Table of Contents

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Section 01

Financing water and wastewater

Chapter 01

Internal cash flow: tariffs and cost recovery

  • Overview
  • Cost recovery
  • Cost recovery policy
  • Cost recovery in practice
  • Cost recovery and politics
  • Tariffs and cost recovery in context
  • The cost of services
  • Domestic water metering
  • Cost recovery data

Chapter 02

Indirect financing: subsidy and cross-subsidy, aid and grants

  • Overview
  • ODA - Official Development Assistance
  • Development of ODA spending on water projects
  • ODA spending on individual countries
  • ODA funding assumptions
  • The EU - funding the cost of accession and compliance
  • The EU’s support mechanisms
  • The EU Cohesion Fund
  • Structural funding
  • Financing the accession process
  • ISPA
  • PHARE
  • Bulgaria and Romania
  • EU funding assumptions
  • Capital spending in context
  • A breakdown of capex funding sources
  • Assumptions used in the data
  • Trends in sources of funding

Chapter 03

Identifying the opportunities for private finance

  • Overview
  • Water tariffs and household incomes
  • How far can we go? Affordability and the limits to tariffs
  • Case study: Block tariffs and service extension in Casablanca
  • Consumer choice: ‘Can’t pay, won’t pay!’
  • Case study: Tariff pressures in France and Germany
  • Tariff limits in practice
  • Estimating capex as a proportion of total spending
  • Case study: Where the money goes in England and Wales
  • Mind the gap - an estimate of future funding needs
  • Surpluses

Chapter 04

Risk and returns

  • Risk issues
  • Non-performing loans
  • Cancelled contracts and renegotiations
  • Cancelled private sector projects
  • Learning to live with risk
  • Regulatory risk
  • Corruption and gullibility risk
  • Market and political risk
  • Environmental risk
  • Public health risk
  • Cash flow risk
  • Returns
  • Debt
  • Equity

Section 02

Opportunities in external financing

Chapter 05

Overview: external financing in practice

  • Overview of capex forecasts, 2006-25
  • Revenue - spending gap
  • General methodology for forecasting funding flows
  • Potential deal flow
  • Potential suitability for private sector finance
  • Timing of market conditions
  • Forecasts for sources of funding
  • Debt and bonds
  • Development banks
  • Project finance
  • Corporate debt - structured obligations
  • Structured finance
  • Synthesised results

Chapter 06

Debt and bonds

  • Overview
  • Bond issuance
  • Debt finance and public sector projects
  • Debt finance in the USA
  • Debt finance and private sector projects
  • Case study: Bond rating and markets in England and Wales
  • Specialist government water finance agencies
  • Clean Water and Drinking Water SRFs in the US
  • Korea Water Resources (Kowaco)
  • Japan Water Agency
  • Nederlandse Waterschapsbank N.V.
  • Rated water companies and municipal utilities
  • Criteria for bond rating
  • Returns
  • Syndicated loans
  • Size and number of syndicated loans
  • Capex contribution
  • Projected contribution to capex of corporate bonds
  • Projected contribution to capex of municipal bonds

Chapter 07

The development banks

  • Overview
  • The World Bank
  • The International Finance Corporation
  • Case studies: IFC loan profiles
  • The African Development Bank
  • The African Water Facility
  • The Asian Development Bank
  • The European Bank for Reconstruction and Development
  • Loan profile: The EBRD and Estonia’s Tallinna Vesi
  • The Inter-American Development Bank
  • The Islamic Development Bank
  • The European Investment Bank
  • The contribution of the development banks

