I have suggested something similar before, got denied due this simply answer :
You are generating more energy than you used to produce its "fuel".
Since you don't use any energy to produce Potential energy [aka height to spin water turbines] with BC pumps you are generating energy from nowhere.
Redpower buckets works similarly, but it consumes Redpower Blutricity in the process [and much more complicated] so it is fair to me.
But if you really want something like this use PowerConverters water strainers, they work as a watermill that runs solely on piped water (2 EU/t). Hint : Use Aqueous accumulator from thermal expansion for easy (lag-free) infinite energy. Some mods and overengineering makes infinite energy! ... 
[Suggestion/Question] If geothermal generators accept BC piped lava, shouldn't water mills... [Check last post, page 2]
Already mentioned before but i will say it again : please use the kinda hidden search function [It is at top right corner in IC² logo]