In this paper, the thermodynamic performance of OTEC cycle was examined. Computer simulation programs were developed for simple Rankine cycle, regenerative Rankine cycle, Kalina cycle, open cycle and hybrid cycle. For the simple Rankine cycle, the results show that newly developed fluids such as R410A and R32 that do not cause stratospheric ozone layer depletion perform as well as R22 and ammonia. Also, simple Rankine cycle OTEC power plant can practically generate electricity when the difference in warm and cold sea water inlet temperatures are greater than $14^{circ}C$. The regenerative Rankine cycle showed a 1.5 to 2% increase in energy efficiency compared to the simple Rankine cycle while the Kalina cycle employing ammonia/water mixture showed a 2-to-3% increase in energy efficiency, and the overall cycle efficiencies of hybrid cycle and open cycle were 3.35% and 4.86%, respectively.