Chapter 08

Equities

  • Overview
  • The function of equity finance
  • Ofwat’s view on equity finance
  • Market listings 1989-2006
  • Privatisations - sale of government or municipal stakes
  • Listings of privately-held companies
  • Demergers
  • Flotations of private sector concessions
  • Case study: Northumbrian Water’s relisting via private equity
  • Maximising shareholder value
  • The core business - optimising activities to sustain dividends
  • Diversification - growth beyond regulatory constraints
  • The multi-utility model brings a multitude of responses
  • The divergence of effluents - water and waste management
  • IPO profile: Tallinna Vesi (Estonia)
  • Listed equities, a country-by-country overview
  • Latin America
  • China and Hong Kong - state entities and entrepreneurs
  • France - traditional market leaders
  • Germany and Austria - ambiguous approaches
  • Rest of Europe
  • Italy - tradition and modernity
  • Malaysia - concessions and recession
  • Asia, the Middle East and North Africa
  • Singapore - home-grown technologies for export markets
  • Spain - from monopoly to diversity
  • UK - WOCs, WASCs and niche players
  • USA - regulated and unregulated markets
  • Case study: China - a shift from international to local private sector players
  • Case studies: New equity markets - India and Korea
  • Case study: Equity finance - United Utilities plc’s rights issue
  • Unlisted equities
  • Capex contributions
  • Companies as capex catalysts, 2006-25

Chapter 09

Project finance

  • Overview
  • Project finance vehicles - BOO/BOT and concession contracts
  • Project finance trends
  • Projects in the pipeline
  • Viewpoint: David Suratgar, Chairman of the Advisory Board, Taylor-DeJongh
  • The UK’s Private Finance Initiative
  • PFI water and wastewater projects in the UK
  • The future for PFI
  • Project finance and developing economies
  • The problem with project finance
  • Case study: Politics - Aguas de Illimani
  • Case study: Forex liabilities - Aguas Argentinas
  • Case study: Corporate debt - Maynilad Water
  • Case study: Management - Azurix
  • The future for international project finance
  • Future funding mechanisms
  • PFI capex forecasts
  • Concession capex forecasts

Chapter 10

Private equity

  • Overview
  • Private equity - a child of our time
  • Case study: Nomura’s bid for Hyder
  • Why private equity?
  • Case study: First Aqua/Southern Water plc
  • Investor profile: Terra Firma’s cautious approach
  • Market development
  • Company profile: South Downs Ltd/Portsmouth Water
  • Company profile: SmVaK/Penta Finance
  • Countries and country conditions
  • Company profile: SAUR/PAI
  • The limits to private equity
  • Moving on - exit routes
  • Projected contribution to capex of private equity

Chapter 11

Securitisation of corporate debt

  • Overview - two markets with a common aim
  • Securitisation of corporate debt
  • Corporate debt securitisations in England and Wales
  • Case study: Refinancing Northumbrian Water
  • Special purpose vehicles and market liquidity
  • Viewpoint: Chris Jones, Finance Director, Glas Cymru Cyf
  • Case study: Glas Cymru - a bond-financed company
  • The future of corporate securitisation

Chapter 12

Structured finance and sub-sovereign debt

  • Overview
  • Viewpoint: James Winpenny, Rapporteur, the Camdessus Report and Gurria Task Force
  • New approaches - learning to live with risk
  • New approaches - pooled finance
  • New approaches - innovative bond structures
  • International initiatives in developing structured finance
  • JBIC in the Philippines
  • DfID’s structured finance initiatives
  • Viewpoint: Richard Parry, InfraCo
  • National developments
  • Mexico - Tlalnepantla Municipal Water Conservation Project
  • Colombia - Findeter
  • Is there an appetite for sustainable investment?
  • Viewpoint: Will Day, WSUP - service extension to the urban poor
  • Structured finance as a potential source of funding

Chapter 13

Buy-side issues

  • Overview
  • The investment universe
  • Why water?
  • Leading funds
  • Equity funds
  • Top 10 holdings
  • Case study: Pictet Funds - Water
  • Hedge funds
  • Private equity and venture capital
  • Water indices
  • Viewpoint: Urs Schön, SAM - Water and Utility Funds
  • Water funds and funding water

