This paper is about the German experience with the question whether to organize water management privately or publicly. It addresses to changes in the regulatory framework and ownership during the period from 1995 to 2005, enriched with data on turnover and employment in the water sector. Since 1995 structural changes took place with respect to the organizational forms. Public utilities that were organized as municipal departments in former times were transferred into more independent organizations: Within the wastewater sector semi-autonomous municipal agencies and inter-municipal agencies dominate; in the water supply sector against it the municipal enterprise (in shape of the formal privatisation) and public-private partnership models. Public property at the enterprises is however further prevailing. During this period a moderate turnover growth took place with a simultaneous decrease of employment in the water supply sector. Water management competence in Germany is clearly located at the municipal level, which admittedly restricts international competitiveness. On the other hand, it seems that public ownership of the water supply system encourages a careful water consumption and water saving and guarantees security of supply and a high water quality, customer satisfaction and high standards of sewage treatment.