The parametric identification method was used for heat exchanger dynamics investigation. The transfer function of numerical models demonstrated oscillatory character in many cases. The thermo-electric analogy was used for transient heat transfer representation as the equivalent thermal network (ETN). The mutual changing of potential and kinetic energy in the electric network correspond to the oscillation. For this reason thermal capacity C, accumulating potential energy and thermal inductivity L - new element, accumulating kinetic energy were introduced in the ETN. The boundary values of L, by which oscillatory character of ETN should be observed and the values of L were calculated. (C) 2013 Elsevier Ltd. All rights reserved.