Section 03

Sizing the global water and wastewater market

Chapter 14

Capital spending needs - a general introduction

  • Drivers behind current and future spending needs
  • Access to basic services
  • Demographic changes
  • Economic development
  • Potable water
  • Lead in drinking water
  • Arsenic in drinking water
  • Sustainable development
  • Climate change
  • Infrastructure rehabilitation
  • Types of capital spend required
  • The cost of extending water and sewerage services
  • Industry reporting
  • Meeting the MDGs: basic urban services
  • European Union compliance: advanced asset development
  • Costs do not necessarily rise in a straight line
  • Privatisation and private sector players
  • Scenario analysis and methodology
  • Scenario 1 High spending - all stated targets met, on budget and on time
  • Scenario 2 Medium spending - practicalities, compromises and delays
  • Scenario 3 Low spending - significant scaling back from objectives
  • Methodology for cost estimates

Chapter 15

North America

  • Overview
  • Canada
  • Regulation
  • Service coverage
  • Cost estimates
  • USA
  • Regulation - the US EPA
  • The Safe Water Drinking Act
  • The Clean Water Act
  • Federal and other funding and spending
  • Structure of the utility market
  • Ownership of utilities
  • Funding needs
  • Drinking water spending plans
  • Sewerage and sewage treatment spending plans
  • Overall spending needs
  • Market players
  • USA
  • Canada
  • Spending forecasts
  • Scenario 1 High spending (probability of outcome: 10%)
  • Scenario 2 Medium spending (probability of outcome: 60%)
  • Scenario 3 Low spending (probability of outcome: 30%)

Chapter 16

Europe

  • Overview
  • Cost drivers: the European Union
  • Accession timetables
  • The cost of compliance
  • Compliance costs for the pre-2004 member states
  • Water Framework
  • Drinking Water
  • Urban Waste Water Treatment
  • The accession states, Bulgaria and Romania
  • Italy and the ATOs
  • Case study: Amga and sectoral consolidation in Italy
  • The status of water and wastewater infrastructure
  • Connection to water and sewerage services
  • Who provides the service?
  • Market players
  • Spending forecasts
  • Western Europe
  • Scenario 1 - High spending (30% probability)
  • Scenario 2 - Medium spending (50% probability)
  • Scenario 3 - Low spending (20% probability)
  • EU accession states, Bulgaria, Romania
  • Scenario 1 - High spending (40% probability)
  • Scenario 2 - Medium spending (50% probability)
  • Scenario 3 - Low spending (10% probability)
  • Rest of Europe
  • Scenario 1 - High spending (10% probability)
  • Scenario 2 - Medium spending (50% probability)
  • Scenario 3 - Low spending (40% probability)

Chapter 17

Developed Asia

  • Overview
  • Spending drivers
  • Australia
  • Japan
  • New Zealand
  • South Korea
  • Market players
  • Spending forecasts
  • Scenario 1 - High spending (25% probability)
  • Scenario 2 - Medium spending (60% probability)
  • Scenario 3 - Low spending (15% probability)

Chapter 18

Latin America and the Caribbean

  • Overview
  • Spending drivers
  • The politics of water
  • Access to urban water and sanitation services
  • Main markets
  • Brazil
  • Chile
  • Mexico
  • Market players
  • The cost of infrastructure development
  • Spending forecasts
  • Scenario 1 - High spending (10% probability)
  • Scenario 2 - Medium spending (50% probability)
  • Scenario 3 - Low spending (40% probability)
  • CEWWT forecasts

