EVALUATING THE COST-BENEFIT OF A WASTE HEAT RECOVERY ENERGY SYSTEM WITH EXERGOECONOMICS

Authors : Turgay KOROGLU

Pages : 43-55

Doi:10.46959/jeess.606042

View : 19 | Download : 7

Publication Date : 2021-03-31

Article Type : Research Paper

Abstract :While it is certain that life cannot exist without energy, it is impossible to think of the use and efficiency of energy systems outside economic conditions and constraints. For energy producers and consumers, the determination of the cost of unit energy or electricity is basically a result of the combined evaluation of the first law of the  thermodynamics  and economy. However, the result of this approach is incapable of determining the source, location and magnitude of the unutilized energy. From this point of view, the concept and analysis of the exergy resulting from the use of the first and second law of thermodynamics is a method used both to fulfil the aforementioned deficiencies and to reveal the amount of exergy destroyed in any process. Moreover, the combination of exergy analysis with economic analysis, by pricing the exergy destruction, which is a result of the inefficiencies of the system and components examined, leads the investor in how much the inefficiencies in the system and components cost, and how this economic burden can be reduced. In summary, the cost of exergy destruction can be considered as financial burden that need to be reduced for more efficient and economic systems. The waste heat recovery method is used to reduce the amount of fuel the main system consumes by recovering the excess energy released into the atmosphere via generating more energy. In this study, a waste heat energy system has been examined with exergy and  exergoeconomical  analyzes in order to obtain information that can improve both efficiency and economy, and the components that should be focused on and the contributions of these components to the whole system have been determined based on the results obtained. The study showed that  exergoeconomic  analysis is one of the methods that can be used to gain more information about systems for energy costing and economic optimization.  
Keywords : Energy System, Waste Heat Recovery, Energy Economics, Exergy, Exergoeconomics