, M. A. (2015). Thermodynamics : an engineering approach. New York: McGraw Hill.Current price development oil and gas - DNV GL. (n.d.). Retrieved July 17, 2019, from https://www.dnvgl.com/maritime/lng/current-price-development-oil-and-gas.htmlFergani, Z., Touil, D., & Morosuk, T. (2016). Multi-criteria exergy based optimization of an Organic Rankine Cycle for waste heat recovery in the cement industry. Energy Conversion and Management, 112, 81–90. https://doi.org/https://doi.org/10.1016/j.enconman.2015.12.083He, S., Chang, H., Zhang, X., Shu, S., & Duan, C. (2015). Working fluid selection for an Organic Rankine Cycle utilizing high and low temperature energy of an LNG engine. Applied Thermal Engineering, 90, 579–589. https://doi.org/10.1016/J.APPLTHERMALENG.2015.07.039Kalikatzarakis, M., & Frangopoulos, C. A. (2015). Multi-criteria selection and thermo-economic optimization of Organic Rankine Cycle system for a marine application. International Journal of Thermodynamics, 18(2), 133–141.Koroglu, T., & Sogut, O. S. (2017). Advanced Exergoeconomic Analysis of Organic Rankine Cycle Waste Heat Recovery System of a Marine Power Plant. International Journal of Thermodynamics, 20(3), 140–151. https://doi.org/10.5541/eoguijt.336700Koroglu, Turgay. (2018). Developing Criteria For Advanced Exergoeconomic Performance Analysis of the Thermal Systems. Istanbul Technical University, Istanbul, Turkey.Mahmoudi, A., Fazli, M., & Morad, M. R. (2018). A recent review of waste heat recovery by Organic Rankine Cycle. Applied Thermal Engineering, 143, 660–675. https://doi.org/https://doi.org/10.1016/j.applthermaleng.2018.07.136MAN Energy Solutions SE. (2019). MAN 51/60DF Project Guide-Marine Four-stroke dual fuel engine compliant with IMO Tier III. Retrieved from www.man-es.comMondejar, M. E., Andreasen, J. G., Pierobon, L., Larsen, U., Thern, M., & Haglind, F. (2018). A review of the use of organic Rankine cycle power systems for maritime applications. Renewable and Sustainable Energy Reviews, 91, 126–151. https://doi.org/https://doi.org/10.1016/j.rser.2018.03.074Quoilin, S., Van Den Broek, M., Declaye, S., Dewallef, P., & Lemort, V. (2013). Techno-economic survey of Organic Rankine Cycle (ORC) systems. Renewable and Sustainable Energy Reviews, 22, 168–186.Schuster, A., Karellas, S., Kakaras, E., & Spliethoff, H. (2009). Energetic and economic investigation of Organic Rankine Cycle applications. Applied Thermal Engineering, 29(8), 1809–1817. https://doi.org/https://doi.org/10.1016/j.applthermaleng.2008.08.016Shi, L., Shu, G., Tian, H., & Deng, S. (2018). A review of modified Organic Rankine cycles (ORCs) for internal combustion engine waste heat recovery (ICE-WHR). Renewable and Sustainable Energy Reviews, 92, 95–110. https://doi.org/https://doi.org/10.1016/j.rser.2018.04.023Shu, G., Liang, Y., Wei, H., Tian, H., Zhao, J., & Liu, L. (2013). A review of waste heat recovery on two-stroke IC engine aboard ships. Renewable and Sustainable Energy Reviews, 19, 385–401. https://doi.org/http://dx.doi.org/10.1016/j.rser.2012.11.034Shu, G., Liu, P., Tian, H., Wang, X., & Jing, D. (2017). Operational profile based thermal-economic analysis on an Organic Rankine cycle using for harvesting marine engine’s exhaust waste heat. Energy Conversion and Management, 146, 107–123. https://doi.org/https://doi.org/10.1016/j.enconman.2017.04.099Song, J., Li, Y., Gu, C., & Zhang, L. (2014). Thermodynamic analysis and performance optimization of an ORC (Organic Rankine Cycle) system for multi-strand waste heat sources in petroleum refining industry. Energy, 71, 673–680. https://doi.org/https://doi.org/10.1016/j.energy.2014.05.014Song, J., Song, Y., & Gu, C. (2015). Thermodynamic analysis and performance optimization of an Organic Rankine Cycle (ORC) waste heat recovery system for marine diesel engines. Energy, 82, 976–985. https://doi.org/http://dx.doi.org/10.1016/j.energy.2015.01.108Sprouse III, C., & Depcik, C. (2013). Review of organic Rankine cycles for internal combustion engine exhaust waste heat recovery. Applied Thermal Engineering, 51(1–2), 711–722. https://doi.org/http://dx.doi.org/10.1016/j.applthermaleng.2012.10.017Tsatsaronis, G. (1996). Exergoeconomics: Is it only a new name? Chemical Engineering & Technology, 19(2), 163–169. https://doi.org/doi:10.1002/ceat.270190210Wang, X.-Q., Li, X.-P., Li, Y.-R., & Wu, C.-M. (2015). Payback period estimation and parameter optimization of subcritical organic Rankine cycle system for waste heat recovery. Energy, 88, 734–745. https://doi.org/https://doi.org/10.1016/j.energy.2015.05.095

