1.8 Exergoeconomics

Exergy has been a hot topic during the last several decades and several researchers around the world have been widely using exergy for system analysis and performance assessment. There are also studies where exergy efficiency and exergy destruction rate are considered as objective functions for the optimal design of various energy systems. Although exergy is a potential tool that can provide good insight of the system, the importance of its connection with economics has been always highlighted. Exergoeconomics is a branch of engineering that appropriately combines, at the level of system components, thermodynamic evaluations based on an exergy analysis and economic principles, in order to provide information that is useful to the design and operation of a cost-effective system, but not obtainable by conventional energy and exergy analyses and economic analysis. In this chapter, the principles of exergoeconomics are discussed and several case studies are considered, and exergoeconomics is applied in order to calculate the cost for exergy destruction and exergoeconomic factors. The results provide better understanding of energy systems from an economic point of view.

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