The paper presents an exergetic analysis of a vapour compressor refrigeration plant when the refrigeration capacity is controlled by varying the compressor speed. The aim is performance evaluation of both the whole plant and its individual components. The analysis of the exergy flow destroyed in each device of the plant varying the compressor speed has been carried out in order to determine the relative irreversibility of the plant components. The vapour compression plant is subjected to a commercially available cold store. The compressor working with R22, R407C and R507 and designed for a revolution speed corresponding to 50 Hz supply current frequency, has been used varying the frequency in the range 30–50 Hz. In this range, the most suitable working fluids proposed as substitutes of R22, as R407C (R32/R125/R134a 23/25/52% in mass), R507 (R125/R143A 50/50% in mass) and R417A (R125/R134a/R600 46.6/50/3.4% in mass), have been tested. The variable-speed compressor is fitted with a pulse-width modulated source inverter (PWM) predominantly used in medium power applications due to its relatively low cost and high efficiency. The basic difference between variable speed refrigeration and conventional refrigeration systems is in the control of the system capacity at part-load conditions. The conventional refrigeration systems are characterized by compressor on/off cycles arising from by the thermostatic control. On the contrary when the inverter is used the capacity of the refrigeration system is matched to the load regulating the compressor motor speed. When the control of the compressor capacity is obtained by varying its speed there is an energy saving with respect to the thermostatic control. The best results of the exergetic analysis have been obtained using R22 followed by the non-azeotropic mixture designed as R407C that confirms, among the fluid candidates R22 substitution a better performance, shown also at the compressor nominal speed. Copyright © 2003 John Wiley & Sons, Ltd.