A two-stage ORC (organic Rankine cycle) is proposed, by which low-grade heat of exhaust flue gas of a 123.5 MW gas-steam combined cycle power generating unit, as well as the cryogenic energy of LNG (liquefied natural gas) can be effectively recovered and utilized. R227ea and R116 are selected as working fluids for the system. Based on the thermodynamic mathematical models, the effects of key design parameters, including that of turbine inlet pressures, mass flow rates of working fluids and outlet steam fractions of evaporators on the system performance are investigated from the view of both thermodynamics and economics with CPP (cost per net power output) as the objective function. The results obtained the optimal inlet pressure of turbines, under which, the CPP has the minimum value. It is found that the CPP also decreases with the mass flow rate of R227ea and R116. The rate of absorbed heat in top cycle to that in bottom cycle has a positive impact on CPP, but very weak. The optimized two-stage ORC system can output net work with 1776.44 kW with the thermal efficiency of 25.64% and exergy efficiency of 31.02%. Cost per net power output is 6.3$/W, while the LNG temperature can be raised to 283.15 K. (C) 2015 Elsevier Ltd. All rights reserved.