Tommy Cookers wrote:your 120 kW unless sustainable aka continuously available at the max fuel rate - is false accounting
and it is conventional to use the LCV (lower calorific value) - not the HCV (higher) as you seem to have ?, and your linked source seems to show
scientists may wish to use the HCV, but this will not help to reconcile anything
Right if You talk about sustained power You need to take those 120kW from same fuel burned. In that case i agree You would need more than 50% thermal efficiency. But we are talking about max power which some people deem to be impossible without 50% efficiency.
As about calorific value as i mentioned before - properties of fuel, burning process and energy exerted in burning depends on pressure and temperature. Besides LCV is not a sure loss its just method when You do not recover heat energy from water below 150C. So in general if You lose some energy always(as in case of LCV) does not mean You have to throw it out of equation.
So in general even if You ignore that these calorific values cannot be used directly to fuel burned in engine - You still cannot ignore that 150C water is still doing work - its steam! ( which You suggest to ignore in LCV case)
Edit. i am now far off my knowledge! But here is more simple explanation of what i tried to say - from wikipedia:
"The difference between HHV and LHV definitions causes endless confusion when quoters do not bother to state the convention being used.[3] since there is typically a 10% difference between the two methods for a power plant burning natural gas. For simply benchmarking part of a reaction the LHV may be appropriate, but HHV should be used for
overall energy efficiency calculations, if only to avoid confusion, and in any case the value or convention should be clearly stated."