We recently characterised a low-activity form of E. coli transketolase, tK low , which also binds the cofactor thiamine pyrophosphate (TPP) with an affinity up to two-orders of magnitude lower than the previously known high TPP-affinity and high-activity form, TK high , in the presence of Mg 2+. We observed previously that partial oxidation was responsible for increased tK high activity, while lowactivity tK low was unmodified. In the present study, the fluorescence-based cofactor-binding assay was adapted to detect binding of the β-hydroxypyruvate (HpA) donor substrate to wild-type transketolase and a variant, S385Y/D469T/R520Q, that is active towards aromatic aldehydes. Transketolase HPA affinity again revealed the two distinct forms of transketolase at a TK high :tK low ratio that matched those observed previously via tpp binding to each variant. the HpA dissociation constant of tK low was comparable to the substrate-inhibition dissociation constant, K i HPA , determined previously. We provide evidence that K i HPA is a convolution of binding to the low-activity tK low-tK low dimer, and the tK low subunit of the partially-active tK high-tK low mixed dimer, where HpA binding to the tK low subunit of the mixed dimer results in inhibition of the active tK high subunit. Heat-activation of transketolase was similarly investigated and found to convert the tK low subunit of the mixed dimer to have tK high-like properties, but without oxidation. Transketolase is a key enzyme of the pentose phosphate pathway (PPP), is ubiquitous in all organisms, and provides a unique link between glycolysis and the non-oxidative phase of the PPP. Transketolase is a thiamine pyrophosphate (TPP)-dependent enzyme that reversibly transfers a two-carbon ketol group from a donor substrate (usually a five-carbon ketose) to an acceptor aldehyde substrate (usually a five-carbon aldose) via a ping-pong reaction mechanism, forming a new asymmetric CC bond with high regio-and stereo-specificity. In biocatalysis, β-hydroxypyruvate (HPA) is often used as the donor substrate due to the irreversible, concomitant release of CO 2 as a by-product. Strong substrate inhibition has been observed above 25 mM HPA with an inhibition constant of around 42 mM 1,2. The cause of this substrate inhibition is currently unknown and is addressed in this study. The inactive, apo-form of transketolase is in a monomer-dimer equilibrium that is dependent on protein concentration. Upon cofactor binding, both the inactive apo-monomer and apo-dimer are converted into the catalytically active, dimeric holo-form of, until recently, seemingly structurally-identical subunits, with two active-sites per homodimer, located at the subunit interface 3,4. Each active site is comprised of one divalent cation, such as Mg 2+ , and one TPP molecule. In the S. cerevisiae transketolase apo-dimer, even after removal of free Ca 2+ , one Ca 2+ ion was bound extremely tightly to one active site and could only be removed using harsh treatment, while the second Ca 2+ ion dissociated easily. Subs...