Integrative approach of thermoeconomics to obtain unit cost of products in power systems Online publication date: Mon, 30-Oct-2023
by Ho-Young Kwak
International Journal of Exergy (IJEX), Vol. 42, No. 2, 2023
Abstract: In this study, it is aimed to show how the same unit cost of electricity generated by a thermal system is obtained with three different thermoeconomic approaches based on exergy analysis. These approaches are exergetic cost theory (ECT) by Lozano and Valero (1993), specific exergy costing (SPECO) by Lazzaretto and Tsatsaronis (2006) and modified productive structure analysis (MOPSA) by Kim et al. (1998). These approaches with some different modifications are applied to CGAM system. It is found that the ECT becomes SPECO when SPECO's fuel-rule and product-rule are applied to the ECT and both thermoeconomic methods offer the same unit cost of electricity from the CGAM system. The unit costs of electricity and steam by ECT and SPECO are found to be 7.34 $ /GJ and 10.62 $ /GJ, respectively. The unit cost of electricity and steam is determined to be 8.11 $ /GJ and 10.24 $ /GJ, respectively, by the MOPSA method. In this study, it is also shown how the unit cost of products calculated by ECT and SPECO for the CGAM system equals the unit cost of products obtained from MOPSA.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Exergy (IJEX):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com
Our Blog 
Follow us on Twitter 
Visit us on Facebook