Economic and LCA analysis of a MES for power, heat, cooling, and hydrogen co-generation in steam drying

This study presents a comprehensive economic and life cycle analysis of a multi-energy system designed for the simultaneous generation of power, heat, cooling, and hydrogen in drying systems. The research evaluates the system’s performance by focusing on key economic indicators such as Levelized Cost of Energy (LCOE), Internal Rate of Return (IRR), and Discounted Payback Time (DPT), while also examining environmental impacts through life cycle assessment (LCA) metrics. Additionally, the study assesses water demand, global warming potential, and other environmental effects. Results indicate that the system provides significant advantages in terms of efficiency and environmental sustainability, with solar Direct Normal Irradiation (DNI) being a critical factor influencing the system’s economic performance. As the input temperature of the air turbine increases, the LCOE decreases to 0.0878 $/kWh, while the IRR reaches 27%. The liquid air storage tank (LAST) accounts for 25% of the total cost rate, making it the largest cost contributor. Sensitivity analysis reveals that higher DNI levels increase IRR and extend DPT, and they also cause a linear rise in LCOE, which reaches up to 0.0946 $/kWh. Overall, despite the relatively high initial investment, the integrated MES demonstrates strong long-term economic viability and notable reductions in environmental impacts, supporting its potential as a sustainable energy solution for future drying and industrial systems.