Observations from engine experiments indicates that the gross indicated efficiency (GIE) increases when the inlet temperature (Tinlet) is lowered. The change in Tinlet affects several important factors, such as the heat release profile (affecting heat and exhaust losses), working fluid properties, combustion efficiency and heat transfer losses. These factors all individually contributes to the resulting change in GIE. However, due to their strong dependency to temperature it is not possible to quantify the contribution from each of these parameters individually. Therefore, a simulation model in GT-power has been created and calibrated to the performed engine experiments. With simulations the temperature dependency can be separated and it becomes possible to evaluate the contribution to GIE from each factor individually. The simulation results indicate that the specific heats of the working medium are the largest contributor. Heat transfer and combustion efficiency are also important factors but are not as significant as the effect from specific heats.