Articles written in Sadhana
Volume 34 Issue 5 October 2009 pp 851-864
Finite-time exergoeconomic performance of a Newtonian heat transfer law system generalized irreversible combined refrigeration cycle model with ﬁnite-rate heat transfer, heat leakage and internal irreversibility is presented in this paper. The operation of the generalized irreversible combined refrigeration cycle is viewed as a production process with exergy as its output. The performance optimization of the cycle is performed by taking proﬁt as the objective. The optimal proﬁt rate, optimal COP (coefﬁcient of performance), as well as the relation between the optimal proﬁt rate and COP of the cycle are derived. The focus of this paper is to obtain the compromise optimization between economics (proﬁt rate) and the energy utilization factor (COP) for the cycle, by searching the optimum COP at maximum proﬁt rate, which is termed as the ﬁnite time exergoeconomic performance bound. Moreover, the effects of various factors, including heat leakage, internal irreversibility and the price ratio, on the proﬁt rate performance of the cycle are analysed by detailed numerical examples.