The paper presents the structure and parameters of advanced zero emission power plant (AZEP). This concept is based on the replacement of the combustion chamber in a gas turbine by the membrane reactor. The reactor has three basic functions: (i) oxygen separation from the air through the membrane, (ii) combustion of the fuel, and (iii) heat transfer to heat the oxygen-depleted air. In the discussed unit hot depleted air is expanded in a turbine and further feeds a bottoming steam cycle (BSC) through the main heat recovery steam generator (HRSG). Flue gas leaving the membrane reactor feeds the second HRSG. The flue gas consist mainly of CO2 and water vapor, thus, CO2 separation involves only the flue gas drying. Results of the thermodynamic analysis of described power plant are presented.