This paper investigates the performance and economic viability of Combined Cycle Gas Turbines (CCGT) operating on natural gas (NG) and hydrogen within the context of evolving electricity markets. The study is structured into several sections, beginning with a benchmark analysis to establish baseline performance metrics, including break-even prices and price margins for CCGTs running on NG. The research then explores various base cases and sensitivity analyses, focusing on different CCGT capacity factors and the uncertainties surrounding key parameters. The study also compares the performance of CCGTs across different European countries, highlighting the impact of increased price fluctuations in forecasted electricity markets. Additionally, the paper examines Power-to-X-to-Power (P2X2P) configurations, assessing the economic feasibility of hydrogen production and its integration into CCGT operations. The analysis considers scenarios where hydrogen is sourced externally or produced on-site using renewable energy or grid electricity during off-peak hours. The results provide insights into the competitiveness and adaptability of CCGTs in a transitioning energy landscape, emphasizing the potential role of hydrogen as a flexible and sustainable energy carrier.