This study deals with the energy and exergy analysis of a molten carbonate fuel cell hybrid system to determine the efficiencies, irreversibilities and performance of the system. The analysis includes the operation of each component of the system by mass, energy and exergy balance equations. A parametric study is performed to examine the effect of varying operating pressure, temperature and current density on the performance of the system. Furthermore, thermodynamic irreversibilities in each component of the system are determined. An overall energy efficiency of 57.4%. exergy efficiency of 56.2%, bottoming cycle energy efficiency of 24.7% and stack energy efficiency of 43.4% are achieved. The results demonstrate that increasing the stack pressure decreases the overpotential losses and, therefore, increases the stack efficiency. However, this increase is limited by the remaining operating conditions and the material selection of the stack. The fuel cell and the other components in which chemical reactions occur, show the highest exergy destruction in this system. The compressor and turbine on the other hand, have the lowest entropy generation and, thus, the lowest exergy destruction. (C) 2008 Elsevier B.V. All rights reserved