The economic benefit analysis of power projects is a crucial part of the technical and economic evaluation for power engineering.Compared with new construction projects

thermal power renovation and expansion projects are characterized by complexity and ambiguity

making their economic benefit analysis a challenging task.This paper comprehensively considers the characteristics of low-carbon thermal power renovation and expansion projects

adheres to the general principles and basic methods of economic evaluation

and applies the incremental economic benefit analysis method.By selecting indicators for the target system and constructing a model

it proposes a relatively reasonable approach to evaluate and demonstrate the economic feasibility of thermal power renovation and expansion projects

effectively enhancing the scientific rigor of economic benefit analysis for such projects.This provides investors with a relatively reliable decision-making basis and also offers certain reference for the economic benefit analysis of similar thermal power renovation and expansion projects.Finally

taking the coal-saving transformation project of a power station in a petrochemical company in Xinjiang as an example

this paper uses incremental economic benefit analysis to demonstrate its economic feasibility.