For the combined power plants, the optimization of the heat recovery steam generator (HRSG) is of particular interest in order to improve the efficiency of the heat recovery from turbine exhaust gas and to maximize the power production in the steam cycle. The thermodynamic optimization is the first step of a power plant design optimization process. The aim of this paper is to provide thermodynamic tools for the optimal selection of the operative parameters of the HRSG, starting from which a detailed optimization of its design variables can be carried out. For the thermodynamic analysis, the selected objective is the minimization of thermal exergy losses, taking into account only the irreversibility due to the temperature difference between the hot and cold streams. Various HRSG configurations have been analyzed, from the simpler, a single evaporator to the common configuration of two-pressure steam generator with five different sections. This paper was presented at the ECOS'00 Conference in Enschede, July 5-7, 2000