For many years, the Department of Power Engineering and Turbomachinery of the Silesian University of Technology has been using a small-capacity (about 500 kWe) steam-gas power plant. Based on many years of experience in operation of this power plant utilizing the Velox-type gas-steam system, an idea arose to modify this type of thermal power cycle to create a combined heat and power (CHP) plant of small capacity, dedicated for distributed heat and power production or production process steam with high temperature. Previous thermodynamic and economic analysis of that type of low-power CHP plant confirmed many advantages of using this type of solution in low-power engineering. The new idea is to add a throttle valve between the economizer and the evaporator for the reference cycle of the gas-steam Velox-type CHP plant. It was further assumed that water would partially be vaporized on the valve. This paper presents a thermodynamic and economic analysis of this type of a system with an added throttle valve. Downstream the valve, the evaporated water fraction is fed directly into the steam superheater. It is determined how such a retrofit affects the system thermodynamic and economic characteristics. The system is modelled in the EBSILON® Professional 14 software.