Chapter 19

Rest of the World

  • Overview
  • Spending drivers
  • Meeting the watsan MDGs and the WWV goals
  • Providing household services and a suitable general infrastructure
  • Developing an integrated water, sewerage and sewage treatment infrastructure
  • Desalination
  • Water reuse
  • The politics of water
  • Market players
  • Sub-Saharan Africa
  • East and South East Asia
  • Central and South Asia
  • Spending forecasts
  • Middle East and North Africa
  • Scenario 1 - High spending (25% probability)
  • Scenario 2 - Medium spending (60% probability)
  • Scenario 3 - Low spending (15% probability)
  • Sub-Saharan Africa
  • Scenario 1 - High spending (15% probability)
  • Scenario 2 - Medium spending (45% probability
  • Scenario 3 - Low spending (40% probability)
  • East and South East Asia
  • Scenario 1 - High spending (20% probability)
  • Scenario 2 - Medium spending (55% probability)
  • Scenario 3 - Low spending (25% probability)
  • Central and South Asia
  • Scenario 1 - High spending (15% probability)
  • Scenario 2 - Medium spending (45% probability)
  • Scenario 3 - Low spending (40% probability)
  • CEWWT forecasts

Appendix 1: Corporate activity: mergers and acquisitions

  • Equity stakes in municipal/state entities acquired by listed companies
  • Acquisitions of stakes in subsidiaries of listed companies and unlisted companies
  • Examples of strategic stake acquisitions in listed companies

