With the global warming problem aggravating and subsequent implementation of the Kyoto Protocol, CO
2 emissions are becoming an important factor when verifying the usability of cogeneration systems. Considering this, the purpose of this work is to study the effect of the capacity of a cogeneration system on its CO
2 emissions under two kinds of operation strategies: one focused on exergetic efficiency and another on running cost. The system meets the demand pattern typical of a hospital in Japan, operating during one year with an average heat-to-power ratio of 1.3. The main equipments of the cogeneration system are: a gas turbine with waste heat boiler, a main boiler and an auxiliary steam turbine. Each of these equipments was characterized with partial load models, and the turbine efficiencies at full load changed according to the system capacity. Still, it was assumed that eventual surplus of electricity generated could be sold. The main results showed that for any of the capacities simulated, an exergetic efficiency-focused operational strategy always resulted in higher CO
2 emissions reduction when compared to the running cost-focused strategy. Furthermore, the amount of reduction in emissions decreased when the system capacity decreased, reaching a value of 1.6% when the system capacity was 33% of the maximum electricity demand with a heat-to-power ratio of 4.1. When the system operated focused on running cost, the economic savings increased with the capacity and reached 42% for a system capacity of 80% of maximum electricity demand and with a heat-to-power ratio of 2.3. In such conditions however, there was an increase in emissions of 8.5%. Still for the same capacity, an exergetic efficiency operation strategy presented the best balance between cost and emissions, generating economic savings of 29% with a decrease in CO
2 emissions of 7.1%. The results found showed the importance of an exergy-focused operational strategy and also indicated that lower capacities resulted in lesser gains of both CO
2 emissions and running cost reduction.
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