A cogeneration cycle for electric power and refrigeration, using an ammonia-water solution as a working fluid and the geothermal hot water as a heat source, is proposed and investigated. The system is a combination of a modified Kalina cycle (KC) which produces power and an absorption refrigeration cycle (ARC) that generates cooling. Geothermal water is supplied to both the KC boiler and the ARC generator. The system is analyzed from thermodynamic and economic viewpoints, utilizing Engineering Equation Solver (EES) software. In addition, a parametric study is carried out to evaluate the effects of decision parameters on the cycle performance. Furthermore, the system performance is optimized for either maximizing the exergy efficiency (EOD case) or minimizing the total product unit cost (COD case). In the EOD case the exergy efficiency and total product unit cost, respectively, are calculated as 34.7% and 15.8$/GJ. In the COD case the exergy efficiency and total product unit cost are calculated as 29.8% and 15.0$/GJ. In this case, the cooling unit cost, c p , c o o l i n g , and power unit cost, c p , p o w e r , are achieved as 3.9 and 11.1$/GJ. These values are 20.4% and 13.2% less than those obtained when the two products are produced separately by the ARC and KC, respectively. The thermoeconomic analysis identifies the more important components, such as the turbine and absorbers, for modification to improve the cost-effectiveness of the system.