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The specific investment/installed cost for any electricity generating system is a good indicator of its cost-effectiveness as it associates the investment with the capacity/performance. On Figure 7.16, the variation of the SIC with the evaporating pressure is depicted. A minimum value for the SIC is observed. For the case of R123 used here, this minimum occurs at an evaporating pressure of 10.62 bar and does not coincide with the maximum power of 1979 W obtained at 7.31 bar. This observation can be extended to any other fluid. 7.7.4 Cost optimization The selected objective function for this optimization is the specific investment cost (SIC) expressed in €/kWe. Since waste heat sources are cost-free by definition, optimizing this parameter is equivalent to optimizing the profitability of the system if maintenance and insurance annual costs are neglected. For a given working fluid, several different working conditions can be optimized. The evaporating pressure shows an optimum in terms of overall efficiency and also in terms of profitability. The pinch point on the heat exchangers also shows an optimum value: the lower this value, the higher the cycle efficiency but the higher the heat exchanger area and the higher the cost. The choice of the pinch point value therefore results of a thermo-economic optimization of the system. Threeparameters(Pev,ΔTpp,cd,ΔTpp,ev )arethereforetobeoptimizedwiththeobjective of minimizing the SIC. This is done using the simplex algorithm (Nedler and Mead, 1965). The results of the optimization for each fluid are presented in Table 7.5. Table 7.6 shows results for power maximization with a single optimization parameter (Pev). Table 7.5 - Three-parameters optimization of the SIC Fluids R245fa R123 R113 n-Pentane n-Butane ΔTpp,cd (K) 15.66 15.46 17.92 15.17 14.51 ΔTpp,ev (K) 18.58 12.54 10.7 12.66 17.3 Pev (bar) 15.50 11.31 7.39 8.5 19.7 Wnet(W) SIC(€/kW) 1720 4413 1750 4361 1586 5128 1745 4440 1816 3869 Table 7.6 - One-parameter optimization of the net power output for ΔTpp,cd =10 K and ΔTpp,ev =15 K Fluids Pev (bar) Wnet(W) R245fa 11.79 2004 R123 7.31 1979 R113 3.93 1942 n-Pentane 5.14 1979 n-Butane 15.31 2078 TIC(€) SIC(€/kW) 9533 4757 9775 4939 12485 6430 10784 5450 8475 4078 Page | 184PDF Image | Low-Grade Heat Conversion into Power Using Small Scale Organic Rankine Cycles
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