The liberalization of electricity markets and a growing penetration of renewables is changing operation of electrical grids. The boundary conditions for the operation of conventional power plants are changing and, as such, an improved understanding of the varying loads and prices on the electricity grid is required to assess the performance of emerging combined cycle gas turbine (CCGT) concepts and to further optimize their design for these new markets in the pursuit of increasing their profitability, especially when considering combined heat and power (CHP). To increase the flexibility of CCGT-CHP plants, three new plant layouts have been investigated by integrating different storage concepts and heat pumps in key sections of the traditional plant layout. The present study analyses the influence that market has on determining the optimum CCGT-CHP plant layout that maximizes profits (in terms of plant configuration, sizing and operation strategies) for a given location nearby Turin, Italy, for which hourly electricity and heat prices, as well as meteorological data, have been gathered. A multi-parameter approach for design and operation was followed using KTH’s and EPS’ techno-economic modeling tool DYESOPT. Results are shown by means of a comparative analysis between optimal plants found for each layout and the state-of-the art CCGT-CHP. It is shown that a plant configuration in which a cold storage unit is integrated together with a heat pump at the inlet of the gas turbine unit increases the net present value of the plant by approximately 0.3% when compared against conventional plant layouts. Using the same concept with a heat pump alone can improve lifetime profitability by 1.6%. A layout where district heating supply water is preheated with a combination of a heat pump with hot thermal tank increases plant profitability by up to 0.5%. This work has been performed as part of the PUMP-HEAT project, an EU Horizon 2020 research project in which KTH collaborates with other 13 stakeholders including industry and research institutions. The results will directly influence future work of the project.