Yes. The 'flip-side' of the Peltier effect is the Seebeck effect?when thermal energy moves through an electrically-conductive material, charge carriers are transported by the heat. Thus when you create a temperature difference across a thermoelectric device, the movement of heat and charge carriers creates an electrical pressure (called Seebeck voltage). If an electrical load is connected across the device, current will flow?if not, the pressure builds to a steady state condition and a 'no-load' voltage will be present. While a standard Peltier unit can be used in this fashion, however, they seldom are. Usually when power generation is the objective, special thermoelectric modules are fabricated using materials which are optimized for that purpose.
Because TE power generation devices are fairly inefficient in converting thermal energy to electricity, their use is largely confined to applications where 'waste heat' is readily available or in remote areas where dependability is more important than efficiency. In these types of situations, the power conversion process may be less than ideal, but the 'fuel' is free. Furthermore, because their small size makes it possible to mount them in tight spaces, they can be used to reclaim energy in places where it would otherwise be impractical. Potential users should be mindful, however, that a Delta T still must be created acoss the device?there has to be a 'cold' side as well as a source of heat?and this can present a challenge to designers.
In using power generation devices, one of the principle objectives will be to extract as much power as possible from the thermoelectric modules. Because power generation devices have significant internal resistance, designers who want to employ this technology should review the principles of maximum power transfer in electrical circuits. It is essential to grasp that maximum power will be transferred when the load resistance equals that of the TE device configuration. In the end, a designer must come up with a series/parallel array of modules that will assure generation of the desired voltage while coming as close as possible to a 'matched load' condition. It is also critical to design to the worst-case Delta T?and to make sure that THot never exceeds the maximum rating for the device. Furthermore, if voltage regulation is important and the Delta T or load will be variable, a shunt regulator will be needed.