The ATP/ADP and NADP/NADPH ratios have been measured in whole-cell extract of the green alga Chlamydomonas reinhardtii, to understand their availability for CO 2 assimilation by the Calvin cycle in vivo. Measurements were performed during the dark-light transition of both aerobic and anaerobic cells, under illumination with saturating or low light intensity. Two different patterns of behavior were observed: (a) In anaerobic cells, during the lag preceding O 2 evolution, ATP was synthesized without changes in the NADP/NADPH ratio, consistently with the operation of cyclic electron flow. (b) In aerobiosis, illumination increased the ATP/ADP ratio independently of the intensity used, whereas the amount of NADPH was decreased at limiting photon flux and regained the dark-adapted level under saturating photon flux. Moreover, under these conditions, the addition of low concentrations of uncouplers stimulated photosynthetic O 2 evolution. These observations suggest that the photosynthetic generation of reducing equivalents rather than the rate of ATP formation limits the photosynthetic assimilation of CO 2 in C. reinhardtii cells. This situation is peculiar to C. reinhardtii, because neither NADPH nor ATP limited this process in plant leaves, as shown by their increase upon illumination in barley (Hordeum vulgare) leaves, independent of light intensity. Experiments are presented and were designed to evaluate the contribution of different physiological processes that might increase the photosynthetic ATP/NADPH ratio-the Mehler reaction, respiratory ATP supply following the transfer of reducing equivalents via the malate/oxaloacetate shuttle, and cyclic electron flow around PSI-to this metabolic situation.The assimilation of CO 2 in oxygenic photosynthesis depends upon the generation of NADPH and ATP by the light-driven electron transport from water to NADP. This process uses the two photochemical reactions catalyzed by photosystem II (PSII) and photosystem I (PSI) in series and also comprises the cytochrome b 6 f complex, which is reduced by PSII via plastoquinol and oxidized by PSI via plastocyanin. It is coupled to the synthesis of ATP via the generation of an electrochemical proton gradient across the photosynthetic membranes. The stoichiometry of one ATP per NADPH (or one ATP per two electrons; for review, see Witt, 1979) has been established in thylakoids isolated from higher plants, and more recent experiments have confirmed this stoichiometry (see, e.g. and Rumberg, 1999;Sacksteder et al., 2000). So, the measurements with isolated thylakoids consistently show lower ATP per two electrons ratios than that required for CO 2 assimilation. A fraction of the lightdriven electron transport must therefore be involved in the generation of ATP, without using NADP as the terminal electron acceptor.Different pathways have been proposed to perform such a role: (a) The first one is the Mehler reaction (Egneus et al., 1975), i.e. the reduction of molecular oxygen by photosynthetic electron transfer at the level of the reducing...