![]() The values were chosen to reflect different countries’ economic situations: South Korea, China, India, and Indonesia. To examine the effect of economic parameters on the optimal design condition and cost, different values of fuel costs, interest rates, and discount rates were applied to the cost calculation, and the optimization results were analyzed and compared. Through optimization using the SQP method, the overall costs of the simple cycle, regenerative cycle, and combined cycle were reduced by 7.4%, 12.0%, and 3.9%, respectively, compared to the cost of the base cases. As a modeling reference, the Siemens SGT-700 gas turbine was chosen and its technical data were used for system simulation and validation. Three different types of gas turbine power cycles-a simple cycle, a regenerative cycle, and a combined cycle-were examined, and their optimal design conditions were determined using the sequential quadratic programming (SQP) technique. The life-cycle cost reduction of medium-class gas turbine power plants was investigated using the mathematical optimization technique.
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