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The advanced exergy and exergoeconomic analysis methodologies excel over their conventional counterparts by quantifying endogenous/exogenous exergy destruction rates and related costs that reveal the interactions among system components. By quantifying avoidable/unavoidable losses, they also reveal the potentials for component improvements that are practically achievable. These data are imperative for improving the cost-effectiveness of thermal systems. This paper presents the performances of a complex gas-fired power plant obtained via an advanced exergoeconomic analysis. The study advances existing studies by undertaking second-tier splitting of exergy destruction cost rates and associated investment cost rates to determine avoidable endogenous, unavoidable endogenous, avoidable exogenous, and unavoidable exogenous cost rates of the plant’s components. Component exergy destruction cost rates were found to be predominantly unavoidable, while most of the component investment cost rates were avoidable. Except for the low pressure heater 3, exergy destruction cost rates are endogenous in all the plant components, contributing 84% of overall cost rates. The proportions of exergy destruction cost rates and investment cost rates of the plant that are avoidable endogenous were 21% and 28% respectively, while the respective portions that are avoidable exogenous were 4% and 27%. Furthermore, it was shown that as much as 96.3% improvements in overall plant cost-effectiveness were achievable by eliminating avoidable endogenous exergy destruction cost rates and investment cost rates for major components of the plant.

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