Energy investments in Poland are currently focused on supercritical coal-fired unit technology. It is likely, that in the future, these units are to be integrated with carbon capture and storage (CCS) installations, which enable a significant reduction of greenhouse gas emissions into the atmosphere. A significant share of the energy market in Poland is constituted by coal-fired combined heat and power (CHP) plants. The integration of these units with CCS installation can be economically inefficient. However, the lack of such integration enhances the investment risk due to the possibility of appearing on the market in the near future high prices of emission allowances. The aforementioned factors and additional favorable conditions for the development of cogeneration can cause one to consider investing in large supercritical CHP plants. This paper presents the results of an economic analysis aimed at comparing three cases of CHP plants, one without an integrated CCS installation and two with such installations. The same steam cycle structure for all variants was adopted. The cases of integrated CHP plants differ from each other in the manner in which they recover heat. For the evaluation of the respective solutions, the break-even price of electricity and avoided emission cost were used. (C) 2013 Elsevier Ltd. All rights reserved.