In a heat engine producing electricity the amount of waste heat is determined by the second law of thermodynamics.
If you want to google this yourself the words you want are "Carnot Cycle" or "Carnot efficiency."
Here's one page I came up with, which I thought it was interesting because it includes a carnot efficiency calculator:
http://hyperphysics.phy-astr.gsu.edu/hbase/thermo/carnot.htmlIn a modern combined cycle power plant fuel is burned in a turbine which turns a generator. The turbine is basically a large jet engine. The exhaust of this turbine is then used to boil water which powers a steam turbine.
http://www.powerfrontiers.com/ngccplants.htmThe upper level carnot efficiency achieved by these plants is mostly limited by the ability of the gas turbines to withstand heat. Even with perfect materials the upper temperature would still be limited by the temperature of the burning gas.
The efficiency of a modern combined cycle plant is about 60%, which means 40% of the energy in the fuel must be rejected as waste heat. (An automobile wastes over 90% of the energy in the fuel.)
Some sort of electrochemical fuel cell might theoretically achieve better-than-carnot efficiency, but first someone has to figure out how to do that.