A generator couple has a p-type and an n-type thermoelement joined electrically at the hot face, with their other ends connected through a load at the cold face. The legs are electrically in series and thermally in parallel. Electrically insulating, thermally conducting plates couple them to the hot source and cold sink; metal interconnects carry current. The Seebeck effect provides an open-circuit electromotive force , where the magnitude of is the difference between the two leg Seebeck coefficients.
For fixed junction temperatures, constant properties and internal resistance ,
Differentiate with respect to load resistance:
The derivative changes from positive to negative at , so
The load voltage is then half the open-circuit voltage. The heat source and sink must sustain the temperature difference; an isolated hot object cools as energy is extracted. Maximum power and maximum conversion efficiency are different operating points: the efficiency-optimal load is generally larger than .

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