Petroleum coke or petcoke, a refinery byproduct, has generally been considered as an unusable byproduct because of its high sulfur content. However energy industries now view petcoke as a potential feedstock for power generation because it has higher carbon content than other hydrocarbons like coal, biomass and sewage residue. This gives petcoke a great edge over other feedstocks to generate power. Models for the two most common processes for power generation, namely combustion and gasification, were developed using Aspen Plus steady state chemical process simulator. Overall plant layouts for both processes were developed by calculating the heat and mass balance of the unit operations. After conducting wide sensitivity analysis, results indicate that one ton of petcoke feedstock can generate up to 4 MW of net available power. Both processes have rates of return greater than 30%, although gasification offers a slightly more attractive opportunity than combustion.