Abstract: The model of heat transfer between reactor core and loop was established by the heat balance method, and the heat transfer and heat loss were calculated. The mathematical model of the steam power conversion system was established by the equivalent enthalpy drop method, and a code was developed for the calculation and analysis of the electricity generating capacity of CEFR, which was validated by the experimental data accumulated during the first connection to the grid at 40% rated power. With this code the cause of the difference between the measured electricity generating capacity and theoretical electricity generating capacity was analyzed quantificationally and the electricity generating capacity was forecasted for the 100% rated power. The results show that if the thermal power system of the third circuit can meet the rated operational parameter at 100% rated power, the electrical power of CEFR can reach design objective of 20 MW.