This article presents changes in the operating parameters of a combined gas-steam cycle with a CO2 capture installation and flue gas recirculation. Parametric equations are solved in a purpose-built mathematical model of the system using the Ebsilon Professional code. Recirculated flue gases from the heat recovery boiler outlet, after being cooled and dried, are fed together with primary air into the mixer and then into the gas turbine compressor. This leads to an increase in carbon dioxide concentration in the flue gases fed into the CO2 capture installation from 7.12 to 15.7%. As a consequence, there is a reduction in the demand for heat in the form of steam extracted from the turbine for the amine solution regeneration in the CO2 capture reactor. In addition, the flue gas recirculation involves a rise in the flue gas temperature (by 18 K) at the heat recovery boiler inlet and makes it possible to produce more steam. These changes contribute to an increase in net electricity generation efficiency by 1%. The proposed model and the obtained results of numerical simulations are useful in the analysis of combined gas-steam cycles integrated with carbon dioxide separation from flue gases.