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Abstract The current global energy scenario demands for fuel efficient and cost effective thermal systems of energy conversion. It leads to investigation of techniques which can minimize the energy wastage and maximize the utilization of energy. In this regard the present paper proposes a configuration (LM2500+G4 marine engine manufactured by M/S GE Aviation for cogeneration application) for marine propulsion and cogeneration. The exhaust gas temperature of LM2500+G4 marine engine is around 800 K hence heat of this exhaust stream can be utilized to produce process steam for further use. In this particular work the aforesaid configuration has been exergoeconomically analyzed to predict the total cost rate (investment cost rate + fuel cost rate) of the system. The “Average Cost Theory” has been approached for the exergoeconomic analysis. The exergoeconomic analysis is the combined study of thermodynamic concepts and economic principles.