Regasification of liquefied natural gas (LNG) releases significant cooling potential, but improper usage can easily lead to wastage of resources and environmental pollution. The study developed an integrated air separation system and Organic Rankine Cycle (ORC) power generation system to effectively harness the inherent cold energy within LNG. Two distinct optimization algorithms, the Non-Dominated Sorting Genetic Algorithm II (NSGA-II) and the Particle Swarm Optimization (PSO), were employed to determine the optimal operational parameters. The results showed the superior performance of PSO over NSGA-II, as demonstrated by the exergy efficiency, net output power, and levelized cost of energy at 78.12 %, 2.29*10 kW, and 0.0665 $/kWh, respectively. Additionally, an assessment of various factors influencing the system's performance was conducted. The performance of both conventional and proposed systems was studied under varying regasification rates. The findings indicated that incorporating the cold recovery and storage unit enhanced the efficient utilization of LNG cold energy, resulting in an increased valley-to-peak ratio of the total power output from 0.03 in the conventional system to 0.5. The proposed system exhibits alignment with the energy consumption demands of users, and this study is anticipated to furnish a theoretical foundation for harnessing the cooling capacity of liquid hydrogen.