The major reason that glycolysis is not as energy productive as respiration is that
(a) NAD+ is regenerated by alcohol or lactate production, without the high-energy electrons passing through the electron transport chain.
(b) it is the pathway common to fermentation and respiration.
(c) it does not take place in a specialized membrane-bound organelle.
(d) pyruvate is more reduced than CO2 ; it still contains much of the energy from glucose.