Appendix 2: Glossary of water and finance terms and abbreviations

List of tables and figures

  • Table 1.1: Water pricing implementation progress, 2000-02
  • Table 1.2: Water tariffs and cost recovery, (US$, %)
  • Table 1.3: Water and sewerage tariffs, 2003-04 (£/m3)
  • Table 1.4: Metering penetration in single-family houses (%)
  • Table 1.5: Cost recovery, by country (%)
  • Table 2.1: OECD commitments and disbursements for water projects, 2002-04 (US$m, %)
  • Table 2.2: ODA water-related commitments and disbursements by country, 2002-04 and as a percentage of total ODA (US$m, %)
  • Table 2.3: ODA for urban water and sewerage capex, 2006-25
  • Table 2.4: EU Cohesion Fund environmental spending, 1993-2004 (€m)
  • Table 2.5: EU structural funding for environment and water in Objective 1 areas, 1994-99, 2000-06 (€m)
  • Table 2.6: EU Structural and Cohesion funding for the new member states, 2004-06 (€m)
  • Table 2.7: Proposed EU funding for Bulgaria and Romania, 2007-09 (€m)
  • Table 2.8: EU grants for urban water and sewerage capex, 2006-25
  • Table 2.9: Funding of capital spending, 2000-05
  • Table 2.10: Contribution to investment for all water related activities in developing countries, 2000-05
  • Table 2.11: Sources of funding for water and wastewater capital spending, by country (%)
  • Table 2.12: Forecast trends in sources of funding, by country, to 2010, to 2015+
  • Table 3.1: Water tariffs as proportion of household income, by country (%)
  • Table 3.2: Water tariffs and household incomes, Hungary, Mexico, USA, 2000-03 (%)
  • Table 3.3: Consumer perception of acceptable range of household income for watsan services (%)
  • Table 3.4: Investment in drinking water supply and sanitation services, 2000-03 (€)
  • Table 3.5: Proportion of investment and current spending on sewerage and wastewater treatment, by country, 1994-2003 (US$, %)
  • Table 3.6: Water and sewerage O+M and capital spending as a proportion of household income in the period 2006-25 (%)
  • Table 3.7: Forecast excess of spending over revenues for the three capital spending scenarios, 2006-25 (US$bn)
  • Table 4.1: World Bank - Projects at Risk, 1995-2005 (%)
  • Table 4.2: World Bank - value and proportion of projects cancelled, 1990-2001 (US$bn, %)
  • Table 4.3: Concession renegotiations in Latin America, 1988-2000
  • Table 4.4: Private sector project cancellations, 2003-05
  • Table 4.5: Private sector projects with uncertain futures
  • Table 4.6: Forecast returns from contracts (%)
  • Table 5.1: Forecast capital spending in countries covered, 2006-25
  • Table 5.2: Revenue-spending gap in countries covered, 2006-25
  • Table 5.3: EU grants and ODA
  • Table 5.4: Debt - corporate bonds
  • Table 5.5: Debt - municipal bonds
  • Table 5.6: Syndicated loans (straight extrapolation)
  • Table 5.7: Development banks and the EIB
  • Table 5.8: Concession project finance
  • Table 5.9: PFI project finance
  • Table 5.10: Corporate debt - structured obligations
  • Table 5.11: Structured finance
  • Table 5.12: Aggregated forecasts for funding flows, 2006-25
  • Table 6.1: Public and private bond issuance in the water market, 2000-05 (US$m)
  • Table 6.2: Public and private bond issuance in the water market, by lead manager/arranger, 2000-05 (US$m)
  • Table 6.3: Government and municipal debt, 2000-05 (US$m)
  • Table 6.4: Private sector debt issuance, 2000-05 (US$m)
  • Table 6.5: US SRFs - source of funds, 1988, 2005 (%, US$bn)
  • Table 6.6: US SRFs, 1988-2025f (US$bn)
  • Table 6.7: New York - sources of SRF funding, 1989-2004, 1997-2004 (US$m)
  • Table 6.8: Kowaco - debt issuance and repayment, 2001-05 (US$m)
  • Table 6.9: NWB - total portfolio of long-term loans granted, 2004, 2003 (€m)
  • Table 6.10: Water companies’ S&P ratings, 1 May 2006
  • Table 6.11: Total syndicated loan issuance, 2000-05 (US$m)
  • Table 6.12: Size and number of syndicated loans, 2000-05 (US$m):
  • Table 6.13: Distribution of syndicated loans, 2000-05 (US$m)
  • Table 6.14: Projected contribution to capex of corporate bonds, 2006-25 (US$bn)
  • Table 6.15: Projected contribution to capex of municipal bonds, 2006-25 (US$bn)
  • Table 6.16: Projected contribution to capex of syndicated loans, 2006-25 (US$bn)
  • Table 7.1: WSS average regional lending, 2000-05 (US$m pa)
