Development of Total Capital Investment Estimation Module for Waste Heat Power Plant

Joon-Young Kim, Shelly Salim, Jae-Min Cha and Sungho Park
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Joon-Young Kim: Plant Engineering Center, Institute for Advanced Engineering (IAE), Yongin 17180, Korea
Shelly Salim: Center for Integrated Access Systems, Gwangju Institute of Science and Technology, Gwangju 61005, Korea
Jae-Min Cha: Plant Engineering Center, Institute for Advanced Engineering (IAE), Yongin 17180, Korea
Sungho Park: Plant Engineering Center, Institute for Advanced Engineering (IAE), Yongin 17180, Korea

Energies, 2019, vol. 12, issue 8, 1-19

Abstract: Power plants with waste heat collection and utilization have gained increasing interest in the high energy-consuming industries, such as steel-making and cement manufacturing, due to its energy efficiency. Waste heat power plants possess some intrinsic characteristics, for instance, the main equipment and the working fluids. However, at the time of this research, we could not find an economic analysis suitable to address the specialized aspects of waste heat power plant, making it difficult to measure the total capital investment needed for the business feasibility assessment. In this paper, we introduced our total capital investment estimation module developed for a waste heat power plant by considering its intrinsic features. We followed a systems engineering approach in designing and developing our module. We performed a requirements analysis of the stakeholders related to the waste heat power plant. Simultaneously, we consider the technical aspects by exploring the working fluids and main equipment implemented in the plant. Then, we developed the cost models for each equipment and used them as the basis of the proposed total capital investment estimation module. The performance verification showed that our proposed method achieved the initial accuracy target of a 5.78% error range when compared to the real data from the reference case study.

Keywords: waste heat; total capital investment; economic analysis; equipment cost model; steam cycle; organic rankine cycle (ORC); supercritical carbon dioxide cycle (sCO 2 Cycle); power plant; system architecture; systems engineering (SE) (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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