In this paper, a detailed numerical analysis of a Combined Cooling, Heating and Power system is presented, aiming at determining its optimal operating strategy in a real industrial application. The system layout includes a reciprocating engine, fuelled by natural gas, heat exchangers for waste-heat recovery, pumps, storage tanks, a single-effect water lithium bromide absorption chiller, a cooling tower, a backup vapour-compression electric chiller, mixers and valves. A dynamic simulation model of the whole system was developed in TRNSYS. A case study was analysed, referred to a real industrial application, where the system under evaluation should be installed in the near future, providing electricity, mainly used for the production process, and space cooling. Real measured data were used to estimate the electric energy demand of the factory. A detailed building simulation model was used to calculate heating and cooling demands, A detailed economic analysis was carried out, aiming at evaluating: (i) the optimal size of the Combined Cooling, Heating and Power system; (ii) the optimum control strategy, from a thermoeconomic point of view, comparing three different cases: Base-Load operation, electric load tracking and a new hybrid strategy based on the simultaneous tracking of electric and thermal-loads. The results showed that the optimal capacity of the system was lower than that selected by the designers of the real unit to be installed. The hybrid control strategy obtained the best profitability, achieving a simple pay-back period equal to 3.8 years, compared to 4.1 years achieved in case of electric-load tracking. (C) 2017 Elsevier Ltd. All rights reserved.