A general treatment is developed for the current‐voltage characteristics of photogalvanic cells containing two identical electrodes and operating by virtue of the homogeneous reactionsA+Z normalrlarr2;normalin darknormalin light B+Ywhere
A
,
B
, and
Y
,
Z
are redox couples. The treatment is in terms of the electrode and homogeneous kinetics, the relative magnitudes of the diffusion and reaction layers, and the position of the photostationary state. Power cannot be drawn from the cell if both couples are either highly reversible or highly irreversible. The best performance is obtained if one couple (
A
,
B
say) is highly reversible, and the other (
Y
,
Z
) highly irreversible, and this case is explored in detail. If the homogeneous kinetics are rapid, we find an important contribution to the current delivered by the cell from catalytic currents due to the presence of
Y
and
Z
close to the electrode.