Much of today's industrial energy consumption is released to the atmosphere as ″waste heat″ from process cooling towers, boiler stacks, engine exhausts, and other exhaust streams such as building ventilation systems. Energy from these higher temperature sources can be easily converted into electric power, or it can be recycled to provide process heat or comfort heat. A review of the major energy conservation studies published in the last five years leads to one conclusion: waste heat recovery (including cogeneration and cascade energy systems) probably represents the largest energy conservation opportunity available to U. S. industry today.