  • Table 7.2: World Bank - water resource spending as a proportion of total investments, 1993-2002, 2003-05 (%)
  • Table 7.3: World Bank - water as a proportion of all lending, 1993-2002 (%)
  • Table 7.4: AfDB - water supply and sanitation loans, 1967-2004 (US$m)
  • Table 7.5: African Water Facility spending, 2006-09 (€m)
  • Table 7.6: ADB - regional distribution of proposed water sector loans, 2004-2006 (US$m)
  • Table 7.7: ADB - funding and total number of projects supported per sub-sector, 1974-2006 (US$m)
  • Table 7.8: ADB - planned urban water loans, 2006-08 (US$m)
  • Table 7.9: EBRD - portfolio and number of operations in water and wastewater sector, by product and region, 2004 (€m)
  • Table 7.10: IADB - water-related loan disbursements, 1961-2005 (US$m)
  • Table 7.11: EIB - water and waste management loans, 1999-2004 (€m):
  • Table 7.12: Projected contribution to capex of the development banks, 2006-25 (US$bn)
  • Table 8.1: Water utility privatisations, by country, 1989-2006
  • Table 8.2: Market listings of private water utility companies, by country, 1991-2006
  • Table 8.3: Water utility demergers, by country, 1999-2006
  • Table 8.4: Flotations of private water utility concessions, by country, 1999-2006
  • Table 8.5: UK utility company diversification, 2000-07
  • Table 8.6: Latin America - listed utility companies, 2006
  • Table 8.7: China and Hong Kong - listed water utility companies, 2006
  • Table 8.8: France - listed water utility companies, 2006, (€m)
  • Table 8.9: Germany and Austria - listed water utility companies, 2006 (€m)
  • Table 8.10: Rest of Europe - listed water utility companies, 2006
  • Table 8.11: Italy - listed water utility companies, 2006 (€m)
  • Table 8.12: Malaysia - listed water utility companies, 2006 (Malaysian Ringgit m)
  • Table 8.13: Asia, MENA - listed water utility companies, 2006
  • Table 8.14: Singapore - listed water utility companies, 2006 (S$m)
  • Table 8.15: Spain - listed water utility companies, 2006 (€m)
  • Table 8.16: UK - listed water utility companies, 2006 (£m)
  • Table 8.17: US - listed water utility companies, 2006 (US$m)
  • Table 8.18: Privately-held water companies, by country
  • Table 8.19: Listed and unlisted water companies by region and capex (US$bn)
  • Table 9.1: Project finance of water and wastewater contracts, by region, 2000-06 (US$m)
  • Table 9.2: Global project finance deals, 2004-2005 (US$bn)
  • Table 9.3: Development of water and wastewater contracts, 2000-06 (US$m):
  • Table 9.4: Water and wastewater contracts - advisors and arrangers, 2000-06
  • Table 9.5: Scottish wastewater treatment PFIs, 1998-2006 (£m)
  • Table 9.6: Project Aquatrine, 2003-05 (£m)
  • Table 9.7: Projects Alpha and Omega (£m)
  • Table 9.8: Funds for private sector water and sewerage projects in developing economies, 1990-95, 1996-2003 (US$bn)
  • Table 9.9: Watsan private sector projects - people covered, by region, 2000-05 (m)
  • Table 9.10: International investment strategies of leading water companies
  • Table 9.11: Projected contribution to capex of PFI-type project finance, 2006-25 (US$bn)
  • Table 9.12: Projected contribution to capex of concession project finance, 2006-25 (US$bn)
  • Table 10.1: Private equity buyers, sellers and targets, 2001-06
  • Table 10.2: Private equity deals, 2001-06
  • Table 10.3: Top five private equity firms, by deals arranged, 2000-06 (buyer or seller) (USSbn)
  • Table 10.4: Top five private equity firms, by holdings in 2006 (US$bn)
  • Table 11.1: England and Wales - water company debt securitisations, 2001-05 (£m)
  • Table 11.2: England and Wales - arrangers of water company debt securitisations, 2001-05, (£m)
  • Table 11.3: Projected contribution to capex of securitisation, 2006-25 (US$bn)
  • Table 12.1: EBRD - structure of central Europe and Russia portfolio, 1997, 2003 (%)
  • Table 12.2: Projected contribution to capex of structured finance, 2006-25 (US$bn)
  • Table 13.1: Water sector investment universe, end-2005
  • Table 13.2: Water companies with investment potential (€bn)
  • Table 13.3: Performance of water funds and the MSCI, 2001-05 (%)
  • Table 13.4: Water sector and market index ratios, end-March 2006 (%)
  • Table 13.5: Leading water funds, by net asset value (US$m)
  • Table 13.6: SAM Sustainable Water Fund - breakdown by holdings, country and sectors, end-February 2006 (%)
