Exergoeconomic optimisation of a cogeneration system using exergy splitting method

Exergoeconomic analysis helps designers to find ways to improve the performance of a system in a cost effective way. The cost of product streams in a multiproduct system predicted by conventional exergoeconoimic are sometimes not acceptable, i.e, the cost of steam being higher than cost of electricity. The specific cost of streams in exergoeconomic analysis strongly depends on cost equations used in the formulation of the problem. In this work, the thermomechanical exergy of a stream is splitted into two streams: a pressure component and a temperature component. The pressure component is given higher economic value (equivalent to work) than the temperature component. Using this concept, a cogeneration system is optimised. The analysis reveals that the cost of streams so obtained is acceptable.