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Exergy analysis has been widely used to assess refrigeration systems by evaluating exergy losses or exergy efficiency. The latter is mostly used as an indicator to determine the system performance, which requires the comparison of the actual system with its idealized reversible version, but not the practical achievable efficiency. Therefore, a practice-oriented evaluation method for refrigeration plants in free cooling operation is proposed, based on exergy analysis and technical standards as baseline. By considering the exergy input of auxiliary devices, the overall design of hydraulic circuits can be assessed on subsystem level. The achievable optimization potential compared to the state of the art in technology and the performance is revealed with the introduced optimization potential index (OPI). The application is demonstrated on a case study, where the analysis reveals an adequate operation of the field plant in general. Most cooling locations show potential for improvement, which is indicated by an OPI superior to zero. Moreover, the auxiliary electrical exergy input shows the same magnitude as the thermal exergy input, which emphasizes the importance of reducing the electrical energy usage of auxiliary devices in refrigeration plants to increase the performance.