This paper presents a comparison of measures to improve the efficiency of combined gas and steam turbine cycles. A typical modern dual pressure combined cycle has been chosen as a reference. Several alternative arrangements to improve the efficiency are considered. These comprise the dual pressure reheat cycle, the triple pressure cycle, the triple pressure reheat cycle, the dual pressure supercritical reheat cycle, and the triple pressure supercritical reheat cycle. The effect of supplementary firing is also considered for some cases. The different alternatives are compared with respect to efficiency, required heat transfer area, and stack temperature. A full exergy analysis is given to explain the performance differences for the cycle alternatives. The exergy balance shows a detailed breakdown of all system losses for the HRSG, steam turbine, condenser, and piping.