This study discusses a model of pulse power system consisting of a water capacitor with near-electrode layers of increased conductivity. This increases the pulse electrical strength of the device and allows accumulating more energy without breakdown. One of the problems of this system is the efficiency of energy release to the load. The fact is that the accumulation of a space charge in the gap during charging of the pulse storage device complicates the subsequent rapid release of energy in a short time. The analysis is carried out using a simplified electrical circuit model and is finalized in a numerical finite-element model. The latter allows calculating the redistribution of charge and electric field strength during energy output for various parameters of the conductive layer. As a result, the possibility of preventing pulse electrical breakdown is demonstrated for this system. The possibility of efficient energy output to the load for various system and load configurations is also presented. In addition, the model estimates energy losses and energy release inside the capacitor.