Optimization is an important method for improving the efficiency and power of the combined cycle. In this paper, the triple-pressure steam-reheat gas-reheat gas-recuperated combined cycle that uses steam for cooling the first gas turbine (the regular steam-cooled cycle) was optimized relative to its operating parameters. The optimized cycle generates more power and consumes more fuel than the regular steam-cooled cycle. An objective function of the net additional revenue (the saving of the optimization process) was defined in terms of the revenue of the additional generated power and the costs of replacing the heat recovery steam generator (HRSG) and the costs of the additional operation and maintenance, installation, and fuel. Constraints were set on many operating parameters such as air compression ratio, the minimum temperature difference for pinch points (delta T-ppm), the dryness fraction at steam turbine outlet, and stack temperature. The net additional revenue and cycle efficiency were optimized at 11 different maximum values of turbine inlet temperature (TIT) using two different methods: the direct search and the variable metric. The optima were found at the boundaries of many constraints such as the maximum values of air compression ratio, turbine outlet temperature (TOT), and the minimum value of stack temperature. The performance of the optimized cycles was compared with that for the regular steam-cooled cycle. The results indicate that the optimized cycles are 1.7-1.8 percentage points higher in efficiency and 4.4-7.1% higher in total specific work than the regular steam-cooled cycle when all cycles are compared at the same values of TIT and delta T-ppm. Optimizing the net additional revenue could result in an annual saving of 21 million U.S. dollars for a 439 MW power plant. Increasing the maximum TOT to 1000 degrees C and replacing the stainless steel recuperator heat exchanger of the optimized cycle with a super-alloys-recuperated heat exchanger could result in an additional efficiency increase of 1.1 percentage point and a specific work increase of 4.8-7.1%. The optimized cycles were about 3.3 percentage points higher in efficiency than the most efficient commercially available H-system combined cycle when compared at the same value of TIT. Copyright (c) 2008 John Wiley & Sons, Ltd.