Cooling load reduction was analysed of a ventilation system adopting a regenerative evaporative cooler. The regenerative evaporative cooler is a kind of indirect evaporative cooler which cools the air down to its inlet dewpoint temperature in principle without change in the humidity ratio. The regenerative evaporative cooler was found able to cool the ventilation air to $18{sim}21^{circ}C$ when the outdoor condition ranges $25{sim}35^{circ}C$ and 0.01~0.02 kg/kg. When the outdoor humidity ratio is lower than 0.018 kg/kg, the regenerative evaporative cooler was found to provide cooling performance enough to compensate the ventilation load completely and to supply additional cooling as well. Energy simulation during the summer was carried out for a typical office building with the ventilation system using the regenerative evaporative cooler. The results showed that the seasonal cooling load can be reduced by about 40% by applying the regenerative evaporative cooler as a ventilation conditioner. The reduction was found to increase as the outdoor temperature increases and the outdoor humidity ratio decreases.