Table of Contents
1. Introduction
- 1.1 Understanding the US water market
- Figure 1.1 Size of the US water market
- Figure 1.2 Community water systems by size
- Figure 1.3 Water and wastewater services by provider type
- 1.2 Procurement
- Figure 1.4 Top 20 consulting engineering firms in water and wastewater
- 1.3 Finance
- Figure 1.5 Municipal finance model 2007
- 1.4 Market structure
- 1.5 Spending needs
- Figure 1.6 20-year needs for drinking water infrastructure, by state and
project type
- 1.6 The 2009 stimulus package
- Figure 1.8 ARRA 2009 SRF stimulus package - allocations by state
2. Forecasts
- 2.1 Municipal utility finances
- Figure 2.1 USA municipal expenditure model 2007
- Figure 2.2 USA municipal expenditure model 2008
- Figure 2.3 USA municipal expenditure model 2009
- Figure 2.4 Total utility operating revenue forecast 2007-2016
- Figure 2.5 Forecast for operating cash, borrowing and reserves for
capital investment 2007-2016
- 2.2 Municipal capital expenditure
- Figure 2.6 Wastewater treatment plant expenditure forecast 2007-2016
- Figure 2.7 Drinking water network capex forecast 2007-2016
- Figure 2.8 Treatment plant expenditure forecast 2007-2016
- Figure 2.10 Water treatment plant expenditure forecast 2007-2016
- Figure 2.11 Water technology market forecast 2007-2016
- Figure 2.12 Water equipment market forecast 2007-2016
- 2.3 Scarcity
- Figure 2.13 Desalination capacity forecast 2009-2016
- Figure 2.13 Desalination market forecast - new capacity and annual capex
2005-2016
- Figure 2.15 Brackish / river water desalination capacity forecast
2005-2016
- Figure 2.16 Municipal and industrial reuse capacity forecast 2005-2016
- Figure 2.17 Forecast increase in municipal reuse capacity and
expenditure 2006-2016
- Figure 2.18 Expenditure forecast on desalination and water reuse
2007-2016
- 2.4 Private water
- Figure 2.19 Plant procurement trend forecast 2007-2016
- Figure 2.20 Outsourced utility operations - forecast of annual revenuers
2007-2016
- Figure 2.21 Investor-owned utility operations, forecast of annual
revenuers 2007-2016
- 2.5 Industrial water
- Figure 2.22 Industrial water and wastewater capex forecast 2007-2016
- Figure 2.23 Industrial water and wastewater capex forecast 2007-2016
- Figure 2.24 Water treatment chemical s forecast (municipal and
industrial) 2007-2016
- Figure 2.25 US water infrastructure forecast - Treatment plants and
sludge management
- Figure 2.26 US water infrastructure forecast - Total municipal capex
summary
- Figure 2.27 US water infrastructure forecast - Total municipal capex
summary
- Figure 2.28 US water infrastructure forecast - Water network expenditure
- Figure 2.29 US water infrastructure forecast - Sewer network expenditure
- Figure 2.30 US water technologies forecast - Water treatment chemicals
- Figure 2.31 US water technologies forecast (includes industrial market)
- Figure 3.32 US industrial water forecast - Capital expenditure
- Figure 2.33 US water scarcity solutions forecast - reuse
- Figure 2.34 US water scarcity solutions forecast - Desalination
- Figure 2.35 US water scarcity solutions forecast - Summary
3. meeting the challenge of water scarcity
- 3.1 The Challenge of water scarcity
- Figure 3.1 Rate of population growth by state
- Figure 3.2 Renewable fresh water availability by state
- Figure 3.3 Consumption of renewable fresh water by water resources
region, 1995
- Figure 3.4 Effect of dry conditions across the USA, Fall 2008
- Figure 3.5 Themoelectric water demand, 1950-1995
- Figure 3.6 Agricultural water demand, 1950-1995
- Figure 3.7 Industrial water demand, 1950-1995
- Figure 3.8 Domestic water demand, 1950-1995
- Figure 3.9 Per capita domestic water in G8 nations
- Case study Weighing up the possibilities for water production in
southern California
- 3.3 Desalinaiton
- Case study: Carlsbad and Huntingdon Beach desalination plants, California
- Opinion: Desalination is energy-intensive and can cost 5-10 times as
much as alternatives.
- Opinion: Transportation costs for desalinated water need to be factored
in.
- Case study: Problems encountered in Southern Californian groundwater
treatment.
- Opinion: Treating contaminated groundwater costs less than transporting
water long distances.
