In previous work using prolonged, light cycle exercise, we were unable to demonstrate an effect of acute plasma volume (PV) expansion on glucose kinetics or substrate oxidation, despite a decline in whole-body lipolysis (Phillips et al., 1997). However, PV is known to decrease arterial O-2 content. The purpose of this study was to examine whether substrate turnover and oxidation would be altered with heavier exercise where the challenge to O-2 delivery is increased. Eight untrained males (VO2max = 3.52 +/- 0.121/min) twice performed 90 min of cycle ergometry at 62% VO2peak, both prior to (CON) and following induced plasma volume expansion (Dextran [6%] or Pentaspan [10%]) (6.7ml/kg) (PVX). Glucose and glycerol kinetics were determined with primed constant infusions of [6.6-H-2(2)] glucose and [H-2(5)] glycerol, respectively. PVX resulted in a 15.8 +/- 2.2% increase (p < 0.05) in PV. Glucose and glycerol appearance (R-a) and utilization (R-d), although increasing progressively (p < 0.05) with exercise, were not different between conditions. Similarly, no differences in substrate oxidation, either fat or carbohydrate, were observed between the two conditions. Prolonged exercise resulted in an increase (p < 0.05) in plasma glucagon and a decrease (p < 0.05) in plasma insulin during both conditions. With PVX, the exercise-induced increase in glucagon was diminished (p < 0.05). We conclude that impairment in O-2 content mediated by an elevated PV does not alter glucose, and glycerol kinetics or substrate oxidation even at moderate exercise intensity.