Introduction of closed cycle gas turbines with their capability of retaining combustion generated CO2 can offer a valuable contribution to the Kyoto goal and to future power generation. Therefore research and development work at Graz University of Technology since the nineties has led to the Graz Cycle, a zero emission power cycle of highest efficiency. It burns fossil fuels with pure oxygen which enables the cost-effective separation of the combustion CO2 by condensation. The efforts for the oxygen supply in an air separation plant are partly compensated by cycle efficiencies far higher than for modern combined cycle plants. At the ASME IGTI conference 2004 in Vienna a high steam content S-Graz Cycle power plant was presented showing efficiencies for syngas firing up to 70% and a net efficiency of 57% considering oxygen supply and CO2 compression. A first economic analysis gave CO2 mitigation costs of about 10 $/ton CO2 avoided. These favourable data induced the Norwegian oil and gas company Statoil ASA to order a techno-economic evaluation study of the Graz Cycle. In order to allow a benchmarking of the Graz Cycle and a comparison with other CO2 capture concepts, the assumptions of component efficiency and losses are modified to values agreed with Statoil. In this work the new assumptions made and the resulting power cycle for natural gas firing, which is the most likely fuel of a first demonstration plant, are presented. Further modifications of the cycle scheme are discussed and their potential is analyzed. Finally, an economic analysis of the Graz Cycle power plant is performed showing low CO2 mitigation costs in the range of 20 $/ton CO2 avoided, but also the strong dependence of the economics on the investment costs.

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