- Opinion: Treating groundwater adds costs that people aren' t used to
paying
- Case study: wastewater reuse in Southern California.
- Opinion: Wastewater now has real value to the community.
- 3.6 Water Rights
- Commentary: Water rights, the East-West divide.
- Opinion: Conservation credits may be a solution that gives farmers
ongoing value.
- Figure 3.11 Transfers of water rights % of transactions by volume
- Figure 3.12 mean water rights transfer cost per acre-foot of water for
twelve western s¥States
- Opinion The pricing of long distance transfers isn' t working out yet.
4. Investing in the US water market
- 4.1 Overview of investing in the US water market
- Opinion: The strong need of rater makes it a very stable long-term
annuitized-type return.
- 4.2 The Stock market
- Opinion: The market is conservative; new technologies need years to
prove their reliability/
- 4.3 Private Equity
- Opinion: In a changing market, investing in infrastructure can be seen
as a "flight to quality"
- Opinion: Water infrastructure is effectively a low risk, long term
monopoly.
- Opinion: Infrastructure represents a safe place for billions of dollars
of private equity investment.
- Opinion.: As government money goes elsewhere, private investment in
infrastructure is essential.
- 4.4 Federal Investment
- Opinion: Historically, municipalities have used local financing rather
than federal investment.
- 4.5 Private Activity Bonds
- Commentary: How private activity bonds reduce the bias towards pubic
owner ship/construction.
- Commentary: private activity bonds are middle way between tax-free and
corporate bonds.
- Opinion: Historically, water has had no success with private activity
bonds due to caps.
- Opinion: Water will be a major worldwide investment prospect over the
next 20-50 years
- Opinion: "What percentage should we have in water?" is becoming a vital
question for investors.
5. The Outlook of America' s Infrastructure
- 5.1 Overview
- Figure 5.1 Relative capital investment to revenue ration for a range of
utilities
- Commentary: the trends is towards lower grants and higher leverage
through subsidised loans.
- Figure 5.2: EPA 20 year investment requirement estimates
- Figure 5.3 Per capita drinking water needs by state
- Figure 5.4 Per capita wastewater needs by state
- Opinion: Population shifts in either direction will cause water and
wastewater rates to rise
- 5.2 New Technology
- Commentary: The EPA' s increasing effluent quality standards have driven
WWTP technologies.
- Opinion: The margins are higher on final stage treatment technologies
- Opinion: The trend is towards technologies with a smaller footprint.
- Opinion: Although prices are decreasing, adoption takes time because of
the number of buyers
- Opinion: Disposing of sludge is expensive; new technologies enable it to
be treated and sold.
- 5.3 Pipe Networks
- Opinion: The safe Drinking Water Act has led to more investment in
facilities than in networks.
- Opinion: Investment in pipe networks is crucial to avoid a ' perfect
storm' of simultaneous failures.
- Commentary: Trenchless methods for replacing pipes reduce disturbance
and cost.
- Opinion: Municipalities are receiving less in hookup fees, but also have
fewer users to connect.
6. Contract Operations Market
- 6.1 Overview
- Commentary: The early days of the market were limited by short contracts.
- Opinion: The four year election cycle for decision makers is a major
obstacle.
- Opinion: More examples of long-term PPPs are required to convince people
of their worth.
- Opinion: Contracted operations are currently a small part of a large,
fragmented market.
- Opinion: Early on, the municipalities were just ' testing the water' with
the bidding process/
- Figure 6.1 Total revenues for contract operations market (outsourced
water services) 2001-2007
- Figure 6.2 Contract operations market share by company for the ' big
six' , 2007
- Figure 6.3 Contract operations market share by company for the ' big
six' , 2008
- 6.2 The Obstacles
- Opinion: Municipalities already do a good job of operating their
facilities.
- Opinion: The "American Dream" of controlling your own destiny is a
powerful driver in the US.
- Opinion The lack of green field developments in the US is a reason for
relatively slow growth.
- Opinion: Whether contract operations work depends on what is already in
place.
- 6.3 Removing some obstacles
- Opinion: the important factors are efficiency and customer relations.
- Opinion: Bothe municipalities and private entities are trying to make a
profit.
- Opinion: The credit crunch could see increased opportunities for the
private sector
- 6.4 Leasing Water Systems
- Commentary; How leasing a water system might work.
- Case study: The San Francisco Bay area
- Opinion: Presenting a PPP as a lease can make it more palatable to the
community.
- 6.5 An (Optimistic) Conclusion
- Opinion: Partnership with an expert is financially beneficial to both
parties.
- Opinion: The current environment may break the logiam in the public-only
part of the market
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