Corporate vultures': how Americans fearing higher water bills are fighting takeovers

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https://www.theguardian.com/us-news/2022/jan/25/corporate-vultures-americans-fearing-higher-water-bills-fight-takeovers

by Nina Lakhani

Exceprt:

. . . Private companies mostly target financially distressed local governments and utilities looking for cash injections to clear debts, upgrade infrastructure or fund popular public services without raising taxes. Industry friendly laws means this often comes at a cost for residents: nationwide, one in 10 people currently depend on private water companies, whose bills are on average almost 60% higher than those supplied by public utilities.

In Pennsylvania, Aqua already owns numerous utilities and its most recent rates proposal would, if approved by the state regulator, lead to almost half a million households paying on average 17% more for their drinking water than they currently pay. Wastewater bills would rise by 33%.

CWA warns that the Aqua deal could cost its customers more than $1bn in higher bills over the next 20 years – and threatens public access to the reservoir and its landholdings, 2,000 acres that protects the watershed and wildlife.

“We pride ourselves on providing quality water that our residents can afford. We’re not in any trouble, and we’re the best custodians of this precious natural resource because we don’t have to worry about shareholders or dividends,” said Cindy Leitzell, chair of the CWA board.

Nationwide, dozens of new privatisation deals are under consideration, according to Global Water Intelligence, with 14 major acquisitions (each worth at least $10m) pending across five states, with a combined value of almost $800m, according to S&P Global Market Intelligence.

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1. Privatization Always Inserts Private-for-Profit

There is no way privatization ever saves money. It always inserts a private interest profit center into whatever service is being privatized.