A critical comparison of the strengths and weaknesses of two optimization strategies for thermochemical processes is made, i.e. pinch analysis and exergy analysis, Although both methods have a unique root, i.e. the minimization of the exergy losses, pinch analysis has evolved to become an instrument of direct and optimal design of a heat exchanger network while energy analysis as such does not give an indication about process optimization. In combination with an adequate simulation code of a process, however, it can help to find the optimum process structure.