A theoretical model for the molten carbonate fuel cell was developed based on the three-phase homogeneous approach. Using this model, the contribution of different cell components to losses in cell performance has been studied. In general, at low current densities, the electrolyte matrix contributed to the major fraction of potential losses. Mass transfer effects became important at high current densities and were more prominent at the cathode. Electrolyte conductivity and cathode exchange current density seemed to play a limiting role in determining cell performance. Using the model, the maximum power density from a single cell for different cell thicknesses was determined. (C) 2003 The Electrochemical Society.