The Krebs cycle, discovered by Hans Adolf Krebs in 1937, is a series of reactions critical for energy production in aerobic respiration, occurring in the mitochondria. It involves the transformation of acetyl-CoA into carbon dioxide, ATP, and high-energy electrons in various steps facilitated by specific enzymes. The cycle also plays a dual role in metabolism, as it provides substrates for anabolic reactions and is regulated by allosteric modulators and the supply of acetyl-CoA.