Thermoeconomic analysis with reliability consideration of the
hybrid GT-MSF is presented. The proposed method covers thermodynamic,
economical and reliability aspects of the system design and
the component selection. Irreversibility (exergy destruction) for the
hybrid components are determined based on the derived equations. In
this research, a definition and complete expression of the product and
fuel in the exergy analysis of the hybrid system was expressed. This
definition can show true realization of the exergetic efficiency. The
economics model of the system was developed based on the total
revenue requirement method (TRR method). Further, the thermoeconomic
model was developed based on the exergy and economics
analysis. Reliability considerations have been successfully incorporated
in the thermoeconomic analysis of cogeneration systems.
The results have shown that introduction of reliability leads to the
higher product costs due to reduced plant uptime, so reliability
considerations are important and should be carried out in any
cogeneration system design. In addition, sensitivity analysis has
shown that by increasing system repair rate or decreasing system
failure rate, the availability increases while the production cost
decreases. So, it can help us to improve the rate of return investment,
profit or competitiveness.