The Department of Heat and Power Engineering at Lund University in Sweden has been conducting theoretical studies of combined SOFC and gas turbine (SOFC/GT) cycles. The overall goal is an unbiased evaluation of performance prospects and operational behaviour of such systems. The project is part of a Swedish national program on high-temperature fuel cells. Results of continuous studies started earlier by authors are presented. Recent developments in modelling techniques has resulted in a more accurate fuel cell model giving an advantage over previous system studies based on simplified SOFC models. The fuel cell model has been improved by detailed representation of resistive cell losses, reaction kinetics for the reforming reaction and heat conduction through the solid part of the cell. This SOFC model has further been confirmed against the literature and integrated into simulation software, Aspen Plus™. Recent calculations have focused on a system with external pre-reforming and anode gas recirculation for the internal supply of steam. A reference system, sized at 500 kW, has also been analyzed in variants with gas turbine reheat and air compression intercooling. In addition, knowledge of stack and system behaviour has been gained from sensitivity studies. It is shown that the pressure ratio has a large impact on performance and that electrical efficiencies of more than 65% are possible at low pressure ratios.