Thermoeconomic optimization of a simple thermal power plant using mathematical minimization algorithms

During the design phase of a power plant, assessment of the economic performance of the system is usually made after its technical characteristics have been specified. In this work, however, the economic analysis is performed at the same time as the thermodynamic studies through the use of the thermoeconomic functional analysis proposed by C.A. Frangopoulos (Ph.D. diss. Georgia Inst. of Technol., 1983). This method combines thermodynamics (second law) with economic considerations and determines the thermoeconomically optimal design. The method is applied here for the optimization of a Rankine-cycle system. Numerical results obtained by applying different numerical minimization algorithms to the same system are compared with each other. The information thus obtained can facilitate the selection of an appropriate method for each specific case