The concept of available evergy has been adopted in terms of effectiveness for and evaporator of vapor power cycle. This kind of practice is emphasezed in a case of heat and power cogeneration in order to find optimum condition for the energy utilzation of the exhaust gas. It has beed shown that the optimum condition can be given in terms of the saturation pressure or the saturation temperature of the working fluid. Similar method has been applide to show that the effectiveness is increased asymptotically with the number of evaporator stanges.