A process model of a five-step copper–chlorine (Cu–Cl) cycle is developed and simulated with the Aspen Plus simulation code. Energy and mass balances, stream flows and properties, heat exchanger duties, and shaft work are determined. The primary reactions of the five-step Cu–Cl cycle are assessed in terms of varying operating and design parameters. A sensitivity analysis is performed to examine the effect of parameter variations on other variables, in part to assist optimization efforts. For each cycle step, reaction heat variations with such parameters as process temperature are described quantitatively. The energy efficiency of the five-step Cu–Cl thermochemical cycle is found to be 44% on the basis of the lower heating value of hydrogen, and a parametric study of potential efficiency improvement measures is presented.