Abstract After the politicisation of urban water services governance, over a hundred European cities have implemented water services remunicipalisation reforms inspired by the theory of water management as a common. This paper aims to answer questions about the contextual variables that impact the water utility governance processes and the factors that determine the policy-makers' choices. In particular, the work reconstructs the water remunicipalisation reforms of Paris (2009) and Naples (2011) with the Process-Tracing method, compares them, evaluates their outcomes and formulates previsions about their continuance. We base the analysis on qualitative data collected by documentary investigations and 27 in-depth interviews with protagonists of the remunicipalisation processes. Despite implementing the same management model, the water remunicipalisation has produced profoundly different governance processes and outcomes. The Parisian remunicipalisation was quick, efficient, almost conflict-free, and produced a slight implementation gap, whereas the Neapolitan one was long, complex, highly conflictual and generated a substantial implementation gap. Contextual variables and actors’ behaviour are essential in explaining water policy reform outcomes. The protagonists of analysed reforms have taken decisions based on opportunities and limits defined by their local contexts and the relational systems in which they are historically embedded.