variavel0=JOSE ALEXANDRE MATELLI - matelli@cet.ufsc.br UFSC Edson Bazzo - ebazzo@emc.ufsc.br UFSC Abstract. A cogeneration system based on reciprocating natural gas engine is presented as an alternative to the commercial and public services sector. In this work, the case studied is the current UFSC University Hospital (UH) utility plant. Actual data about electrical energy demand and fuel oil consumption were collected. These and other information collected on site allowed to obtain the daily curves of electrical energy and thermal demands (steam, hot and cold water). An energetic, economic and environmental analysis is performed on the proposed cogeneration system. Several economic scenarios were considered, including taxes due to CO2 emissions (green taxes). This taxes emerged from the necessity to minimise the CO2 emission due to its relation with the greenhouse effect. A sensitivity analysis is performed to investigate the impacts of the variation on electrical energy prices, natural gas prices and green taxes over the Internal Rate of Return (IRR). Despite the trend of strong variation of petroleum prices and its by-products in the international market and the trend of Brazilian currency devaluation, the system conceived is economically feasible in some of the proposed scenarios. Keywords. Cogeneration, Natural Gas, Green Taxes.