EVALUATING THE COST-BENEFIT OF A WASTE HEAT RECOVERY ENERGY SYSTEM WITH EXERGOECONOMICS

Year 2021, Volume: 3 Issue: 1, 43 - 55, 31.03.2021
https://doi.org/10.46959/jeess.606042

Abstract

While it is certain that life cannot exist without energy, it is impossible to think of the use and efficiency of energy systems outside economic conditions and constraints. For energy producers and consumers, the determination of the cost of unit energy or electricity is basically a result of the combined evaluation of the first law of the thermodynamics and economy. However, the result of this approach is incapable of determining the source, location and magnitude of the unutilized energy. From this point of view, the concept and analysis of the exergy resulting from the use of the first and second law of thermodynamics is a method used both to fulfil the aforementioned deficiencies and to reveal the amount of exergy destroyed in any process. Moreover, the combination of exergy analysis with economic analysis, by pricing the exergy destruction, which is a result of the inefficiencies of the system and components examined, leads the investor in how much the inefficiencies in the system and components cost, and how this economic burden can be reduced. In summary, the cost of exergy destruction can be considered as financial burden that need to be reduced for more efficient and economic systems. The waste heat recovery method is used to reduce the amount of fuel the main system consumes by recovering the excess energy released into the atmosphere via generating more energy. In this study, a waste heat energy system has been examined with exergy and exergoeconomical analyzes in order to obtain information that can improve both efficiency and economy, and the components that should be focused on and the contributions of these components to the whole system have been determined based on the results obtained. The study showed that exergoeconomic analysis is one of the methods that can be used to gain more information about systems for energy costing and economic optimization. 

