Today, in Serbia there are several sites with installed combined heat and power facilities. The most of these plants, for various reasons, do not produce electricity. One such plant is "Energetika" (Kragujevac, Serbia), which is primarily a district heating company. Steam generator in the plant has been installed in the 1970's and has worked in one short period of time. Installed steam turbines are 8 MW and 20 MW rated power. “Energetika” in accordance with the general trend of increasing energy efficiency of production process initiated revitalization of the plant. This revitalization started with a study which approach and the results are briefly given in the paper. All results show that retrofit of facility should be acceptable for the management. Developed scenarios indicate that in the case of the limited resources optimal retrofit should start with smaller turbine (8 MW rated power) then after providing the funds should continue with the retrofit of 20 MW turbine.