A life cycle assessment (LCA) was conducted to quantify the non-renewable energy use and global warming potential in electricity generation from a typical oil fired steam turbine plant in Singapore. As the conventional LCA does not include any cost analysis, which is a major criterion in decision making, the cost of power generation is estimated using a life cycle cost analysis (LCCA) tool. It is estimated that the hidden processes consumed about 9% additional energy on top of the fuel embedded energy, while the hidden GHG emission is about 12%. A correlation is established to estimate the life cycle energy use and GHG emissions directly from the power plant net efficiency. The study methodology, results and the empirical relations are presented, together with a brief overview of the Singapore power sector. It also highlights the need for consideration of the reserves availability in the pricing mechanism and how such cost indices could be developed based on the LCA-LCCA. (C) 2004 Elsevier Ltd. All rights reserved.