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Every day the shortage in natural gas and coal does increase. In this respect, a great attention is paid to alternative energy sources, and geothermal electrical power generation represents one of the most cost-effective technologies. New power generation technologies using geothermal resources are ecologically clean and are close approaching to traditional ones from the efficiency point of view. This research aim is to analyze the efficiency of monary and binary geothermal power plants operation under actual conditions in Ukraine. Authors discuss prospects for the geothermal power engineering development in Ukraine and other countries. The principal thermal diagrams of monary and binary power plants are represented, as well as their operational principle considering these schemes advantages and disadvantages. Effected is an analysis of such stations performances under conditions of Ukraine. This research value and practical significance are related to the fact that for Ukraine both monary and binary geothermal power plants are very promising, but each engineering solutions should strictly follow its specific functional conditions.