In this study we investigated neuronal correlates of the evaluation of intrinsic pleasantness (IP) and motivational valence (MV), two processes which are supposed to occur in a fixed sequence, according to the Component Process Model of emotion (Scherer, 1984, 2009b). Using EEG, this sequence was tested with a paradigm using emotional words (Moors and De Houwer, 2001, 2005) in which IP and MV were systematically manipulated. The peak analysis revealed an effect of IP on the component P2 (~220ms post-stimulus), no effect of MV was perceivable when manipulated at the same time. Moreover, topographic ERP analysis showed an effect of global explained variance for MV about 220ms post-stimulus. The limitations of this study are discussed and some potential explanations for the weak representation of MV in peak analysis are suggested. Perspectives for further analysis are proposed.