In the present research study, the effect of HRSG pressure levels on exergy efficiency of combined cycle power plants is investigated. Hence, three types of gas turbine combined cycles, with the same gas turbine as a topping cycle are evaluated. A double pressure, and two triple pressure HRSGs (with and without reheat) are modeled. The results show how an increase in the number of pressure levels of the HRSG affect the exergy losses due to heat transfer in the HRSG and the exhaust of flue gas to the stack. Moreover, the results show that an increase in the number of pressure levels affects the exergy destruction rate in HRSG, and as a result, it causes a tangible increase in exergy efficiency of the whole cycle. The results from thermodynamic analysis show that the losses due to heat transfer in the HRSG and the exhaust of flue gas to the stack in a triple pressure reheat combined cycle are less than the other cases. From the economic analysis, it is found that increasing the number of pressure levels of steam generation leads to an increase for the total and specific investment cost of the plant for about 6% and 4% respectively. The net present value (NPV) of the plant increases for about 7% for triple pressure reheat compared to with the double pressure CCPP. Therefore, the results of economic analysis show that it is economically justifiable to increase the number of pressure levels of steam generation in HRSG. (C) 2012 Elsevier Ltd. All rights reserved.