A CHP system includes a combustor as a heat source, a Rankine cycle apparatus, a second heat exchanger, and a thermal fluid flow path. The Rankine cycle apparatus includes, as an evaporator, a first heat exchanger that absorbs thermal energy from combustion gas (thermal fluid). The second heat exchanger absorbs thermal energy from the combustion gas and transfers the thermal energy to a heat medium. The first heat exchanger and the second heat exchanger are disposed in the thermal fluid flow path. The thermal fluid flow path includes a first flow path that allows the combustion gas to reach the first heat exchanger directly from the combustor and a second flow path that allows the combustion gas to reach the second heat exchanger directly from the combustor.