This paper deals with the question of how charge carriers in conjugated polymers and their oligomeric counterparts can be photoexcited and how they recombine. It is intimately tied to the question concerning the magnitude of the exciton binding energy ΔEexc. Studies of fluorescence quenching by large electric fields indicate that ΔEexc must be about 0.4 eV. Geminate e–h pairs formed by field assisted dissociation of singlet excitons act as precursors for photoconduction. Another source of photogenerated charge carriers (holes) is dissociation of excited states at an electrode. It gives rise to a photocurrent action spectrum that is symbatic with absorption. Recombination of charge carriers is in accord with the Langevin formalism implying a mutual capture radius determined by the range of the coulombic potential.