Exergoeconomic assessment with reliability consideration of a green cogeneration system based on compressed air energy storage (CAES)

In the succeeding of our recent article, exergoeconomic analysis with reliability and availability considerations is studied for a cogeneration system composed of compressed air energy storage, organic Rankine cycle, and absorption-compression refrigeration cycle. During off-peak times, surplus and cheap electricity of the grid or renewable energy sources is used to provide pressurized air and heating capacity in the energy storage subsystem, which are efficiently exploited to tackle two imperatives during peak demand periods: addressing power shortages and chilled water production at the same time. Reliability consideration is incorporated through Markov method in exergoeconomic to scrutinize the cost variations of the products for achieving a more realistic cost, providing superior alternatives for decision-making and economic design. The effects of the critical parameters such as electricity purchase price, diurnal operating period, and failure and repair rates on the cost of the products have been analyzed. The results indicate that the cost of electricity and chilled water are respectively 0.0783 $/kWh and 0.1789 $/kWh during peak period, which augmented by 8.36% and 8.32% with reliability consideration. The economic analysis reveals that the proposed system has a payback time of 2.9 years, whereas it is extended to around 3 years with reliability consideration, as a more reliable and authentic payback time.