Thermoeconomic analysis and optimization of an ammonia-water power/cooling cogeneration cycle

The performance of an ammonia-water power/cooling cogeneration cycle is investigated and optimized paying more attention on the economic point of view. Thermodynamic and thermoeconomic models are developed in order to investigate the thermodynamic performance of the cycle and assess the unit cost of products. A parametric study is carried out and the cycle performance is optimized based on the thermal and exergy efficiencies as well as the sum of the unit costs of the system products. The results show that the sum of the unit cost of the cycle products obtained through thermoeconomic optimization is less than by around 18.6% and 25.9% compared to the cases when the cycle is optimized from the viewpoints of first and second laws of thermodynamics, respectively. It is also concluded that for each increase of $3/ton in unit cost of the steam as the heat source, the unit cost of the output power and cooling is increased by around $7.6/GJ and $15-19/GJ, respectively. (C) 2012 Elsevier Ltd. All rights reserved.