A power plant including an air separation unit (ASU) arranged to separate nitrogen, oxygen, carbon dioxide and argon from air and produce a stream of substantially pure liquid oxygen, nitrogen, carbon dioxide and argon; a steam generator, fired or unfired, arranged to combust a fuel, e.g., natural gas, liquefied natural gas, synthesis gas, coal, petroleum coke, biomass, municipal solid waste or any other gaseous, liquid or solid fuel in the presence of air and a quantity of substantially pure oxygen gas to produce an exhaust gas comprising water, carbon dioxide, carbon monoxide, nitrogen oxides, nitrogen, sulfur oxides and other trace gases, and a steam-turbine-generator to produce electricity, a primary gas heat exchanger unit for particulate/acid gas/moisture removal and a secondary heat exchanger arranged to cool the remainder of the exhaust gases from the steam generator. Exhaust gases are liquefied in the ASU thereby recovering carbon dioxide, nitrogen oxides, nitrogen, sulfur oxides, oxygen, and all other trace gases from the steam generator exhaust gas stream. The cooled gases are liquefied in the ASU and separated for sale or re-use in the power plant. Carbon dioxide liquid is transported from the plant for use in enhanced oil recovery or for other commercial use. Carbon dioxide removal is accomplished in the ASU by cryogenic separation of the gases, after directing the stream of liquid nitrogen from the air separation unit to the exhaust gas heat exchanger units to cool all of the exhaust gases including carbon dioxide, carbon monoxide, nitrogen oxides, nitrogen, oxygen, sulfur oxides, and other trace gases.