We propose a new cogeneration power system with two energy sources of fuel chemical energy and liquefied natural gas (LNG) cryogenic energy, and two outputs of electrical power and cooling power. Due to the advanced integration of system and cascade utilization of LNG cryogenic energy, the system has excellent energy saving: chemical energy of fuel and LNG cryogenic energy are saved by 7.5-12.2% and 13.2-14.3%, respectively. As CO2 is selected as working fluid and oxygen as fuel oxidizer, CO2 is easily recovered as a liquid with LNG vaporization. In this paper, the typical recuperative Rankine cycle and the corresponding cogeneration system are described and a detailed thermodynamic analysis is carried out to reveal the principle of the cycle and system. Furthermore, the influence of key parameters on performance is discussed. Considering the engineering application, the technical advantages and concerns are pointed out. (C) 2003 Elsevier Ltd. All rights reserved.