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.degree. 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.