Cogeneration cycle is an efficient mean to recover the waste heat from the flue gases coming out of gas turbine. With the help of computer simulation, design parameters may be selected for the best performance of cogeneration cycle. In the present work a program is executed in software EES on the basis of mathematical modelling described in paper to study cogeneration cycle performance for different parameters. Results obtained are compared with the results available in literature and are found in good agreement with them. Real gas and water properties are inbuilt in the software. Results show that enthalpy of air entering the combustion chamber is higher than that of the flue gases at combustion chamber outlet. For different operative conditions, energy and exergy efficiencies follow similar trends; although, exergy efficiency values are always lower than the corresponding energy efficiency ones. From the results it is found that turbine outlet temperature (TIT) of 524°C is uniquely suited to efficient cogeneration cycle because it enables the transfer of heat from exhaust gas to the steam cycle to take place over a minimal temperature difference. This temperature range results in the maximum thermodynamic availability while operating with highest temperature and highest efficiency cogeneration cycle. Effect of cycle pressure ratio (CR), inlet air temperature (IAT) and water pressure at heat recovery steam generator (HRSG) inlet on the 30 MW cogeneration cycle is also studied.