Abstract The performance of organic Rankine cycle (ORC) systems operating in combined heat and power (CHP) mode is investigated. The ORC-CHP systems recover heat from selected industrial waste-heat fluid streams with temperatures in the range 150 °C – 330 °C. An electrical power output is provided by the expanding working fluid in the ORC turbine, while a thermal output is provided by the cooling water exiting the ORC condenser and also by a second heat-exchanger that recovers additional thermal energy from the heat-source stream downstream of the evaporator. The electrical and thermal energy outputs emerge as competing objectives, with the latter favoured at higher hot-water outlet temperatures and vice versa . Pentane, hexane and R245fa result in ORC-CHP systems with the highest exergy efficiencies over the range of waste-heat temperatures considered in this work. When maximizing the exergy efficiency, the second heat-exchanger is effective (and advantageous) only in cases with lower heat-source temperatures ( 60 °C) giving a fuel energy savings ratio (FESR) of over 40%. When maximizing the FESR, this heat exchanger is essential to the system, satisfying 100% of the heat demand in all cases, achieving FESRs between 46% and 86%.