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Nowadays, alternative thermodynamic cycles are actively studied. They allow to remove CO2, formed as a result of fuel combustion, from a cycle without significant energy costs. Calculations have shown that such cycles may meet or exceed the most advanced power plants in terms of heat efficiency. The Allam cycle is recognized as one of the best alternative cycles for the production of electricity. Nevertheless, a cycle of compressorless combined cycle gas turbine (CCGT) unit is seemed more promising for cogeneration of electricity and heat. A comparative analysis of the thermal efficiency of these two cycles was performed. Particular attention was paid to ensuring equal conditions for comparison. The cycle of compressorless CCGT unit was as close as possible to the Allam cycle due to the choice of parameters. The processes, in which the difference remained, were analysed. Thereafter, an analysis of how close the parameters, adopted for comparison, to optimal for the compressorless CCGT unit cycle was made. This analysis showed that these two cycles are quite close only for the production of electricity. The Allam cycle has some superiority but not indisputable. However, if cogeneration of electricity and heat is considered, the thermal efficiency of the cycle of compressorless CCGT unit will be significantly higher. Since it allows to independently regulate a number of parameters, on which the electric power, the ratio of electric and thermal power, the temperature of a working fluid at the turbine inlet depend. Thus, the optimal parameters of the thermodynamic cycle can be obtained in a wide range of operating modes of the unit with different ratios of thermal and eclectic powers. Therefore, the compressorless CCGT unit can significantly surpass the best steam turbine and combined cycle gas turbine plants in district heating system in terms of thermal efficiency.