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A single catalyst can serve a dual role if it can be oxidized at the anode and reduced at the cathode. In an undivided cell, some of the oxidized species may reach the cathode, and some of the reduced species may reach the anode, and these two species may also react with each other in the middle of the cell. These processes reduce the current efficiency. Quantification of these losses can be related to the thickness of the cell, the diffusion coefficients, and the homogeneous rate constants. The energy efficiency of the cell is also addressed.