This report discusses the options that electric company staff have for addressing the declining performance and increased maintenance needs of a natural gas combined-cycle power generation plant reaching its end-of-service life. A simplified economic framework has been developed that highlights the various tradeoffs and the impact of certain macro-economic factors on the best path forward. This information will allow electric company staff to begin to draw reasonable boundaries around their options so planning and resource experts can make accurate forecasts for future budget requirements. Included is an overview of common end-of-life issues, expected degradation mechanisms, and the parameters involved in determining the economic choice for a given situation. A series of scenarios believed to capture common cases has been developed, and the economic framework has been applied to show changing costs for various electric company priorities. Common electric company practices including condition assessments, inspection interval setting, and diagnostic and monitoring technologies are discussed at a high level to provide context for the scenario analysis portion of the report. This report is a complementary effort to other ongoing work within the EPRI Generation Sector. This includes a sector-wide initiative to develop a mid-life assessment process for combined cycles to help plants identify the information needed to begin a rigorous assessment of component life. With these assessments, plants can begin to systematically apply EPRI R&D within the major component and materials research programs to achieve an integrated approach to life management.