Phosphoenolpyruvate (PEP) is a high-energy molecule that plays a crucial role in glycolysis, specifically as an intermediate during the conversion of glucose to pyruvate. It is generated from 2-phosphoglycerate through the action of the enzyme enolase and is known for its ability to transfer a phosphate group to ADP, forming ATP in the process. This makes PEP essential in cellular respiration, linking energy metabolism with biochemical reactions.