Exergoeconomic optimization of a binary geothermal power plant

Abstract This chapter provides an overview of the adequacy and feasibility of organic Rankine cycles and discusses various cycle configurations for harnessing geothermal energy. In addition to the conventional First Law of Thermodynamics analysis, a generalized methodology for the Second Law analysis and the exergoeconomic analysis for the geothermal organic Rankine cycle is explained. The detailed exergoeconomic modeling is illustrated by applying it to a simple organic Rankine cycle configuration for geothermal application. With the aid of exergoeconomic analysis, the total product cost is formulated and is taken as the objective function. Prior to the optimization, the evaporation temperature, the turbine inlet temperature, and the pinch point during the heat transfer were identified as the most influencing cycle parameters by a parametric investigation. The total product cost is subsequently minimized using the genetic algorithm with evaporating pressure and the pinch point as the independent parameters.