This paper presents a multi-point energy and exergy analysis of a hybrid SOFC–GT power plant. The plant layout consists of the following principal components: an internal reforming SOFC, a steam-methane pre-reformer, a catalytic burner, a radial gas turbine, a centrifugal air compressor, a centrifugal fuel compressor, plate-fin heat exchangers, counter-flow shell and tube heat exchangers, and mixers. The partial load performance of the centrifugal compressors and radial turbine is determined using maps, properly scaled in order to match required mass flow rate and pressure ratio values. The plant is simulated on the basis of a zero-dimensional model discussed in previous papers. Two different partialization strategies are introduced in order to assess the partial load behavior of the plant. Results show that the plant achieves the best partial load performance for the case when both air and fuel mass flow rates are simultaneously reduced.