Molecules form because the electrons in single atoms can become more stable in combination with other atoms. Most of the time, the energy stabilization is associated with particular pairs of atoms in the molecule, and will call the interactions of these pairs a chemical bond. Different pairs of elements have a different ability to form chemical bonds and have different stabilization energies associated with them. The properties of a molecule and the chemical enegy it possesses is clearly determined by the connectivity of the bonding, i.e. which pairs of atoms in the molecule share electrons.
Consider the molecular formula C2H6O. As it turns out, two famous molecules share this molecular formula; they are structural isomers. (Links on the Chemical names require the RASMOL , CHIME, or equivalnet molecular (*.pdb) viewer)
The first is Ethanol, CH3CH2OH
The second is Dimethyl Ether, CH3OCH3

The hypothetical state of a molecule after all its bonds are broken can be used as a 'reference', just like we used the standard states of the elements as a reference for the Enthalpies of Formation of molecules. Thus the energetics of a chemical transformation can be estimated from the bonds broken and formed in the reaction
A specific example can be made
from our old familiar combustion of methane reaction. We calculated the
enthalpy change during this transformation before from traditional thermochemcial
methods. We can do this again by using the average bond enthalpies of C-H,
C=O, {O=O}, and O-H bonds
So, the Heat of Formation of new
molecule, or the Heat of Reactions of a given transformation can be estimated
by using average bond energies and the above thermochemical analysis. This
is not as accurate as using directly measured heats of formation (which
is not an approximation!) but is sometimes very useful as a starting guess.
Lets see how the concept of Bond Dissociation Enthalpies helps us understand the ethanol and ether molecules:
In the Ether molecule there are 6 C-H bonds and two C-O bonds. Therefore the ether molecule is
Similarly, the Ethanol molecule has 5 C-H bonds, 1 C-C bond, 1 C-O bond, and 1 O-H bond, so ethanol is Bond enthalpy arguments place the relative Heat of Formation of Ethanol at about 40 kJ/mol more stable
(more negative) than that of dimethyl Ether,
not a terribly accurate estimate when compared to the experimental value of 51.2 kJ/mol,
but sometimes a 20% error is acceptable.
At least Bond Enthalpies predict why Ethanol is more stable than Ether
(better bonding pairs).
Bond enthalpy sums can be used to estimate the heat of combustion Ethanol.
The balanced chemical reaction for the combustion is:
6*(413) + 2*(358) = 3194 kJ/mol more stable than 2C + 6H + 2O.
5*(413) + (348) + (358) + (463) = 3234 kJ/mol more stable than 2C + 6H + 2O.
Bonds on the right hand side of reaction (Product Bonds)
The Enthalpy of reaction is simply the sum of the bond dissociation enthalpies of the reactants minus the sum of the bond dissociation enthalpies of the products or even more simply, the sum of the bond dissociation enthalpies of the bonds broken minus the bonds formed
So, we estimate the heat of combustion of ethanol as:
Here is another comparison of molecular isomers which demonstrates some limitation in the average bond dissociation enthalpy method, but perhaps teaches us some more subtle points of chemical energetics.