In this work, a cost-benefit analysis is carried out concerning the implementation of mixed air steam turbine (MAST) and non-MAST technologies for large scale power generation. A case study is examined for the use of MAST technologies in the island of Cyprus. The results indicate that in the case of non-MAST technologies, the least cost solution is the natural gas combined cycle technology. Additional computer runs with gas-oil combined cycle plant indicate that this technology can be a competitive alternative to HFO steam turbine plants, which corresponds to the business as usual scenario for the expansion of the Cyprus generation system. In the case of MAST technologies, the results indicate that by the integration of water recovery condenser, the operating cost is slightly less than in the case of the use of reverse osmosis (RO) desalination plant. An overall comparison between MAST and non-MAST technologies suggests that when natural gas is used as fuel the least cost option is the combined cycle technology. The same ranking can be observed in the case of gas-oil with least cost option the combined cycle technology.