The energy shortage and the cogeneration market present a unique opportunity for energy cost reduction of an industry by simultaneously making use of electric and thermal energy generated with the same fuel. This thesis analyzes an integrated cogeneration system adapted to an air separation criogenic plant which has electric energy as a basic input, besides the available and costless air from the atmosphere. It has been shown to be feasible with the big savings inthe operational cost of the plant. A thermal and economic study, carried on by using the first and second Law of thermodynamics demonstrated the economic feasibility of the cogeneration system, and proposed modifications to be done in the studied criogenic plant, a typical T240- NA MPL3 plant. The thermodynamic analysis showed that the second law efficiency of the processes could be improved, together with a 12 percent electric energy consumption reduction. Four cogeneration schemes were analyzed with both the first and second laws of thermodynamics and, then, the economic analysis was performed. Rankine, Brayton, OTTO and combined gas-steam basic cycles were used in this analysis. The combined gas-steam cycle was shown to be more economically feasible than others. Thermal and electric loads were well balanced, resulting in a higher second law efficiency. Although the initial investiment for the modification was higher, the savings resulted to be higher, turning into a high rate of return of the investment. This analysis was judged to be preliminary. More precise results require a deepers analysis with more detailed information.