This communication presents thermodynamic methodology for the performance evaluation of combustion gas turbine cogeneration system with reheat. The energetic and exergetic efficiencies have been defined. The effects of process steam pressure and pinch point temperature used in the design of heat recovery steam generator, and reheat on energetic and exergetic efficiencies have been investigated. From the results obtained in graphs it is observed that the power to heat ratio increases with an increase in pinch point, but the first-law efficiency and second-law efficiency decreases with an increase in pinch point. The power to heat ratio and second-law efficiency increases significantly with increase in process steam pressure, but the first-law efficiency decreases with the same. Results also show that inclusion of reheat, provide significant improvement in electrical power output, process heat production, fuel-utilization (energetic) efficiency and second-law (exergetic) efficiency. This methodology may be quite useful in the selection and comparison of combined energy production systems from thermodynamic performance point of view.