The electric work method is used to derive new expressions for electrokinetic effects produced by flowing fluids. The expressions are functions of channel geometry. The results are obtained from an equation of motion by superposition of reversible and irreversible phenomena. The equation of motion is an extended Navier-Stokes equation. The momentum transference factors, which describe the reversible conversion between mechanical and electrical energy or vice versa, are central new parameters. It follows from the equations that the streaming potential is opposite and equal to the electroosmotic flux, and that the streaming current is equal to the electroosmotic pressure. We also show how the streaming potential and the electroosmotic pressure effects are related; they differ mainly in their capability of storing electric energy. The new theory predicts a different dependence on electrolyte conductivity as does the classical theory. The streaming potential has not been explained, ie by surface conductivities, but by momentum transference properties between the wall and the solution.