Biomass integrated gasification combined heat and power (BIGCHP) technology is an interesting option for global CO2 emission reduction and fossil fuel savings. In this paper, several original configurations of the cogeneration system based on different gasification technologies and Mercury 50 recuperated gas turbine are proposed and examined theoretically. The energy conversion performance of the gasification island is investigated using an in-house built Engineering Equation Solver (EES) quasi equilibrium model of the process. The gaseous fuel fired cogeneration plant is modeled using the Gate Cycle simulation software. The results are compared in terms of electric energy generation efficiency, biomass energy utilization factor, CO2 emission reduction, and fossil fuel energy savings. It was found that both gasification technology and plant configuration have significant influence on the results. Nevertheless, the performance of the plant in the fields of emission reduction and fossil fuel energy savings is very encouraging. In some of the considered design cases, the net efficiency of power generation is higher than 30%. The amount of nonrenewable energy saved within the regional energy system is greater than the biomass energy input into the cogeneration plant. To justify the use of the proposed technology, an initial economic analysis of a sample investment project is presented.