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Exergoeconomic analysis helps designers to find ways to improve the  performance of a system in a cost effective way. This can play a vital role  in the analysis, design and optimization of thermal systems. Thermoeconomic  optimization is a powerful and effective tool in finding the best solutions  between the two competing objectives, minimizing economic costs and  maximizing exergetic efficiency. In this paper, operating parameters of a gas  turbine power plant that produce 140MW of electricity were optimized using  exergoeconomic principles and genetic algorithms. The analysis shows that the  cost of final product is 9.78% lower with respect to the base case. This is  achieved with 8.77% increase in total capital investment. Also thermoeconomic  analysis and evaluation were performed for the gas turbine power plant. The  results show the deep relation of the unit cost on the change of the  operating parameters.

Exergoeconomic optimization of gas turbine power plants operating parameters using genetic algorithms: A case study