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M.E. Mondejar et al. Renewable and Sustainable Energy Reviews 91 (2018) 126–151 Fig. 16. Results of the economic analysis for the ORC unit fed by the heat from low-sulfur exhaust gases. 4.5. Economic feasibility The economic feasibility of a marine WHRS depends on the ex- penses for the installation and operation of the unit and the income related to the fuel savings. The profitability evaluation of installing an ORC unit on the vessels analyzed in Section 3.3 was carried out using the net present value (NPV) method and the simple payback period [137]. The heat sources under consideration were the exhaust gases from the engines using low-sulfur fuel (the case with 90% turbine ef- ficiency) and the jacket water from the HFO engines. For both cases, it was assumed that the power produced by the ORC unit is consumed by demands aboard the ships, which would otherwise be supplied from auxiliary engines operating with an average specific HFO consumption of 210 g kWh−1. Reasonable figures for the discount rate and the life- time of the investment, namely, 6% and 25 years [138], were assumed for the calculation of the NPV. Fig. 16a shows the NPV of the ORC unit fed by the exhaust gas heat over the years assuming a fuel price of 600 $/t and a specific ORC unit cost of 2000 $/kW. The fuel price is representative of HFO prices in the period 2011–2014 [139], while the specific ORC cost is representative of the values reported by Quoilin et al. [8] and Lemmens [140] for ORC units with around 500 − 1000 kW. The final NPV is around 2 MUS$ for the three ships. The power output of the ORC unit on the container ship is larger than those of the other vessels, and therefore the investment cost is higher. However, due to the low load operation of the vessel, the fuel savings were not correspondingly high. This resulted in a longer payback period. Fig. 16b shows that the investment is paid back (simple payback period) after 2.5 years for the oil tanker and the bulk carrier and after 4 years for the container ship, when considering a fuel price of 600 $/t. The payback period drops below 10 years at fuel prices around 150 $/t for the bulk carrier and the oil tanker and around 250 $/t for the container ship. Figs. 16c and 16d illustrate the sensitivity of the NPV and the payback period to the specific cost of the ORC unit for the bulk carrier. The payback period is very sensitive to the specific ORC unit cost when the fuel prices are low. During times with low fuel prices, the lowered cost thereby has a significant impact on the eco- nomic feasibility of the ORC unit installation. The variations of NPV for the jacket water case with a fuel price of 600 $/t and a specific ORC cost of 4000 $/kW are depicted in Fig. 17a. The fuel price was the same as in the previous case, while the specific cost represents ORC units with around 50 − 100 kW electrical power output [7,140]. The NPV after 25 years is the largest for the container ship at around 400 kUS$. Fig. 17b shows that the simple payback period is around 6 years for the three ships considering a fuel price of 600 $/t. When varying the fuel price, the shortest payback period was obtained by the container ship, contrary to the results obtained in the exhaust gases case. Figs. 17c and 17d show the sensitivity of the eco- nomic parameters to the specific cost of the ORC unit for the bulk carrier. 142PDF Image | organic Rankine cycle power systems for maritime applications
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