Reduction of greenhouse gases emissions is a key challenge for the power generation industry, requiring the implementation of new designs and methods of electricity generation. This article presents a design solution for a novel thermodynamic cycle with two new devices—namely, a wet combustion chamber and a spray-ejector condenser. In the proposed cycle, high temperature occurs in the combustion chamber because of fuel combustion by pure oxygen. As a consequence of the chemical reaction and open water cooling, a mixture of H2O and CO2 is produced. The resulting working medium expands in one turbine that combines the advantages of gas turbines (high turbine inlet temperatures) and steam turbines (full expansion to vacuum). Moreover, the main purpose of the spray-ejector condenser is the simultaneous condensation of water vapour and compression of CO2 from condensing pressure to about 1 bar. The efficiency of the proposed cycle has been estimated at 37.78%. COM-GAS software has been used for computational flow mechanics simulations. The calculation considers the drop in efficiency due to air separation unit, carbon capture, and spray-ejector condenser processes. The advantage of the proposed cycle is its compactness that can be achieved by replacing the largest equipment in the steam unit. The authors make reference to a steam generator, a conventional steam condenser, and the steam-gas turbine. Instead of classical heat exchanger equipment, the authors propose non-standard devices, such as a wet combustion chamber and spray-ejector condenser.