Shale oil and power cogeneration (SPC) technology, which uses the high-temperature ash of a circulating fluidized bed (CFB) boiler as a solid heat carrier (SHC) for retorting oil shale in the retorting equipment, was analyzed by a mathematical model. The parameters and relationships of SPC technology dependent on the initial temperature of SHC and the heating value of oil shale were calculated. The application of SPC technology with a condensing turbine allows approximately 2.5 kWh electricity to be generated per one kilogram of shale oil. In the retorting process, the calculated relationship SHC/oil shale as received is in the range of 1.7-1.9 if the temperature of SHC is 750 degrees C. The application of SPC technology increases the content of CO2 and water vapour in the flue gas in the CFB boiler.