The paper reports on experimental results of an energetic characterization of a cogenerative plant. The generator is a microturbine Turbec T100-CHP integrated in a heat recovery system. For operation in standard conditions the maximum electrical and thermal power generated are respectively 105 and 167 kW. Experimental tests were run by varying the electrical power produced between 50 and 110 kW with 10 kW stepping. For each step the set-point of the water temperature at the outlet of the recuperator was varied in the range 60 – 80°C with 5°C stepping. In every operating condition the measurement system allows the real-time calculation of the quantities needed for the energetic characterization of the plant, such as efficiency indices and PES (Primary Energy Saving index). It is seen that performances remain essentially constant in the range 80 – 110 kW. A moderate decrease is then observed until about 60 kW, while a further reduction of the electrical power implies a clear worsening (PES decreases from about 30% to 16% in the tested range). Furthermore, environmental impact has been investigated with respect to gaseous and acoustic emissions. In particular the concentration of pollutants in exhaust gases, except for NOx and CO2, strongly increases by reducing the electrical power output.