Nonlinear model predictive control (NMPC) with economic objective attracts growing interest. In our previous work [1], nominal stability of economically oriented NMPC for cyclic processes was proved by introducing a transformed system, and an infinite horizon NMPC formulation with discount factors was proposed. Moreover, the nominal stability property for economically oriented NMPC was analyzed in [2] for a class of systems satisfying strong duality. In this study, we extend the previous stability analysis in [1] to a general infinite horizon NMPC formulation with economic objectives. Instead of the strong duality assumption, we require the stage cost to be strongly convex, which is easier to check for a general nonlinear system. In addition, robust stability of this NMPC controller is also analyzed based on the Input-to-State Stability (ISS) framework. A simulated nonlinear double tank system subject to periodic change in electricity price is presented to illustrate the stability property. Finally, an industrial size air separation unit case study with periodic electricity cost is presented. (C) 2011 Elsevier Ltd. All rights reserved.