In the present work, we have demonstrated the high HER and OER activities of Rh-modified polycrystalline Ni electrodes in alkaline media. Based on the evaluated HER and OER overpotentials and also low values of Tafel slopes for these two reactions, it is estimated that Rh-modified Ni electrodes ensure alkaline electrolysis at high current densities (1 A cm -2 ) at a voltage below 2 V. Moreover, in contrast to pure Ni, the Rh-modified electrode shows appreciable HOR activity and much improved ORR activity. Nevertheless, their HOR and ORR performance is lower compared to polycrystalline platinum. When studying each of these reactions, the effects of surface oxidation have shown to be very important. Namely, anodically formed Rh oxides are very difficult to reduce, affecting HER/HOR and, particularly, ORR. Such effects can be understood on the basis of the semiconducting nature of Rh2O3 formed at lower potentials, impeding ORR and partially also HOR. Moreover, when the electrode is intentionally oxidized, HER activity is also affected, being reduced when compared to freshly prepared Rh-modified electrodes. On the other hand, OER takes place at higher potentials where RhO2 is formed, which is conductive and does not affect electron transfer. Overall, the presented results place facile galvanic displacement of Ni with Rh as a suitable route for engineering highly active water splitting electrocatalysts for alkaline electrolysis. This conclusion is also supported by a very low price penalty introduced by surface modification with Rh and significantly reduced Rh price in the last 12 months, currently below the price of iridium.