The balance equation for the energy in moderately coupled two-temperature plasmas, in the presence of an external radiation field, is derived and analyzed. The analysis is based on the Singwi-Tosi-Land-Sjolander closure assumption. The different terms in the derived equation are identified as the rate of collisional energy absorption from the external field (inverse bremsstrahlung), and the rate of energy transfer between the electrons and the ions in the presence of the radiation field (relaxation). It is shown how these terms, which have a structurally similar appearance, reduce to known expressions for relaxation and inverse bremsstrahlung in the appropriate limits. It is found that, relative to the known expressions, electron-ion correlation tends to enhance the rates of re1axation and of the inverse bremsstrahlung process.