Substrate-level regulation refers to the direct modulation of enzyme activity through the availability of substrates and products within metabolic pathways. This type of regulation allows for quick adjustments in metabolic flux based on the immediate concentrations of reactants and products, ensuring that energy production and utilization align with cellular demands. It plays a crucial role in processes like electron transport and oxidative phosphorylation, where the flow of electrons and ATP synthesis can be directly influenced by the levels of specific metabolites.