By using pulse voltammetry, operando X-ray absorption and photoelectron spectroscopy (XAS, XPS) measurements together with DFT calculations on iridium oxide we show that the applied bias does not act directly on the reaction coordinate, but affects the electrocatalytically generated current through charge accumulation in the catalyst. We find that the logarithm of the rate of OER linearly correlates with the charge accumulated. The applied potential drives the formation of empty Ir 5d states, ascribed to formally Ir5+ species, and the concomitant appearance of electron-deficient oxygen surface species (μ1-O and μ2-O) that are responsible for water activation and oxidation.