We theoretically evaluate the prospect of using electrokinetic phenomena to convert hydrostatic energy to electrical power. An expression is derived for the energy conversion efficiency of a two-terminal fluidic device in terms of its linear electrokinetic response properties. For a slitlike nanochannel of constant surface charge density, we predict that the maximum energy conversion efficiency occurs at low salt concentrations. An analytic expression for the regime of strong double-layer overlap reveals that the efficiency depends only on the ratio of the channel height to the Gouy-Chapman length, and the product of the viscosity and the counterion mobility. We estimate that an electrokinetic energy conversion device could achieve a maximum efficiency of 12% for simple monovalent ions in aqueous solution.