Thermodynamic and Economic Evaluation of Gas Turbine Power Plants

Thermodynamic analysis and economic feasibility of a gas turbine power plant using a theoretical approach are studied here. The operating conditions of Afam Gas Power Plant, Nigeria are utilized. A modern gas turbine power plant is composed of three key components which are the compressor, combustion chamber, and turbine. The plants were analyzed in different control volumes, and plant performance was estimated by component-wise modeling. Mass and energy conservation laws were applied to each component, and a complete energy balance conducted for each component. The lost energy was calculated for each control volume, and cumulative performance indices such as thermal efficiency and power output were also calculated. The profitability of the proposed project was analyzed using the Return on Investment (ROI), Net Present Worth (NPW), Payback Period (PBP), and Internal Rate of Return (IRR). First law analysis reveals that 0.9 % of the energy supplied to the compressor was lost while 99.1 % was adequately utilized. 7.0 % energy was generated within the Combustion Chamber as a result of the combustion reaction, while 33.2 % of the energy input to the Gas Turbine was lost, and 66.8 % was adequately converted to shaft work which drives both compressor and electric generator. Second law analysis shows that the combustion chamber unit recorded lost work of 248.27 MW (56.1 % of the summation), and 77.33 MW (17.5 % of the summation) for Gas Turbine, while air compressor recorded 11.8 MW (2.7 %). Profitability analysis shows that the investment criteria are sensitive to change in the price of natural gas. Selling electricity at the current price set by the Nigerian Electricity Regulation Commission (NERC) at zero subsidies and an exchange rate of 365 NGN/kWh is not profitable, as the analysis of the investment gave an infinite payback period. The investment becomes profitable only at a 45 % subsidy regime