With a view to finding the best configuration for a small cogeneration system based on the pellet combustion process, exergetic analysis was applied to a small pellet stove. The evaluation focuses on fume exergetic content for power generation purposes. Preheated air, secondary air, fume recirculation and basis configurations were studied. Global exergetic calculation was developed at these configurations based on experimental correlations of energy and emissions. The influences of the pellet feeding rate, excess air, secondary air and fume recirculation were studied. The results for multiple configurations are discussed and the best one is presented. Results show that CO emissions have a major influence on fume exergetic content, although if emissions diminish only a slight thermomechanical exergetic efficiency increase is expected. (C) 2009 Elsevier Ltd. All rights reserved.