  A composite material is considered which consists of conducting nanoparticles
separated by tunneling dielectric barriers. The influence of the phonon thermal
conductivity of dielectric matrix on the thermoelectric figure of merit of this
composite material is theoretically in-vestigated. The range of values and
barrier parameters that can lead to the thermoelectric figure of merit greater
than unity is estimated. The influence of space charge and nonlinearity of
current-voltage relations of tunneling barrier are also discussed.
