World primary energy demand is growing every year. For this reason, it is even more important to pay attention to methods for analyzing and improving energy conversion systems. Evaluation of these systems through exergy analysis makes possible to identify the location, magnitude and sources of thermodynamic inefficiencies. A conventional exergy analysis has some limitations, which are significantly reduced by a detailed exergy analysis, or so-called advanced exergy analysis, evaluating the interactions among components of the overall system and the real potential for improving a system component. Providing detailed information, such an analysis assists in increasing the system efficiency and reducing the system cost, most of all when in addition an exergoeconomic evaluation of energy conversion system is executed. This work focuses on a new approach of advanced exergy analysis applied to a gas turbine based cogeneration system with the aim of providing engineers with information useful for improving design and operation of this kind of energy conversion systems.

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