In an electronic cigarette of the sort having a housing, a power section (12), and an atomizer (14), at least a portion of a first flow stream (25) passes through the atomizer (14). A mixing valve within the housing has a first input that receives the first flow stream (25), and a second input receiving a second flow stream (20) that avoids the atomizing element (14), and an output (34) connected in fluid continuity to the opening in the proximal end, wherein the output conducts a mixture of the first flow stream (25) and the second flow stream (20). The apparatus further includes a regulating element (42) for the mixing valve in order to control a composition of the mixture.