The finite-time exergoeconomic performance of a real, intercooled, regenerated gas-turbine cogeneration plant. Part 1: model description and parametric analyses

Taking into account the heat resistance losses between the heat reservoirs and the working fluid, irreversible compression and expansion losses in the compressors and the turbine, pressure drop losses in the piping and finite thermal capacity rate properties of the heat reservoirs, a real, intercooled, regenerated gas-turbine cogeneration plant model is established using finite-time thermodynamics. The finite-time exergoeconomic performance of the plant is studied by taking the dimensionless profit rate as the optimization objective. Analytical formulae about the dimensionless profit rate and exergy efficiency are derived. By numerical examples, the two cases with fixed and variable total pressure ratios are discussed, and meanwhile the effects of the cycle parameters on the performance of the plant are analyzed. The relationship of the dimensionless profit rate versus exergy efficiency is investigated, and the characteristic curve is found to be loop shaped. Finally, it is found that there exists an optimal consumer temperature that leads to a double-maximum dimensionless profit rate. ? The Author 2012. Published by Oxford University Press.