An heat engine is considered which employs supercritical mercury as the working fluid and a magnetohydrodynamic (MHD) generator for thermal to electrical energy conversion. The main thrust of the paper is power cycle thermodynamics, where constraints are imposed by utilizing a MHD generator operating between supercritical, electrically conducting states of the working fluid; and, pump work is accomplished with liquid mercury. The temperature range is approximately 300 to 2200 K and system pressure is > 1,500 atm. Equilibrium and transport properties are carefully considered since these are known to vary radically in the vicinity of the critical point, which is found near the supercritical states of interest. A maximum gross plant efficiency is 20% with a regenerator effectiveness of 90% and greater, a cycle pressure ratio of two, and with highly efficient pump and generator. Certain specified cycle irreversibilities and others such as heat losses and heat exchanger pressure drops, which are not accounted for explicitly, reduce the gross plant efficiency to a few per cent. Experimental efforts aimed at practical application of the power cycle are discouraged by the marginal thermodynamic performance predicted by this study, unless such applications are insensitive to gross cycle efficiency.