The Directive 2004/8/EC on the promotion of cogeneration proposes a comparative indicator based on primary energy savings, neglecting some important thermodynamic aspects, such as exergy. This study aims to compare and discuss the usefulness of a set of complementary indicators for performance assessments of cogeneration systems, concerning thermodynamic principles based on first and second law (the exergy approach). As case study, a 6 kW electric output micro-combined heat and power unit was experimentally tested and a model of the unit was developed in TRNSYS. Considering as reference a set of different heat and electricity scenarios, including the actual electric mixes of Portugal and Italy, the indicators Primary Energy Savings (PES) and Primary and Total Irreversibilities Savings (PIS and TIS), as well as energy and exergy renewability ratios were assessed and discussed. The results show that the use of MCHP has higher advantages for the Italian electric grid, than an equivalent scenario considering the Portuguese electric network as reference. As result, for a particular scenario analysed, PES and PIS have 3% and 6% for Portugal, and 10% and 18% for Italy, respectively. Furthermore, for one particular scenario evaluated, the indicators energetic and exergetic renewability ratios have 23% and 14%, respectively for the Portuguese electric grid, and 19% and 10% for the Italian electric system. (C) 2013 Elsevier Ltd. All rights reserved.