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Engineering Thermodynamics
Published in Raj P. Chhabra, CRC Handbook of Thermal Engineering Second Edition, 2017
Michael J. Moran, George Tsatsaronis
When exergy concepts are combined with principles of engineering economy, the result is known as thermoeconomics or exergoeconomics. Thermoeconomics allows the real cost sources at the component level to be identified: capital investment costs, operating and maintenance costs, and the costs associated with the destruction and loss of exergy. Optimization of thermal systems can be achieved by a careful consideration of such cost sources. From this perspective, thermoeconomics is exergy-aided cost minimization.
Phase Change Materials for Thermal Energy Storage
Published in Sam Zhang, Materials for Energy, 2020
Baris Burak Kanbur, Zhen Qin, Chenzhen Ji, Fei Duan
Thermoeconomics combines the objective functions of thermodynamics and economics to present an interdisciplinary approach for the feasibility assessments of the energy conversion systems. Thermodynamics part can be built by the energetic or exergetic models, but the exergetic models have been the most preferable in the past and the present (Bejan et al. 1996). In thermoeconomics, each stream in the combined system has its own unit cost, c. The multiplication of unit cost and the exergy rate, E˙, gives the levelized cost of the stream, C˙. After that, the thermoeconomic balance equation, which is similar to the general exergy balance equation, is written for each system component, individually. When the combined system presented and the PCM-based TES tank are considered, the thermoeconomic balance equation for the PCM-based TES tank is given in Eq. (9.31) (see Figure 9.47), C˙9+C˙12=Z˙PCM+C˙10+C˙13
Exergy cost analysis of ammonia–water absorption systems based on thermoeconomics
Published in International Journal of Ambient Energy, 2022
Sanjay Khatwani, Govind Maheshwari
Thermoeconomics (Valero and Torres 2009) is a combination of thermodynamics and economics, used as an exergy-based cost reduction method to support the operation of energy conversion systems with maximum efficiency. To perform the complete exergy cost analysis, authors have first built a thermoeconomic model (Tsatsaronis 2009) for the proposed ammonia–water absorption system based on the principles of thermoeconomic analysis. The graphical representation of this model is called the productive structure (Cuadra et al. 2009). To explain the complete productive structure, various fuel and product streams as the collection of the flows that create them, for every subsystem of system, are recognised (Meyer et al. 2009; Torres, Valero, and Perez 2007a). Torres et al., in 2008, presented a complete thermoeconomic analysis for a simple combined cycle, which defines the productive scheme and the dispersion of resources and internal products of the complete system using the physical structure as reference (Torres et al. 2008). Torres et al. (2010) recognised the ability of thermoeconomic modelling by showing a study centred on the combination of a power plant, a cement klin and a gas fired boiler.
The simulation-based analysis of the resource efficiency of the circular economy – the enabling role of metallurgical infrastructure
Published in Mineral Processing and Extractive Metallurgy, 2020
N.J. Bartie, A. Abadías Llamas, M. Heibeck, M. Fröhling, O. Volkova, M.A. Reuter
Thermoeconomics provides a link between exergy analysis and economic assessment. It links component prices to operating parameters and exergetic efficiencies, pricing the specific exergy content of a stream rather than the unit mass. Due to non-linearities and multi-component in- and outputs, proper allocation is required (Sciubba and Wall 2007), as is the case with LCA. Valero et al. (2006) mention that with system design or to maximise system benefits, thermoeconomic cost (which includes capital) should be used, while exergy cost (which excludes capital) would be more appropriate when the focus is on inefficiencies.
Thermoeconomic and life cycle assessments for a trigeneration system: A case study
Published in Energy Sources, Part A: Recovery, Utilization, and Environmental Effects, 2023
Elias Gabriel Magalhães Silva, Maria Helena de Sousa, Monica Carvalho, Adriano da Silva Marques
Thermoeconomics combines exergy analysis and economic considerations to allocate monetary costs to material and energy flows, as well as losses. The Theory of Exergy Cost (TEC) (Lozano and Valero, 1993) is based on the amount of external energy required to obtain a product considering the resources (fuels), losses, and exergy destruction of the process. To this end, the exergy flows established in 2.2 were classified into fuel (F), product (P), and losses (L), as shown in Table 3.