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An analysis model considered the manufacturing factors and the pellet size has been developed in order to predict the performance characteristics of thermoelectric modules as generators. Since the electrical internal resistance has a significant role in the performance of thermoelectric modules, the variations of electrical internal resistance with operating temperature are experimentally measured. The modified electrical internal resistance calculated from an experimental correlation is applied to the analysis model. To verify the modified analysis model, the output voltage, output current and output power are compared with experimental results for the operating temperature conditions of Th = 85℃ and ΔT=40℃. The modified analysis shows a good agreement with the experimental results in terms of the output voltage, current, and power.