Abstract: A system for co-generation of electricity combining a hydrocarbon catalytic reformer, an SOFC assembly and a generator driven by a gas turbine. The fuel cell assembly recycles a high percentage of anode exhaust gas into the reformer. Oxygen for reforming is derived from water in an endothermic process. The stack exit temperature is normally above 800° C. DC power from the fuel cell assembly and AC power from the gas turbine generator are directed to a power conditioner. Anode exhaust gas including carbon monoxide and hydrogen is divided into a plurality of portions by which heat may be added to the reforming, gas turbine, and cathode air heating processes. Water may be recovered from the exhaust. A power system in accordance with the invention is capable of operating at a higher total efficiency than either the fuel cell component or the gas turbine component alone.