Minimisation of a heat exchanger networks' cost over its lifetime

Andreja Nemet, Jiří Jaromír Klemeš and Zdravko Kravanja

Energy, 2012, vol. 45, issue 1, 264-276

Abstract: The optimal design of heat exchanger networks (HENs) has a great influence on the profitability of a plant. The optimisation is based on trade-offs between investment and operational cost. The full lifetime of the HEN and future utility prices have to be considered rather than optimising HEN on a yearly basis using current utility prices. Single-period optimisation and synthesis models for HENs reflect current utility prices only. These prices can fluctuate rather quickly and the optimal solution may be very different from a year to year. Deterministic and stochastic multi-period mixed-integer nonlinear programming (MINLP) models for HEN synthesis have been developed to account for future price projections, where the utility cost coefficients are forecasted for the lifetime of the process. An optimal design is then determined for each projection and these designs are compared against a design with fixed current prices by applying the Incremental Net Present Value and other economic measures. In case studies the difference between utility consumption, using previous optimisation methods and new, were significant; e.g. in Case Study 2 the utility savings were 18.4% for hot and 32.6% for cold utility yielding an increase of the Net Present Value (NPV) by 7.8%.

Keywords: HEN; Multi-period optimisation; Forecast of utility prices; Stochastic optimisation; Incremental net present value; Entire lifetime (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:45:y:2012:i:1:p:264-276

DOI: 10.1016/j.energy.2012.02.049

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