Extensive analysis of the thermodynamics first and second laws is performed on a 14.25 MW cogeneration plant in Adana, Turkey. In this study, the most important parts of the system is observed and thermodynamic performance assessments are evaluated. The obtained outcomes indicate that major exergy destruction happens in boiler, which is 42% of the whole system irreversibility. Moreover, the economizer and chimney have also considerable irreversibilities which are 29% and 25%, respectively. The energy efficiencies of the chimney, economizer and boiler are calculated as 61.68%, 66.03%, 79.91%, respectively. On the other hand, the exergy efficiencies of chimney, economizer and boiler are calculated as 96.56%, 30.27% and 71.94%, respectively.