The paper presents an exergy analysis of condensate low-pressure heating system of a cogeneration power plant, which consists of one heater, one condensate pump and one pressure reduction valve. The entire system is investigated at three different plant loads. Regardless of the plant load, the highest exergy destruction is noted for the condensate heater (between 416.41 kW and 771.46 kW), after which follows pressure reduction valve with exergy destruction between 57.43 kW and 120.61 kW. Exergy destruction of condensate pump is almost negligible at any plant load and therefore condensate pump has the highest exergy efficiency (between 75.86 % and 77.08 %). Exergy efficiency of condensate heater is between 56.13 % and 59.29 %, while pressure reduction valve has the lowest exergy efficiency of all three analyzed system components and is between 36.98 % and 48.42 %.