The simulation and exergy analysis of a hybrid Solid Oxide Fuel Cell-Gas Turbine (SOFC-GT) power system are discussed in this paper. In the SOFC reactor model, it is assumed that only hydrogen participates in the electrochemical reaction and that the high temperature of the stack pushes the internal steam reforming reaction to completion; the unreacted gases are assumed to be fully oxidized in the combustor downstream of the SOFC stack. Compressors and GTs are modeled on the basis of their isentropic efficiency. As regards the heat exchangers and the heat recovery steam generator, all characterized by a tube-in-tube counterflow arrangement, the simulation is carried out using the thermal efficiency-NTU approach. Energy and exergy balances are performed not only for the whole plant but also for each component in order to evaluate the distribution of irreversibility and thermodynamic inefficiencies. Simulations are performed for different values of operating pressure, fuel utilization factor, fuel-to-air and steam-to-fuel ratios and current density. Results showed that, for a 1.5 MW system, an electrical efficiency close to 60% can be achieved using appropriate values of the most important design variables; in particular, the operating pressure and cell current density. When heat loss recovery is also taken into account, a global efficiency of about 70% is achieved. (c) 2006 Elsevier Ltd. All rights reserved.