In this study, the depth-averaged flow and energy equations for plate heat exchangers are presented. The equations are derived by integrating the original 3D flow and energy equations over the height of the gap between the bottom and top plates. This approach reduces the equations from 3D to 2D but still takes into account the frictions on the surfaces and heat transfer through the plates. The depth-averaging reduces the elapsed time of CFD simulations from hours to minutes. Thus, it is very practicable modelling method in real time design work. 2D CFD simulations with depth-averaged equations are compared with full 3D models for five different corrugation angles and corrugation lengths. The simulation results show that the 2D model predicts with relatively good accuracy the profile of the pressure drop and the temperature change as a function of the corrugation angle and the function of the corrugation length. In order to get more extensive information about the significance of the different geometry parameters on the efficiency of the heat exchanger, we simulated 30 different geometries with the fast 2D model. The results suggest that the temperature change is not as sensitive for the geometrical modifications as the pressure drop.