Exergoeconomic optimization of a small-scale cogeneration system using the exergetic cost theory

Many techniques have been developed in order to evaluate the thermodynamic inefficiencies of thermal systems. Sometimes it is necessary to know the monetary costs of such inefficiencies. The knowledge of these costs is required when the objective is to minimize the cost(s) of the final(s) product(s) supplied by the system. The objective of this paper is to carry out an exergoeconomic optimization, using the Exergetic Cost Theory, of a small-scale co-generation plant having a natural gas micro-turbine and an absorption chiller for air conditioning purposes. The products generated by this co-generation system are electricity and cold water, and their exergoeconomic costs are minimized in order to obtain an approximately optimum design configuration.