A thermoelectric power cycle (TPC) has the capability of converting a part of the Joule losses to utilizable electrical energy. The effect of this capability on the total efficiency of a TPC is examined by comparing it with conventional d.c. power cycle (DCPC). For reversible heat exchange and zero heat leakage, the total efficiency of the TPC is always greater than that of the DCPC. With heat leakage, there remains a power interval in which this same ordering holds when suitable materials are used. Efficiencies are also compared for the maximum electrical power output.