This paper reports the analysis of the energy balance of micro-second pin-to-pin discharges in water as well as the bubble dynamics involved in the electrical breakdown. This approach, complementary to previous electrical and optical measurements, is of primary interest to better understand the phenomena leading to different discharge regimes despite having the same applied conditions. This work indicates that different discharge regimes are related to different energy distributions through thermal and mechanical components despite the same initial energy; as a consequence, the breakdown involves different maximum radius of the cavitation bubble as well as bubble dynamics. For the cathode regime the initial energy is mainly converted into thermal energy (70%) that involves the formation of a small vapor filled bubble (∼1 mm) followed by many rebounds. For the anode regime, the initial energy is evenly distributed into thermal and mechanical components (43%/57%) which results in a higher empty bubble (∼2 mm) that collapses. The bubble growth is directly related to the energy dissipated during the breakdown, following same power law but with different constant. This work validates the hypothesis of the thermal regime for cathode breakdown whereas the anode regime is mainly driven by mechanical effects. Despites these discrepancies, simulations using a modified Rayleigh–Plesset model show that the growth of the first bubble is controlled by inertial effects for both regimes.