This paper proposes a methodology to identify the most relevant design parameters that impact on the thermal efficiency and the economic results of combined cycle gas turbine power plants. The analysis focuses on the heat recovery steam generator (HRSG) design and more specifically on those operating parameters that have a direct influence on the economic results of the power plant. These results are obtained both at full and part load conditions using a dedicated code capable of simulating a wide number of different plant configurations. Two different thermoeconomic models aimed to select the best design point are proposed and compared: the first one analyzes the generating cost of the energy while the second one analyzes the annual cash flow of the plant. Their objective is to determine whether an increase in the investment in order to improve the thermal efficiency is worth from an economic point of view. Both models and the different HRSG configurations analysed are compared in the results section. Some parametric analysis show how the design parameters might be varied in order to improve the power plant efficiency or the economic results. Copyright (C) 2004 John Wiley Sons, Ltd.