Development of A Framework For Thermoeconomic Optimization of Combined Cycle Power Plants

This paper describes the development of a framework for thermoeconomic optimization of combined cycle power plants. The thermoeconomic optimization has been performed using Technoeconomical Environmental Risk Analysis Programme (TERA) developed at Cranfleld University. The TERA optimization code includes tools for design and performance analysis of industrial gas turbines and combined cycle power plants. It also features an optimization framework for minimizing the operational costs with environmental and operational constraints of designed thermal power plant. In this particular work, a design-type thermoeconomic optimization of a combined gas turbine-steam cycle using classical and non-classical optimization methods are discussed. The paper reviews the equations used to quantify the operational costs in the context of gas and steam cycle parameters.

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