Today, with the increases in organic fuel prices and growing legislative restrictions aimed at increasing environmental safety and reducing our carbon footprint, the task of increasing thermal power plant efficiency is becoming more and more topical. Transforming combusting fuel thermal energy into electric power more efficiently will allow the reduction of the fuel cost fraction in the cost structure and decrease harmful emissions, especially greenhouse gases, as less fuel will be consumed. There are traditional ways of improving thermal power plant energy efficiency: increasing turbine inlet temperature and utilizing exhaust heat. An alternative way to improve energy efficiency is the use of supercritical CO2 power cycles, which have a number of advantages over traditional ones due to carbon dioxide’s thermophysical properties. In particular, the use of carbon dioxide allows increasing efficiency by reducing compression and friction losses in the wheel spaces of the turbines; in addition, it is known that CO2 turbomachinery has smaller dimensions compared to traditional steam and gas turbines of similar capacity. Furthermore, semi-closed oxy–fuel combustion power cycles can reduce greenhouse gases emissions by many times; at the same time, they have characteristics of efficiency and specific capital costs comparable with traditional cycles. Given the high volatility of fuel prices, as well as the rising prices of carbon dioxide emission allowances, changes in efficiency, capital costs and specific greenhouse gas emissions can lead to a change in the cost of electricity generation. In this paper, key closed and semi-closed supercritical CO2 combustion power cycles and their promising modifications are considered from the point of view of energy, economic and environmental efficiency; the cycles that are optimal in terms of technical and economic characteristics are identified among those considered.