Cellobiose dehydrogenase (CDH) is a redox protein containing two electron transfer centers; a flavin coenzyme performing a two-electron transfer reaction and an iron-heme coenzyme facilitating single-electron transfer. Purified CDH from Phanerochaete chrysosporium was immobilized on a pyrolytic graphite electrode and electron transfer from cellobiose to the electrode was generated. With cellobiose present during cyclic voltammetry, this novel enzyme/electrode system exhibited sharp, stable oxidation peaks with slower, though equivalent, reduction peaks. During cyclic voltammetry without substrate, the enzyme was rapidly oxidized during the initial scan, with no corresponding enzyme reduction during the reducing half of the cycle. After resting for several hours in aqueous buffer, the full oxidation current appeared again. These results suggest that the CDH is reduced by water splitting, albeit at a slow rate.