An extensive overview is provided of various energy- and exergy-based efficiencies used in the analysis of power cycles. Vapor and gas power cycles, cogeneration cycles and geothermal power cycles are examined, and consideration is given to different cycle designs. The many approaches that can be used to define efficiencies are provided and their implications discussed. Improvements of the management of energy in power plants that stern from understanding the efficiencies better are described. Examples are given to illustrate the efficiencies and their differences, with the results presented using combined energy and exergy diagrams. It is anticipated that the results will provide a convenient and practical tool for engineers and researchers dealing with the analysis, design, optimization and improvement of power cycles. (c) 2007 Elsevier Ltd. All rights reserved.