The formation rates and energy yields of H2 and H2O2 from pure water exposed to a nonthermal pulsed plasma-gliding arc reactor equipped with a spray nozzle were determined. Both H2 and H2O2 formation rates were the highest with the argon carrier where the maximum energy yields were 13 and 81 g/kWh, respectively. Both H2O2 and H2 were suppressed with carrier gases (air and nitrogen) where significant amounts of nitrates are formed. The energy yields of H2 and H2O2 with the argon carrier gas in the present work are higher than previously reported microwave plasma, corona, and AC gliding arc. The results for H2 are very close to an ideal quenching limit of 45% of thermodynamic limitations, thereby suggesting that the presence of water droplets in the plasma enhance energy yield through enhanced quenching of radicals and reactions that destroy the desired molecular products.