Gas turbine price projection for n-th plant equipment cost

Abstract Historically, gas turbines (GTs) have been engineered for natural gas applications and costs are commonly estimated on a $/kW basis. However, when studying advanced power systems such as solid oxide fuel cell-GT hybrids or other unconventional applications, this commonly used cost basis cannot accurately predict the GT cost under these novel operating conditions, which ultimately leads to inaccurate economic evaluations of the entire power system. In this study, a parametric cost estimation approach has been utilized to identify the main cost drivers based upon the GT’s on-design operating condition: I) GT air mass flow rate, II) GT compression ratio and III) GT turbine inlet temperature. Based on these characteristics, a GT cost correlation has been derived which is able to predict the GT genset price with an accuracy level of R2 = 97.5%.