At low carrier concentration, can be large but electrical conductivity is too small. Increasing the carrier concentration usually increases , while decreases. Electronic thermal conductivity rises approximately as by the Wiedemann-Franz law; lattice conduction supplies an additional background. Thus neither an insulator nor an ordinary metal usually maximizes .
Heavily doped semiconductors and semimetals often give the useful compromise, near a maximum of as doping is varied. The optimum is material- and temperature-dependent; there is no universal optimal concentration.
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Complex thermoelectric materials by G. Jeffrey Snyder and Eric S. Toberer. Carrier-concentration trade-off and thermoelectric optimization
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