Does Peltier effect decrease temperature? Such as infamous flashlight from your hand temperature. It use Peltier effect to generate light while your hand has more heat than air.

So, whenever [thermoelectric effect](http://en.wikipedia.org/wiki/Thermoelectric_effect) is in action, I think it should decrease overall temperature even a little. Or is it just transfer all heat and harvest energy from tranfering without affect overall temperature?