Thermoeconomic analysis of a new geothermal utilization CHP plant in Tsetserleg, Mongolia

Abstract

A thermal design and thermoeconomic analysis of a combined heat and power (CHP) production plant for Tsetserleg town, Mongolia, has been completed. The energy and exergy analysis of the plant was studied based on the first and second laws of thermodynamics. The exergy analysis identifies the plant components with the highest thermodynamic inefficiencies and the processes that cause them. Exergy destruction in the plant represents not only thermodynamic inefficiency but also the opportunity to optimize investment costs associated with the plant being analyzed. It is the objective of thermoeconomic optimization to maximize the exergetic efficiencies of the plant components and to minimize the levelized costs of the heat and electricity generated by the CHP plant....