Due to the energy transition scenario, the efficient use of energy and operations flexibility to deal with the market volatility have become the major concerns of the industrial sector. In particular, in those contexts and countries where the grid supply cannot be continuously ensured, the selection of the best operation set up is of critical importance for both stability and profitability of the system. Based on the available data of the Wonji-Shoa sugar factory in Ethiopia, the digital twin of the related Combined Heat and Power generation plant was reproduced by means of ProSimPlus® process simulator. Thanks to the software dedicated tools, the exergy and exergoeconomic analysis were carried out to compare the performances of three possible functioning modes. The study revealed that the highest profitability for the power plant is achieved when it serves both the sugar factory and the electricity grid. With regard to the energy efficiency, the prevention of exergy losses up to 9.63 MW is possible and a 15% heat recovery potential could be viable by implementing a better integration between utility streams. Based on these results, the optimal combined scheduling of power plant and sugar factory will be the object of future studies.