The paper presents the process of electricity and thermal energy production in a cogeneration plant and the process of wood pellet production. The aim of this study was to analyze the energy gain—EROI for energy products that are created as a product contained in electrical and thermal energy and the energy contained in wood pellets. According to the obtained results, the production of only electrical energy from wood biomass in a cogeneration plant was not sustainable from an energy point of view, since the obtained electrical energy was only 1.46 times greater than the input wood energy (EROIel = 1.46), while the obtained energy of the produced wood pellets was 4.82 (EROIpel = 4.82). According to the results of equivalent carbon emission, positive net value was achieved only with cogeneration plant and pellet plant working in synergy. Wood is a renewable source of energy, and its economic use can create a significant energy gain. However, due to the trend of using renewable energy sources and the increasing need for electricity, such a process of obtaining electricity is financially profitable, although it is not justified from the energy profitability and environmental sustainability point of view.