In this paper we have examined the effect of cold exposure on hepatic mitochondrial state 3 respiration and ATP synthesis, using succinate as the substrate, in euthyroid, hypothyroid and hyperthyroid rats. The results show that cold exposure does not elicit any variation in the above parameters in euthyroid and hyperthyroid rats, whereas when hypothyroid rats are exposed to cold, a significant increase (about +45%) occurs in state 3 respiration and ATP synthesis. We have also measured succinic dehydrogenase specific activity and uncoupled respiration during cold exposure in various thyroid states. The finding that cold exposure elicits no variation in the above parameters indicates that there is some control on ATP synthase and/or adenine nucleotide translocator. The above findings, as a whole, suggest that cold exposure acts on oxidative phosphorylation only if triiodothyronine is lacking, by controlling ATP synthase and/or adenine nucleotide translocator.