Exergoeconomic analysis of power plants operating on various fuels

The relation is investigated between capital costs and thermodynamic losses for devices in modern coal-fired, oil-fired and nuclear electrical generating stations. Thermodynamic loss rate-to-capital cost ratios are used to show that, for station devices and the overall station, a systematic correlation appears to exist between capital cost and exergy loss (total or internal), but not between capital cost and energy loss or external exergy loss. The possible existence is indicated of a correlation between the mean thermodynamic loss rate-to-capital cost ratios for all of the devices in a station and the ratios for the overall station, when the ratio is based on total or internal exergy losses. This correlation may imply that devices in successful electrical generating stations are configured so as to achieve an overall optimal design, by appropriately balancing the thermodynamic (exergy-based) and economic characteristics of the overall station and its devices. The results may (i) provide useful insights into the relations between thermodynamics and economics, both in general and for electrical generating stations, (ii) help demonstrate the merits of second-law analysis, and (iii) extend throughout the electrical utility sector. © 2003 Elsevier Science Ltd. All rights reserved.