In the distributed power generation market, Solid Oxide Fuel Cell-Gas Turbine (SOFC-GT) hybrids are an attractive option. Prototypes are being tested around the world with different types of fuel, but mainly natural gas. In this publication, a study of SOFC-GT hybrids for operation with liquid fuels is presented. Two liquid fuels were investigated, methanol and kerosene, in four layouts, taking into account different fuel processing strategies. A 500 kW class hybrid system (HS) was analysed. Web-based ThermoEconomic Modular Program (WTEMP) software, developed by the Thermochemical Power Group of the University of Genoa, was used for the thermodynamic and investment analysis. Performance was calculated based on zero-dimensional component models. The economic assessment was performed with a through-life cost analysis approach. The cost of the conventional components was calculated with WTEMP cost equations. As a final result, methanol-fuelled HSs are shown to stand out for both their thermodynamic and economic performance. (C) 2009 Elsevier Ltd. All rights reserved.