A techno-economic analysis of several process systems to convert coal and natural gas to electricity, methanol, diesel, and gasoline is presented. For these polygeneration systems, a wide range of product portfolios and market conditions are considered, including the implementation of a CO2 emissions tax policy and optional carbon capture and sequestration technology. A new strategy is proposed in which natural gas reforming is used to cool the gasifier, rather than steam generation. Simulations along with economic analyses show that this strategy provides increased energy efficiency and can be the optimal design choice in many market scenarios.