Approach of white box mathematical modelling was used to develop dynamic mathematical model of glycerol cycle in baker's yeast Saccharomyces cerevisiae and by deterministic simulations explore an interaction between glycerol cycle and glycolysis. The key process in research was reaction of artificially expressed glycerol-2-dehydrogenase (Gld2) which catalyses glycerol transition into dihydroxyacetone and reduced nicotinamide adenine dinucleotide phosphate (NADPH). We put forward hypothesis that expression of Gld2 in S. cerevisiae could increase concentration of reduced cytosolic NADPH. Michaelis-Menten equation was used to describe a rate law of reactions of the model of glycerol cycle. Kinetic parameters Km (Michaelis - Menten constant) and Vmax (maximal velocity of reaction) were taken from BRENDA database and publications. To perform deterministic simulations of the model of glycerol cycle and glycolysis, an accomplished model of glycerol cycle was introduced into the mathematical model of glycolysis of Nielsen et al. (1998). Results suggested that Gld2 reaction could run even without glycolysis as long as glycerol and oxidized nicotinamide adenine dinucleotide phosphate (NADP+) was present in the system. Intracellular concentration of glycerol had a direct impact on formation and acumulation of dihydroxyacetone. Reduced nicotinamide adenine dinucleotide (NADH) concentration decreased significantly and rapidly when glycerol cycle was switched on suggesting that it could be a limiting factor of the system.