Urban water networks can contribute to the energy transition of cities by serving as alternatives sources for heating and cooling. Indeed, the thermal energy potential of the urban water cycle is considerable. Paris is taken as an example to present an assessment of the field performance of a district-scale waste water heat recovery system and to explore potential techniques for emergency cold recovery from drinking or non-potable water networks in response to heat-waves. The case heat recovery system was found to provide significant greenhouse gas emission reductions (up to 75%) and limited primary energy savings (around 30%). These limited savings are found to be mainly due to the performance of the heat pump system. Three emergency cold recovery techniques are presented as a response to heat-waves: subway station cooling, ice production for individual cooling, and “heat-wave shelter” cooling in association with pavement-watering. The cold generation potential of each approach is assessed with a special consideration for mains water temperature sanitary limitations. Finally, technical obstacles and perspectives are discussed.