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Optimising entire lifetime economy of heat exchanger networks

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  • Nemet, Andreja
  • Klemeš, Jiří Jaromír
  • Kravanja, Zdravko

Abstract

This contribution presents an optimisation methodology for a Heat Exchanger Network (HEN) design over its entire lifespan. Consideration of fluctuating energy prices is essential for achieving an optimal HEN design. The objective function presents a trade-off between investment and operating costs. Accounting for higher energy prices supports greater investments compared to solutions obtained with current prices. However, due to the uncertainty of utility prices' forecasts, retrofit with the extension of HEN regarding the lifespan, will usually be the future strategy. As there can be various designs featuring similar initial investments, the objective is to identify one design that will be the most suitable for effective future extensions, preferably with low sensitivity to energy price fluctuations. These observations resulted in development of a stochastic multi-period mixed-integer nonlinear programming (MINLP) model for the synthesis of HEN designs, with extensions accounting for future energy prices. The objective of this work was to maximise both the Expected Net Present Value with no risk assessment performed, and the Certainty Equivalent with risk assessment regarding future utility prices and investment. The results obtained indicate that when applying the proposed approach, a design with improved economic performance could be obtained, especially when compared with Total Annual Cost.

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  • Nemet, Andreja & Klemeš, Jiří Jaromír & Kravanja, Zdravko, 2013. "Optimising entire lifetime economy of heat exchanger networks," Energy, Elsevier, vol. 57(C), pages 222-235.
    • Handle: RePEc:eee:energy:v:57:y:2013:i:c:p:222-235
    DOI: 10.1016/j.energy.2013.02.046
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    References listed on IDEAS

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    1. Nemet, Andreja & Klemeš, Jiří Jaromír & Kravanja, Zdravko, 2012. "Minimisation of a heat exchanger networks' cost over its lifetime," Energy, Elsevier, vol. 45(1), pages 264-276.
    2. Azad, Abazar Vahdat & Amidpour, Majid, 2011. "Economic optimization of shell and tube heat exchanger based on constructal theory," Energy, Elsevier, vol. 36(2), pages 1087-1096.
    3. Luo, Dongkun & Zhao, Xu, 2012. "Modeling the operating costs for petroleum exploration and development projects," Energy, Elsevier, vol. 40(1), pages 189-195.
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    Citations

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    2. Huang, Kefeng & Karimi, I.A., 2016. "Work-heat exchanger network synthesis (WHENS)," Energy, Elsevier, vol. 113(C), pages 1006-1017.
    3. Pavão, Leandro V. & Miranda, Camila B. & Costa, Caliane B.B. & Ravagnani, Mauro A.S.S., 2018. "Efficient multiperiod heat exchanger network synthesis using a meta-heuristic approach," Energy, Elsevier, vol. 142(C), pages 356-372.
    4. Wang, Bohong & Klemeš, Jiří Jaromír & Li, Nianqi & Zeng, Min & Varbanov, Petar Sabev & Liang, Yongtu, 2021. "Heat exchanger network retrofit with heat exchanger and material type selection: A review and a novel method," Renewable and Sustainable Energy Reviews, Elsevier, vol. 138(C).
    5. Sy, Charlle L. & Aviso, Kathleen B. & Ubando, Aristotle T. & Tan, Raymond R., 2016. "Target-oriented robust optimization of polygeneration systems under uncertainty," Energy, Elsevier, vol. 116(P2), pages 1334-1347.
    6. Pavão, Leandro V. & Pozo, Carlos & Costa, Caliane B.B. & Ravagnani, Mauro A.S.S. & Jiménez, Laureano, 2017. "Financial risks management of heat exchanger networks under uncertain utility costs via multi-objective optimization," Energy, Elsevier, vol. 139(C), pages 98-117.
    7. Sun, Jin & Feng, Xiao & Wang, Yufei & Deng, Chun & Chu, Khim Hoong, 2014. "Pump network optimization for a cooling water system," Energy, Elsevier, vol. 67(C), pages 506-512.
    8. Sreepathi, Bhargava Krishna & Rangaiah, G.P., 2014. "Improved heat exchanger network retrofitting using exchanger reassignment strategies and multi-objective optimization," Energy, Elsevier, vol. 67(C), pages 584-594.
    9. Orosz, Ákos & Friedler, Ferenc, 2020. "Multiple-solution heat exchanger network synthesis for enabling the best industrial implementation," Energy, Elsevier, vol. 208(C).
    10. Deng, Qianli & Jiang, Xianglin & Zhang, Limao & Cui, Qingbin, 2015. "Making optimal investment decisions for energy service companies under uncertainty: A case study," Energy, Elsevier, vol. 88(C), pages 234-243.
    11. Mariusz Tańczuk & Maciej Masiukiewicz & Stanisław Anweiler & Robert Junga, 2018. "Technical Aspects and Energy Effects of Waste Heat Recovery from District Heating Boiler Slag," Energies, MDPI, vol. 11(4), pages 1-19, March.

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