U.S. Private Water: Key Trends, M&A Activity, and Market Outlook, Q3 2023

19 Sep 2023
Available with corporate subscription

M&A activity picks up among leading IOUs after a slow start to 2023. Deal flow increased during Q2 following a quieter first quarter, with American Water and Central States Water Resources ramping up activity across their core service territories. While the total number of approved acquisitions during H1 was the lowest since 2019, the pipeline of pending and announced applications remains packed with 146 deals.

This Quarterly Review highlights key trends, transactions, and competitive shifts in the U.S. private water market. Bluefield’s team of water experts tracks mergers and acquisitions (M&A); service contract awards; and federal, state, and local policy developments on an ongoing basis to provide the most reliable and up-to-date insights for clients addressing opportunities in water.

In this Quarterly Review:

  • NW Natural enters contract service business, following familiar IOU strategy
  • Fair market value (FMV) applications pile up in Texas, Pennsylvania, despite pushback to PA’s Act 12
  • Latest batch of rate case decisions shows uptick in average ROR, ROE


Related Podcast

28 Feb 2023  |  Episode #66 with Charlie Suse

IOU Acquisition Trends: States & Buyers to Watch and Deal Drivers 

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