CO2 emissions that have the greatest negative impact on the greenhouse and the global warming that should be decreased or kept at the same rates. Today fossil fuels share 60 % of total electricity production of the world, which plays an important role on CO2 emissions. Thermal cogeneration and zero CO2 emission cycles have potential for reducing this effect. By taking into consideration the most applicable and important zero CO2 emission cycles, a new cycle is designed. Thermodynamic analyses and optimization of this cycle is studied with FORTRAN code. The optimization results of this cycle show that the maximum exergy efficiency of this new cycle is 64 %, which is 17.6 % higher than (0,544) the one for the air preheated cogeneration cycle (APHCC) and 18.7 % higher than (53,9) the absorption cooling zero CO2 emission cycle (ACZEC). In the introduced new cycle, steam and CO2 in the exhaust gases are condensed so that the condensing energy of them is regained. For that reason, the heat output and the electrical power of the introduced cycle is better than the other cogeneration cycles.