Exergoeconomic analysis and evaluation of energy-conversion plants—I. A new general methodology

A new approach to the combination of exergetic and economic analysis (exergoeconomic analysis) for the investigation of energy-conversion processes is presented. This approach allows the monetary evaluation of costs caused by irreversibilities (exergy losses), as well as comparisons between these costs and the investment and operating costs for each component of a plant. The present analysis permits identification and evaluation of inefficiencies in an energy-conversion plant and of opportunities for improvement.