The ATP pool of growing fungal mycelia, particularly Fomes annosus, has been determined. The ATP level varied during the different growth phases and correlated with the variations in the economic coefficient. Common uncouplers (at concentrations similar to those used in mitochondrial tests) decreased the ATP pool very rapidly. The size of the pool often fell 50–80% before the O2 uptake decreased below that of the control and was accompanied by an increasing exudation of inorganic phosphate. Phenolic compounds added to the medium stimulated the lacease activity, generally in combination with a decrease in the ATP level.