Electric power generation in Bangladesh is dominated by indigenous natural gas. At present, there is an acute shortage of electricity due to rapid increasing demand and derated generation from state owned aged less efficient gas or steam turbine power plants. They need to consider for proper utilization after retirement to overcome a national problem of power shortages. The author investigates the alternatives of such utilization and decision making criteria. The decision is based on five criteria by using the Analytic Hierarchy Process (AHP). Expert judgments are used for assessing the importance level of each criterion as well as a final decision of the alternatives. Seven case studies from existing power plants in Bangladesh are also employed.