It is an established fact that quantum coherences have thermodynamic value. The natural question arises, whether other genuine quantum properties such as entanglement can also be exploited to extract thermodynamic work. In the present analysis, we show that the ergotropy can be expressed as a function of the quantum mutual information, which demonstrates the contributions to the extractable work from classical and quantum correlations. More specifically, we analyze bipartite quantum systems with locally thermal states, such that the only contribution to the ergotropy originates in the correlations. Our findings are illustrated for a two-qubit system collectively coupled to a thermal bath.