The present paper analyses a case study of the application of dynamic energy simulation on the energy efficiency improvement process of an existing commercial building, the retrofit of a CHP machine for the combined generation of heat and power is analysed. Great attention is dedicated to the correct sizing of the CHP/CCHP plant both in term of energy efficiency and economic viability. A detailed building model is developed and used, through dynamic building simulation, to identify the potential energy and economic savings achievable with the installation of a CHP/CCHP sized based on the results of the simulation itself. The work proves the usefulness of dynamic energy simulation as an evaluation tool for retrofits of CHP plants and provides suggestions on the correct sizing of CHP equipment. It is also meant to prove what could be achieved if those kind of analysis were carried out during the design of the building.