References

  • Bejan, A., Moran, M. J., & Tsatsaronis, G. (1996). Thermal design and optimization. Wiley. com.Cengel, Y. A., & Boles, M. A. (2015). Thermodynamics : an engineering approach. New York: McGraw Hill.Current price development oil and gas - DNV GL. (n.d.). Retrieved July 17, 2019, from https://www.dnvgl.com/maritime/lng/current-price-development-oil-and-gas.htmlFergani, Z., Touil, D., & Morosuk, T. (2016). Multi-criteria exergy based optimization of an Organic Rankine Cycle for waste heat recovery in the cement industry. Energy Conversion and Management, 112, 81–90. https://doi.org/https://doi.org/10.1016/j.enconman.2015.12.083He, S., Chang, H., Zhang, X., Shu, S., & Duan, C. (2015). Working fluid selection for an Organic Rankine Cycle utilizing high and low temperature energy of an LNG engine. Applied Thermal Engineering, 90, 579–589. https://doi.org/10.1016/J.APPLTHERMALENG.2015.07.039Kalikatzarakis, M., & Frangopoulos, C. A. (2015). Multi-criteria selection and thermo-economic optimization of Organic Rankine Cycle system for a marine application. International Journal of Thermodynamics, 18(2), 133–141.Koroglu, T., & Sogut, O. S. (2017). Advanced Exergoeconomic Analysis of Organic Rankine Cycle Waste Heat Recovery System of a Marine Power Plant. International Journal of Thermodynamics, 20(3), 140–151. https://doi.org/10.5541/eoguijt.336700Koroglu, Turgay. (2018). Developing Criteria For Advanced Exergoeconomic Performance Analysis of the Thermal Systems. Istanbul Technical University, Istanbul, Turkey.Mahmoudi, A., Fazli, M., & Morad, M. R. (2018). A recent review of waste heat recovery by Organic Rankine Cycle. Applied Thermal Engineering, 143, 660–675. https://doi.org/https://doi.org/10.1016/j.applthermaleng.2018.07.136MAN Energy Solutions SE. (2019). MAN 51/60DF Project Guide-Marine Four-stroke dual fuel engine compliant with IMO Tier III. Retrieved from www.man-es.comMondejar, M. E., Andreasen, J. G., Pierobon, L., Larsen, U., Thern, M., & Haglind, F. (2018). A review of the use of organic Rankine cycle power systems for maritime applications. Renewable and Sustainable Energy Reviews, 91, 126–151. https://doi.org/https://doi.org/10.1016/j.rser.2018.03.074Quoilin, S., Van Den Broek, M., Declaye, S., Dewallef, P., & Lemort, V. (2013). Techno-economic survey of Organic Rankine Cycle (ORC) systems. Renewable and Sustainable Energy Reviews, 22, 168–186.Schuster, A., Karellas, S., Kakaras, E., & Spliethoff, H. (2009). Energetic and economic investigation of Organic Rankine Cycle applications. Applied Thermal Engineering, 29(8), 1809–1817. https://doi.org/https://doi.org/10.1016/j.applthermaleng.2008.08.016Shi, L., Shu, G., Tian, H., & Deng, S. (2018). A review of modified Organic Rankine cycles (ORCs) for internal combustion engine waste heat recovery (ICE-WHR). Renewable and Sustainable Energy Reviews, 92, 95–110. https://doi.org/https://doi.org/10.1016/j.rser.2018.04.023Shu, G., Liang, Y., Wei, H., Tian, H., Zhao, J., & Liu, L. (2013). A review of waste heat recovery on two-stroke IC engine aboard ships. Renewable and Sustainable Energy Reviews, 19, 385–401. https://doi.org/http://dx.doi.org/10.1016/j.rser.2012.11.034Shu, G., Liu, P., Tian, H., Wang, X., & Jing, D. (2017). Operational profile based thermal-economic analysis on an Organic Rankine cycle using for harvesting marine engine’s exhaust waste heat. Energy Conversion and Management, 146, 107–123. https://doi.org/https://doi.org/10.1016/j.enconman.2017.04.099Song, J., Li, Y., Gu, C., & Zhang, L. (2014). Thermodynamic analysis and performance optimization of an ORC (Organic Rankine Cycle) system for multi-strand waste heat sources in petroleum refining industry. Energy, 71, 673–680. https://doi.org/https://doi.org/10.1016/j.energy.2014.05.014Song, J., Song, Y., & Gu, C. (2015). Thermodynamic analysis and performance optimization of an Organic Rankine Cycle (ORC) waste heat recovery system for marine diesel engines. Energy, 82, 976–985. https://doi.org/http://dx.doi.org/10.1016/j.energy.2015.01.108Sprouse III, C., & Depcik, C. (2013). Review of organic Rankine cycles for internal combustion engine exhaust waste heat recovery. Applied Thermal Engineering, 51(1–2), 711–722. https://doi.org/http://dx.doi.org/10.1016/j.applthermaleng.2012.10.017Tsatsaronis, G. (1996). Exergoeconomics: Is it only a new name? Chemical Engineering & Technology, 19(2), 163–169. https://doi.org/doi:10.1002/ceat.270190210Wang, X.-Q., Li, X.-P., Li, Y.-R., & Wu, C.-M. (2015). Payback period estimation and parameter optimization of subcritical organic Rankine cycle system for waste heat recovery. Energy, 88, 734–745. https://doi.org/https://doi.org/10.1016/j.energy.2015.05.095
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Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Turgay Koroglu 0000-0001-9109-9066

Publication Date March 31, 2021
Published in Issue Year 2021 Volume: 3 Issue: 1

Cite

APA Koroglu, T. (2021). EVALUATING THE COST-BENEFIT OF A WASTE HEAT RECOVERY ENERGY SYSTEM WITH EXERGOECONOMICS. Journal of Empirical Economics and Social Sciences, 3(1), 43-55. https://doi.org/10.46959/jeess.606042