The Carnot cycle is reviewed as to its appropriateness to serve as the ideal model for geothermal binary power plants. It is shown that the Camot cycle sets an unrealistically high upper limit on the thermal efficiency of these plants. A more useful. model is the triangular (or trilateral) cycle because binary plants operating on geothermal hot water use a non-isothernal heat source. The triangular cycle imposes a lower upper bound on the thermal efficiency and serves as a more meaningful ideal cycle against which to measure the performance of real binary cycles. Camot and triangular cycle efficiencies are contrasted and the thermal efficiencies of several actual binary cycles are weighed against those of the ideal triangular cycle to determine their relative efficiencies. It is found that actual binary plants can achieve relative efficiencies as high as 85%. The paper briefly discusses cycles using two-phase expanders that in principle come close to the ideal triangular cycle. (c) 2007 CNR. Published by Elsevier Ltd. All rights reserved.