Thermoeconomic optimization of a combined-cycle solar tower power plant

A dynamic model of a pure-solar combined-cycle power plant has been developed in order to allow determination of the thermodynamic and economic performance of the plant for a variety of operating conditions and superstructure layouts. The model was then used for multi-objective thermoeconomic optimization of both the power plant performance and cost, using a population-based evolutionary algorithm. In order to examine the trade-offs that must be made, two conflicting objectives will be considered, namely minimal investment costs and minimal levelized electricity costs. It was shown that efficiencies in the region of 18–24% can be achieved, and this for levelized electricity costs in the region of 12–24 UScts/kWhe, depending on the magnitude of the initial investment, making the system competitive with current solar thermal technology. ► Pure-solar combined-cycle studied using thermoeconomic tools. ► Multi-objective optimization conducted to determine Pareto-optimal power plant designs. ► Levelised costs between 12 and 24 UScts/kWhe predicted. ► Efficiencies between 18 and 24% predicted.