This study investigates the optimum operating conditions and design configurations that can optimize the power reclaimed by small hydro turbines derived by the rising water-bubble current. The rising current is generated by the compressed air introduced by the diffusers at the bottom of aeration basins of wastewater treatment plants (WWTPs). While optimizing the power production, the standard oxygen transfer efficiency (SOTE) is monitored since it is a significant parameter that cannot be sacrificed in the operation of WWTPs. Using one set of turbine blades, it was found out that the highest velocity is obtained in the upper half of the water column (70—80%). In contrast, the lowest velocities were obtained just above the air diffuser and at the water surface. Testing started with using a single turbine (ST) to determine the location of the optimum power reclaimed at each tested airflow (1.18, 1.42, 1.65, and 1.89 L/s). Then, using double turbine (DT) and triple turbine (TT) to compare their performance to the ST’s maximum power increased power reclamation. The maximum percentage of increase in power reclamation for DT is 19.59%, while it is 20.24% in the case of TT. At a commonly used airflow in WWTPs (1.42 L/s), the optimum configurations of DTs and TTs were selected to investigate the effect of having the proposed setup on the SOTE. For membrane diffusers, DTs and TTs limited the dispersion of the air bubbles in the tank, therefore reducing the SOTE (8.3% for DT and 3.7% for the TT). The ceramic and sharp-nub diffusers were also tested versus rubber membrane ones to determine the effect of using the ceramic and sharp-nub diffusers on the power reclamation and SOTE. Ceramic diffusers neither achieve higher power reclamation than the membrane nor increase the SOTE. In contrast, sharp-nub diffusers increase the SOTE for all configurations compared to membranes, but this came into account of power reclamation, where sharp-nub diffusers cause a DT and a TT to produce less power than ST does.