The enthalpy balance model of growth uses measurements of the rates of heat and CO 2 production to quantify rates of decarboxylation, oxidative phosphorylation and net anabolism. Enthalpy conversion ef ciency (h H ) and the net rate of conservation of enthalpy in reduced biosynthetic products (R S G DH B ) can be calculated from metabolic heat rate (q) and CO 2 rate (R C O 2 ). h H is closely related to carbon conversion ef ciency and the ef ciency of conservation of available electrons in biosynthetic products. R S G DH B and h H can be used, together with biomass composition, to describe the rate and ef ciency of growth of plant tissues. q is directly related to the rate of O 2 consumption and the ratio q:R C O 2 is inversely related to the respiratory quotient.We grew seedlings of Eucalyptus globulus at 16 and 28°C for four to six weeks, then measured q and R C O 2 using isothermal calorimetry. Respiratory rate at a given temperature was increased by a lower growth temperature but h H was unaffected. Enthalpy conversion ef ciency-and, therefore, carbon conversion ef ciency-decreased with increasing temperature from 15 to 35°C. The ratio of oxidative phosphorylation to oxygen consumption (P/O ratio) was inferred in vivo from h H and by assuming a constant ratio of growth to maintenance respiration with changing temperature. The P/O ratio decreased from 2.1 at 10-15°C to less than 0.3 at 35°C, suggesting that decreased ef ciency was not only due to activity of the alternative oxidase pathway. In agreement with predictions from non-equilibrium thermodynamics, growth rate was maximal near 25°C, where the calculated P/O ratio was about half maximum. We propose that less ef cient pathways, such as the alternative oxidase pathway, are necessary to satisfy the condition of conductance matching whilst maintaining a near constant phosphorylation potential. These conditions minimize entropy production and maximize the ef ciency of mitochondrial energy conversions as growing conditions change, while maintaining adequate nite rates of energy processing.