A power generation system capable of eliminating NO, components in the exhaust gas by using a 3-way catalyst, comprising a gas compressor to increase the pressure of ambient air fed to the system; a combustor capable of oxidizing a mixture of fuel and compressed air to generate an expanded, high temperature exhaust gas; a gas turbine engine that uses the force of the high temperature gas; an exhaust gas recycle (EGR) stream back to the combustor; a 3-way catalytic reactor downstream of the gas turbine engine outlet which treats the exhaust gas stream to remove substantially all of the NOx components; a heat recovery steam generator (HRSG); an EGR compressor; and an electrical generator.