An inventory is made of the possibilities to recover sustainable energy from the water cycle by identifying different water flows in a municipal environment as a sustainable energy source. It is discussed what role public water utilities should play in the market of energy from water. This is done for Waternet, the public water utility of Amsterdam, by describing experiences on two practical applications for aquifer thermal energy storage and energy recovery from drinking water. The main conclusion is that public water utilities can substantially contribute to the production of sustainable energy, especially by making use of heat and cold from the water cycle. Public water utilities have the opportunity to both regulate and enter the market for energy from water.