23Environmental fluctuations in the availability of nutrients lead to intricate 24 metabolic strategies. Candidatus Accumulibacter phosphatis, a polyphosphate 25 accumulating organism (PAO) responsible for enhanced biological phosphorus 26 removal (EBPR) from wastewater treatment systems, is prevalent in 27 aerobic/anaerobic environments. While the overall metabolic traits of these 28 bacteria are well described, the inexistence of isolates has led to controversial 29 conclusions on the metabolic pathways used. 30Here, we experimentally determined the redox cofactor preference of 31 different oxidoreductases in the central carbon metabolism of a highly enriched 32 Ca. A. phosphatis culture. Remarkably, we observed that the acetoacetyl-CoA 33 reductase engaged in polyhydroxyalkanoates (PHA) synthesis is NADH-34 preferring instead of the generally assumed NADPH dependency. Based on 35 previously published meta-omics data and the results of enzymatic assays, a 36 reduced central carbon metabolic network was constructed and used for 37 simulating different metabolic operating modes. In particular, scenarios with 38 different acetate-to-glycogen consumption ratios were simulated. For a high 39 ratio (i.e. more acetate), a polyphosphate-based metabolism arises as optimal 40 with a metabolic flux through the glyoxylate shunt. In case of a low acetate-to-41 glycogen ratio, glycolysis is used in combination with reductive branch of the 42 TCA cycle. Thus, optimal metabolic flux strategies will depend on the 43 environment (acetate uptake) and on intracellular storage compounds 44 availability (polyphosphate/glycogen). 45 This metabolic flexibility is enabled by the NADH-driven PHA synthesis. It 46 allows for maintaining metabolic activity under varying environmental substrate 47 3 conditions, with high carbon conservation and lower energetic costs compared 48 to NADPH dependent PHA synthesis. Such (flexible) metabolic redox coupling 49 can explain PAOs' competitiveness under oxygen-fluctuating environments. 50 IMPORTANCE 51 Here we demonstrate how microbial metabolism can adjust to a wide range 52 of environmental conditions. Such flexibility generates a selective advantage 53 under fluctuating environmental conditions. It can also explain the different 54 observations reported in PAO literature, including the capacity of Ca. 55Accumulibacter phosphatis to act like glycogen accumulating organisms 56 (GAO). These observations stem from slightly different experimental conditions 57 and controversy only arises when one assumes metabolism can only operate 58 in one single mode. Furthermore, we also show how the study of metabolic 59 strategies is possible when combining -omics data with functional assays and 60 modeling. Genomic information can only provide the potential of a 61 microorganism. The environmental context and other complementary 62 approaches are still needed to study and predict the functional application of 63 such metabolic potential. 64