Micro-power generators are increasingly becoming popular to meet the power requirements of micro-electromechanical systems, such as small sensors. One such resource of harnessing energy is through exploiting flow instabilities found in vortex-induced vibrations, flutter, etc. In this work, we numerically investigate the hydrodynamic performance of fully forced flapping foils with the goal to exploit their underlying physical mechanisms for the development of micro-power generators. We consider prescribed combination of plunging and pitching motions imposed to a NACA-0012 airfoil. We conduct a parametric study by varying the Strouhal number and the amplitude of the pitching angle to identify two operational flow regimes: power generation and thrust-producing propulsion using the feathering criterion. In the latter regime, the foil performs positive work on the surrounding fluid and therefore, the positive propulsive efficiency can be attained as long as the horizontal hydrodynamic force remains negative. For the power generation regime, the product of the lift force and plunging velocity is found mostly positive over the oscillating cycle, which indicates that the flowing fluid carries out work on the foil. The parametric study reveals that the foil can reach up to 42% power generation efficiency when setting the pitching amplitude in the range of 60° to 70°. For foils operating in the power generation regime, we present a piezoelectric energy harvester that can efficiently harness usable electric power from high fluid pressure regions. We identify two core locations based on the pressure field at which the attachment of piezoelectric patches can lead to significant energy harvesting. As such, the present study provides guidance for the design enhancement of micro-power generators relying on the interactions of flapping foils with the surrounding fluid.