  • Table 13.7: Water Index Series, issue, value (US$m, €m)
  • Table 13.8: Global Water Equities Portfolio, US Water Equities Portfolio, by sector allocation (%)
  • Table 13.9: Main holdings of water funds and indexes, end Dec 2005 (%)
  • Table 14.1: Urban demand for access to safe watsan services by 2015 (m)
  • Table 14.2: Population growth and urbanisation, 1975-2015 (%)
  • Table 14.3: Watsan connection rates in major cities, 2000 (%)
  • Table 14.4: Cost of watsan systems as % of new build construction costs, (%)
  • Table 14.5: WHO capital spending estimates for connecting urban watsan services, 2000 (US$ per person)
  • Table 14.6: NGO estimates for connecting urban watsan projects (US$ per person)
  • Table 14.7: UN capital spending estimates for connecting watsan projects, 2005 (US$ per person)
  • Table 14.8: Water and sewage treatment construction costs
  • Table 14.9: Capital spending per person for watsan services by region
  • Table 14.10: Cost of complying with the sewerage and wastewater treatment elements of the urban wastewater treatment directive, 1995 prices (€ per capita)
  • Table 14.11: England & Wales total water & sewerage capital spending 1990-2005 (£m)
  • Table 15.1: North America population distribution, 2005, 2025 (m people)
  • Table 15.2: North America urban water and sewage treatment infrastructure, 2000
  • Table 15.3: Canada - Summary of water and wastewater capital spending surveys
  • Table 15.4: US non-compliant water supplies, 1996
  • Table 15.5: US drinking water pipe classification, 1980-2020 (%)
  • Table 15.6: US sewage treatment development, 1982-96 (% of population)
  • Table 15.7: US total federal, state and local spending (US$m at 1997 values)
  • Table 15.8: Estimates of the US water and sewerage market’s size (revenues, with range of figures)
  • Table 15.9: US water provision market structures, 2004
  • Table 15.10: US ownership of utilities, 1995 (people served (m), % population)
  • Table 15.11: US EPA Needs Assessments and related spending forecasts for drinking water infrastructure (US$bn)
  • Table 15.12: US estimated spending on regulatory requirements, current and new regulations, current and future need (US$bn)
  • Table 15.13: US estimated spending on non-regulatory requirements, current and future need, 2005 (US$bn pa)
  • Table 15.14: US sewage treatment works upgrade costs, 2005
  • Table 15.15: US CBO estimated annual average capital spending needs, including financing, 2000-2019 (US$bn)
  • Table 15.16: Comparison of estimated CBO and EPA capital and O+M costs, 2000-2019 (US$bn)
  • Table 15.17: USA - contract operator, people served (m)
  • Table 15.18: Canada - contract operator, people served (m)
  • Table 15.19: Spending forecasts by scenario, 2006-2015, 2016-2025 (US$bn)
  • Table 16.1: Western Europe - population distribution, 2005, 2025 (m)
  • Table 16.2: EU accession states, Bulgaria, Romania - population distribution, 2005, 2025 (m)
  • Table 16.3: Rest of Europe - population distribution, 2005, 2025 (m)
  • Table 16.4: The principal EU water and wastewater-related directives
  • Table 16.5: Compliance timetables for EU water-related directives
  • Table 16.6: Compliance dates, EU accession states, Bulgaria, Romania
  • Table 16.7: Pre-2004 member states - current and anticipated compliance programmes (€bn)
  • Table 16.8: Pre-2004 member states - urban wastewater treatment status, 2002
  • Table 16.9: Pre-2004 member states - UWWTD compliance costs, 1995-2000 (estimate), 2000-05 (forecast) (€bn, 1995 prices)
  • Table 16.10: Accession states, Bulgaria, Romania - estimates for water and wastewater compliance, 1994-98 (€bn)
  • Table 16.11: Accession states - estimates for overall environmental compliance (€bn)
  • Table 16.12: Italy - projected capital spending in ATOs, 2000-2025, (€m)
  • Table 16.13: Western Europe - watsan status, 2000-04 (%)
  • Table 16.14: Accession states, Bulgaria, Romania - watsan status, 2000-04 (%)
  • Table 16.15: Rest of Europe - watsan status, 2000-04 (%)
  • Table 16.16: Services not needing repair in Eastern Europe, 2000-04 (%)
  • Table 16.17: Western Europe - watsan service provision, 2000-04 (%)
  • Table 16.18: Accession states, Bulgaria, Romania - watsan service provision, 2000-04 (%)
