The International Energy Agency’s Greenhouse Gas Research and Development Programme, a Technology Collaboration Programme by IEA, has released a techno-economic review of fuel cell technologies with CO2 capture for the power sector. It covers fuel cells for supercritical pulverised coal-fired plants, natural gas combined cycle plants, and also integrated gasification combined cycle plants, and finds that there are two generations of cells, the first being more technologically proven, the second less proven but more promising (in terms of cost). Currently, the lowest-cost CO2 avoidance comes from molten carbonate fuel cells operating at atmospheric pressure in natural gas combined cycle plants with a CO2 capture system using oxy-combustion followed by condensation. However, the lowest levelized cost of electricity with CO2 avoidance comes from the same type of cells operating in an integrated natural gas combined cycle with CO2 purification with cryogenic separation (24% cheaper than the benchmark case). The report will be worthwhile reading for engineers.