The cycle performance of closed ocean thermal energy conversion (OTEC) system with 50 kW gross power was evaluated to obtain the basic data for the optimal design of OTEC using waste heat such as solar power, discharged heat from condenser of power plant. The basic thermodynamic model for OTEC is Rankine cycle, and the surface seawater and deep seawater were used for the heat source of evaporator and condenser, respectively. The cycle performance such as efficiency, heat exchanger capacity, etc. was analyzed on the variation of temperature increase by waste heat. The cycle efficiency increased and necessary capacity of evaporator and condenser decreased under 50kW gross power with respect to the temperature increase of working fluid. Also, when the temperature increase is about $13.5^{circ}C$, the heat which can be used is generated. By generator with 0.9 effectiveness under the simulated condition, the cycle efficiency was improved approximately 3.0% comparing with the basic cycle.