Modelling and optimization of combined cycle power plant based on exergoeconomic and environmental analyses

Abstract This research paper presents a study on a comprehensive thermodynamic modelling of a combined cycle power plant (CCPP). The effects of economic strategies and design parameters on the plant optimization are also studied. Exergoeconomic analysis is conducted in order to determine the cost of electricity and cost of exergy destruction. In addition, a comprehensive optimization study is performed to determine the optimal design parameters of the power plant. Next, the effects of economic parameters variations on the sustainability, carbon dioxide emission and fuel consumption of the plant are investigated and are presented for a typical combined cycle power plant. Therefore, the changes in economic parameters caused the balance between cash flows and fix costs of the plant changes at optimum point. Moreover, economic strategies greatly limited the maximum reasonable carbon emission and fuel consumption reduction. The results showed that by using the optimum values, the exergy efficiency increases for about 6%, while CO 2 emission decreases by 5.63%. However, the variation in the cost was less than 1% due to the fact that a cost constraint was implemented. In addition, the sensitivity analysis for the optimization study was curtailed to be carried out; therefore, the optimization process and results to two important parameters are presented and discussed.