This paper highlights that while water is scarce in South Africa, the exploitation of energy technologies requires water and choices of energy technologies should take into account water scarcity. It argues that water requirements are not well integrated into decision-making processes for selecting energy technologies. It argues that water needs to be considered within the existing methods for decision-making without creating new methods. Some criteria have been proposed for prioritising energy technologies. It is argued that financial modelling, with adequate water consideration, can play an important role in the prioritisation of energy technologies.