A Carnot-like irreversible power cycle is analyzed under maximum per-u
nit-time efficiency conditions. The model includes finite-rate heat tr
ansfers between the working fluid and the external heat reservoirs, he
at leak between heat reservoirs, and internal dissipations of the work
ing fluid. We present the results for the optimum distribution of the
external and internal thermal heat conductances and the optimum area a
llocation ratio in terms of a dimensionless price parameter, the engin
e temperature ratio, and the internal irreversibility factor. The calc
ulated optimized efficiencies agree with observed values for real powe
r plants. (C) 1998 American Institute of Physics.