In this paper, the performance of an energy conversion system is analyzed using two efficiency concepts, one of conventional and the other of energetic efficiently. The objective of this analysis was to improve and optimize the energy conversion system in point, namely, and LNG-fired Combined Heat and Power Plant (CHP). To this end, energies which represent the true efficiency figures were evaluated for various flows of the system with a set of system configurations given. Then the economic values of the energies were assigned to respective flows and subsystems. With these economic data locations of inefficiencies and opportunities for improvement are identified.