A novel liquefied natural gas (LNG) fueled power plant is proposed, which has virtually zero CO2 and other emissions and a high efficiency. The plant operates as a subcritical CO2 Rankine-like cycle. Beside the power generation, the system provides refrigeration in the CO2 subcritical evaporation process, thus it is a cogeneration system with two valued products. By coupling with the LNG evaporation system as the cycle cold sink, the cycle condensation process can be achieved at a temperature much lower than ambient, and high-pressure liquid CO2 can be withdrawn from the cycle without consuming additional power. Two system variants are analyzed and compared, COOLCEP-S and COOLCEP-C. In the COOLCEP-S cycle configuration, the working fluid in the main turbine expands only to the CO2 condensation pressure; in the COOLCEP-C cycle configuration, the turbine working fluid expands to a much lower pressure (near-ambient) to produce more power. The effects of some key parameters, the turbine inlet temperature and the backpressure, on the systems' performance are investigated. It was found that at the turbine inlet temperature of 900 degrees C, the energy efficiency of the COOLCEP-S system reaches 59%, which is higher than the 52% of the COOLCEP-C one. The capital investment cost of the economically optimized plant is estimated to be about 750 EUR/kWe and the payback period is about 8-9 years including the construction period, and the cost of electricity is estimated to be 0.031-0.034 EUR/kWh. (C) 2009 Elsevier Ltd. All rights reserved.