In this paper, performance evaluation and technical audit of a 747 MW thermal power plant consisting of three generating units is conducted. The factors influencing the performance of the plant have been identified and improvements in processes and mechanical, electrical, instrumentation, and safety engineering are suggested. These improvements would result in better profitability, productivity, and performance. The paper further discusses technical issues and challenges and identifies key areas where improvements are possible. Future recommendation for the operation of the plant that would result in better throughput are also presented. The methodology of performance analysis presented in the paper will help improving operational efficiency of thermal power plants in developing countries.