A process (10) for co-producing power and hydrocarbons includes gasifying (16, 70) coal to produce a synthesis gas (36) and a combustion gas (86) both comprising at least CO1H2 and CO2 and being at elevated pressure, separating CO2 (18, 48) from the synthesis gas, and synthesizing (20, 22) hydrocarbons from the synthesis gas. Power (1 14) is generated from the combustion gas, including by combusting (78) the combustion gas in the presence of oxygen and in the presence of at least a portion of the separated CO2 as moderating agent to produce a hot combusted gas (106) which includes CO2. The CO2 is recycled (1 12) or recovered from the combusted gas. In certain embodiments, the process (10) produces a CO2 exhaust stream (134) for sequestration or capturing for further use.