In this paper, effects of the ambient conditions on performance of cogeneration cycles are analyzed by Using exergy analysis method. These cogeneration cycles are the simple cycle, the air preheating cycle, the air-fuel preheating cycle and the inlet air cooling cycle. Also; these cycles are evaluated thermodynamically for different air and fuel mass ratio and the performance of these cycles are compared. The electrical power generation increases about 10-15 % by decreasing the inlet air temperature of the compressor from 25 degrees C to 0 degrees C. However, the thermal power decreases about 10 % with decreasing inlet air temperature. During the summer, the electric power can be easilyincreased 2-7 % by injecting water into the inlet air of the compressor. The exergetic efficiency of cycles is decreased 11-13 %; by decreasing the compressor inlet air pressure from 101.3 kPa to 70.18 kPa. But this change decreases the electric power generation about 25 %. The highest exergy efficiency is obtained for the air-fuel preheated cycle. The simple cycle is the best among the four cycles to obtain high heat rate and heat exergy. The effects of all ambient conditions on these cycles are considered simultaneously, analyzed and compared With each other in this study.