With the significant increase in fuel price, energy conservation projects should be reviewed and analyzed properly. Retrofit of heat exchanger networks (HENs) is among the common projects to reduce the plant operational cost. This paper introduced a new procedure using the path analysis approach for HEN retrofit. The developed procedure attempts at generating options for retrofit solution. These options are created by combining the available utility paths in HEN systematically. Instead of relying on a single path, the heat load could be shifted from HEN utilities using a set of paths simultaneously. To ensure feasible heat transfer between the hot and cold streams throughout, Exchanger Minimum Approach Temperature (EMAT) is maintained while shifting the heat load. The available exchangers' pressure drop is considered in calculating the heat transfer coefficients. HEN devices are subjected to some additional area without any topological modification. In addition, the investment of such area could be recovered in a short span of time. The calculation of this approach encountered some iteration which has been overcome by mathematical programming. Demonstration example showed some options to be reasonable retrofit solutions. Energy savings ranged between 150 K and 450 K per year with payback time of less than 2 years were possible. © 2009 Elsevier Ltd. All rights reserved.