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Exergoeconomic analysis helps designers to find ways to improve the performance of a system in a cost effective way. This can play a vital role in the analysis, design and optimization of thermal systems. Thermoeconomic optimization is a powerful and effective tool in finding the best solutions between the two competing objectives, minimizing economic costs and maximizing exergetic efficiency. In this paper, operating parameters of a gas turbine power plant that produce 140MW of electricity were optimized using exergoeconomic principles and genetic algorithms. The analysis shows that the cost of final product is 9.78% lower with respect to the base case. This is achieved with 8.77% increase in total capital investment. Also thermoeconomic analysis and evaluation were performed for the gas turbine power plant. The results show the deep relation of the unit cost on the change of the operating parameters.
PAPER REVISED: 2010-11-17
PAPER ACCEPTED: 2010-12-28
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