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The origin of the quasi two-dimensional behavior of PdCoO 2 and PtCoO 2 is investigated by means of electronic structure calculations. They are performed using density functional theory in the generalized gradient approximation as well as the new full-potential augmented spherical wave method. We show that the electric conductivity is carried almost exclusively by the in-plane Pd (Pt) d orbitals. In contrast, the insulating CoO 2 sandwich layers of octahedrally coordinated Co atoms may be regarded as charge carrier reservoirs. This leads to a weak electronic coupling of the Pd (Pt) layers. The obtained nearly cylindrical Fermi surface causes the strong anisotropy of the electric conductivity.
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