Life cycle costing of thermal energy storage system using CAPEX and OPEX

Akbar, A. and Majid, M.A.B.A. and Mokhtar, A.A. (2021) Life cycle costing of thermal energy storage system using CAPEX and OPEX. Journal of Mechanical Science and Technology, 35 (7). pp. 3223-3229.

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Electric chillers and thermal energy storage (TES) tanks are important equipment for gas district cooling plants. One feasible way of assessing the critical parameters that define the performance of TES is performing life cycle costing (LCC). First, the LCC model for electrical chillers and TES were developed in this study using the capital and operational expenditures. Random fluctuations in the cost were then introduced to account for the cost and demand changes. The fluctuations were assumed to be increasing with operating years only. The developed model was also validated against the data from the GDC plant of Universiti Teknologi PETRONAS for two scenarios at the GDC plant. Finally, the breakeven analysis was performed. Therefore, for the project to be feasible, the plant should be operated in at least two shifts until economic life is achieved. © 2021, The Korean Society of Mechanical Engineers and Springer-Verlag GmbH Germany, part of Springer Nature.

Item Type:Article
Impact Factor:cited By 0
Uncontrolled Keywords:Cooling systems; Digital storage; Heat storage; Life cycle; Thermal energy, Break-even analysis; District cooling; Electric chillers; Electrical chillers; Life-cycle costing; Operational expenditures; Random fluctuation; Thermal energy storage systems, Costs
Departments / MOR / COE:Research Institutes > Energy
ID Code:23704
Deposited By: Ms Sharifah Fahimah Saiyed Yeop
Deposited On:19 Aug 2021 09:14
Last Modified:31 Mar 2022 11:52

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