Exergy analysis and exergoeconomics are often used to evaluate industrial energy systems performance from the thermodynamic and economic points of view. While the classical exergy analysis can be used to recognize the sources of inefficiency and irreversibilities, so called advanced exergy analysis is convenient for identifying real potential for thermodynamic improvements of the system by splitting exergy destruction into avoidable and unavoidable parts. In this paper, the advanced exergy analysis is used to identify performance critical components and the potential for exergy efficiency improvement of a complex industrial energy supply plant. This plant is a part of a rubber factory and its role is to provide steam, compressed air and cooling water to the production facilities, as well as hot water for space heating and sanitary use. The plant is first analyzed as is and the avoidable (and the unavoidable) part of exergy destruction is identified for each observed component. Then, the measures for removing the avoidable destruction are defined. Finally, the plant is analyzed as if the measures were implemented and avoidable losses eliminated. Numerical analysis is based on real data, some of which are collected during on site measurements. Large system of nonlinear and linear equations is defined and solved numerically using the Engineering Equation Solver. Results of the presented analysis show the difference in thermodynamic and economic operational parameters of the plant for the cases without and with the efficiency measures implemented, i.e. the current state and the state with the avoidable irreversibilities eliminated. Beside obvious increase of exergy efficiency and enhancement of other thermodynamic parameters, certain improvement in the economy of the plant could be achieved. (C) 2014 Elsevier Ltd. All rights reserved.