Abstract Composition of plasma obtained by laser ablation of cermet WC-Cu is calculated under the assumption of local thermodynamical equilibrium. Special attention is paid to the effect of lowering the ionization potential, the influence of which in the Saha equations is reflected both through the exponential Boltzmann term and through the partition functions of atomic and ionic species present in the plasma. The effect on these two terms are separated and quantified. It has been shown that the correction of the partition functions due to the reduction of the ionization potential is of greater importance than the correction of Boltzmann term, at higher temperatures for atomic species. It is thus necessary for the precise determination of the plasma composition, especially at higher temperatures. The effect of lowering the ionization potential on different types of atoms as well as on different ionic states is analyzed. Тhe change of the partition function due to the lowering of ionization energy affects also the concentration of single charged ions in an amount comparable to the correction of the Boltzmann term.