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Electrified aircraft propulsion concepts show potential in using propulsion airframe inte-gration in order to increase efficiency in flight and therefore decrease fuel burn and emissions.Electrification offers component efficiency values greater than 90 percent, but the loss is in the form of low grade waste heat. A major challenge of electrified aircraft propulsion is managing that heat while minimizing any penalties associated with a thermal management system. This paper explores the effect of two innovations in the management of waste heat at the aircraft system level for a turboelectric single aisle concept. The first innovation is achieving a 3 times reduction in heat by developing high-efficiency components rather than managing the high levels of heat. The second takes advantage of the outer mold line of the aircraft to reject heat directly to the environment passively instead of adding active cooling loops that negatively impact the weight, power, and drag of the aircraft. In order to fully grasp the impact of the advanced power system, we develop methods of modeling the power and thermal management systems to be integrated in the full aircraft conceptual model. We then model the aircraft with a state of the art DC transmission system and active cooling loops as a baseline for our study. Our second model includes the advanced power system with active cooling, which results in a fuel burn reduction of 2.5 percent. Finally, in our third model we assess the benefit of an outer mold line cooling scheme with the advanced power system. The outer mold line cooling scheme with an advanced power system yields an additional 0.8 percent reduction in fuel burn,for an overall fuel burn reduction potential of 3.3 percent in addition to aerodynamic benefits of electrified aircraft propulsion.