An investigation is reported of the thermodynamic performance of the Ispra Mark-10 thermochemical water decomposition process for hydrogen production. Thermochemical water decomposition has been identified as a potentially important future process for the production of hydrogen, which is currently an important industrial commodity and has significant future potential as a fuel. Exergy analysis is used since energy analysis on its own does not pinpoint true process inefficiencies, and often does not provide rational efficiencies The analysis indicates that at the principle thermodynamic losses occur in the primary water decomposition reactors and are mainly due to internal irreversibilities associated with chemical reaction and heat transfer across large temperature differences, and that the losses associated with effluents (particularly cooling water) are not that significant. Energy and exergy efficiencies are provided and are observed to depend strongly on the main external process inputs, i.e., electricity and process heat, or heat, or the raw resource from which heat and electricity are produced. (C) 2008 International Association for Hydrogen Energy. Published by Elsevier Ltd. All rights reserved.