An analysis was carried out for different thermodynamic cycles of power plants with air turbines. A new modification of a gas turbine cycle with the combustion chamber at the turbine outlet has been described in the paper. A special air by-pass system of the combustor was applied, and in this way, the efficiency of the turbine cycle was increased by a few points. The proposed cycle equipped with an effective heat exchanger could have an efficiency higher than a classical gas turbine cycle with a regenerator. Appropriate cycle and turbine calculations were performed for micro power plants with turbine output in the range of 10–50 kW. The best arrangements achieved very high values of overall cycle efficiency, 35%–39%. Such turbines could also work in cogeneration and trigeneration arrangements, using various fuels such as liquids, gaseous fuels, wastes, coal, or biogas. Innovative technology in connection with ecology and the failure-free operation of the power plant strongly suggests the application of such devices at relatively small generating units (e.g., “prosumers” such as home farms and individual enterprises), assuring their independence from the main energy providers. Such solutions are in agreement with the politics of sustainable development.