In the context of the global wave of privatization of local public services, re-municipalization has emerged as a viable policy alternative, broadly understood as the return to public management. The paper examines its transformative potential by analysing what 'public' means in practice with a particular focus on governance and decision-making. To do so, the paper investigates the re-municipalization of urban water services in Naples (Italy) and Paris (France) by utilizing qualitative methods. Through a critical political economy approach, informed by social reproduction theory and political ecology, I argue that re-municipalization should be seen as a process that different social forces continuously try to shape. The findings not only contribute to the specific literature on water services, but also to that on re-municipalization, within the debate about public versus private provision. More broadly, the research enhances the understanding of water through the lenses of critical political economy.