In the present paper, a rigorous analysis of a sub-critical steam power plant (120 MW) with reheating and regenerative configuration is presented, using energy and exergy analysis. The total work output from the power plant is 121.80 MW, which is close to the real value of 120 MW. The calculated energy efficiency of the steam power plant is 34.7%, while its exergy efficiency is 32%. In addition to it, energy analysis introduces the condenser as a major source of heat loss, on other hand, exergy analysis introduces the boiler as a major source of exergy destruction. Further to understand the effect of main steam temperature, reheating temperature and condenser pressure on the power plant, a parametric study is being conducted.