The term for the process of generating energy in the mitochondria is cellular respiration. This biochemical process converts glucose and oxygen into adenosine triphosphate (ATP), the primary energy currency of cells. Cellular respiration takes place in several stages, including glycolysis, the Krebs cycle, and the electron transport chain. During these stages, energy stored in food is released and harnessed for vital cellular functions. Mitochondria are often referred to as the "powerhouses" of the cell due to their crucial role in energy production.