Abstract: A combined heat and power system and method, the system including a generator configured to generate power, a power storage configured to store and discharge power generated by the generator, an exhaust conduit configured to receive exhaust from the generator, a waste heat recovery unit (WHRU) disposed in thermal communication with the exhaust conduit and configured to heat a fluid by transferring heat from the exhaust to the fluid, a tank configured to store the fluid heated by the WHRU, a transfer conduit configured to circulate the fluid between the WHRU and the tank, and an evaporator configured to evaporate liquid carbon dioxide using heat recovered from the exhaust.