  • Table 16.19: Rest of Europe - watsan service provision, 2000-04 (%)
  • Table 16.20: Europe - Contract operator, by country, people served (m)
  • Table 16.21: Spending forecasts
  • Table 17.1: Developed Asia urban population distribution, 2005, 2015, 2025 (m)
  • Table 17.2: Developed Asia - urban water and sewage treatment infrastructure (%)
  • Table 17.3: Australia - estimated water and wastewater costs, 2001-05 (A$m)
  • Table 17.4: Australia - condition of water infrastructure, 1999-2005
  • Table 17.5: Australia - watsan engineering costs, 1996-2012 (A$m)
  • Table 17.6: New Zealand - water and wastewater costs, 2005-2026 (NZ$m)
  • Table 17.7: South Korea - water and sewage treatment infrastructure, 1995, 2001, 2011 (%)
  • Table 17.8: Developed Asia - watsan service provision (%)
  • Table 17.9: Developed Asia - contract operator, by country, people served (m)
  • Table 17.10: Developed Asia - spending forecasts, 2006-15, 2016-25, 2006-25 (US$bn)
  • Table 18.1: Latin America and the Caribbean urban population distribution, 2005, 2015, 2025 (m)
  • Table 18.2: Latin America and the Caribbean - population with access to improved services, 1990, 2002 (%)
  • Table 18.3: Latin America and the Caribbean - population needed to be served to meet the 2015 MDGs and the 2025 WWV (m)
  • Table 18.4: Chile - urban capital spending programmes and plans (US$m)
  • Table 18.5: Mexico - watsan spending estimates, 2001-06, 2007-12, 2013-25 (US$m)
  • Table 18.6: Mexico - long-term strategic goals, coverage and cost, 2000, 2025 (Mex$bn, %)
  • Table 18.7: Latin America and the Caribbean - contract operator, by country, people served (m)
  • Table 18.8: Latin America and the Caribbean - cost of distribution infrastructure to meet 2015 MDGs and 2025 WWV (US$m)
  • Table 18.9: Latin America and the Caribbean - cost of water and wastewater treatment infrastructure for full service, 2002, 2025 (US$m)
  • Table 18.10: Latin America and the Caribbean - rehabilitation cost for extant infrastructure (US$m)
  • Table 18.11: Latin America and the Caribbean - high spending forecast (US$m)
  • Table 18.12: Latin America and the Caribbean - medium spending forecast (US$m)
  • Table 18.13: Latin America and the Caribbean - low spending forecast (US$m)
  • Table 18.14: Latin America and the Caribbean - spending forecasts, 2006-15, 2016-25, 2006-25 (US$bn)
  • Table 19.1: Middle East and North Africa urban population distribution, 2005, 2015, 2025 (m)
  • Table 19.2: Sub-Saharan Africa urban population distribution, 2005, 2015, 2025 (m)
  • Table 19.3: East and South East Asia urban population distribution, 2005, 2015, 2025 (m)
  • Table 19.4: South and Central Asia urban population distribution, 2005, 2015, 2025 (m)
  • Table 19.5: MENA - population with access to improved services, 1990-2002 (%)
  • Table 19.6: Sub-Saharan Africa - population with access to improved services, 1990-2002 (%)
  • Table 19.7: East and South East Asia - population with access to improved services, 1990-2002 (%)
  • Table 19.8: Central and South Asia - population with access to improved services, 1990-2002 (%)
  • Table 19.9: MENA - population needed to be served to meet the 2015 MDGs and the 2025 WWV (m)
  • Table 19.10: Sub-Saharan Africa - population needed to be served to meet the 2015 MDGs and the 2025 WWV (m)
  • Table 19.11: East and South East Asia - population needed to be served to meet the 2015 MDGs and the 2025 WWV (m)
  • Table 19.12: Central and South Asia - population needed to be served to meet the 2015 MDGs and the 2025 WWV (m)
  • Table 19.13: MENA - contract operator, by country, people served (m)
  • Table 19.14: Sub-Saharan Africa - contract operator, by country, people served (m)
  • Table 19.15: East and South East Asia - contract operator, by country, people served (m)
  • Table 19.16: Central and South Asia - contract operator, by country, people served (m)
  • Table 19.17: MENA - high spending scenario (US$m)
  • Table 19.18: MENA - medium spending scenario (US$m)
  • Table 19.19: MENA - low spending scenario (US$m)
  • Table 19.20: Sub-Saharan Africa - high spending scenario (US$m)
  • Table 19.21: Sub-Saharan Africa - medium spending scenario (US$m)
  • Table 19.22: Sub-Saharan Africa - low spending scenario (US$m)
  • Table 19.23: East and South East Asia - high spending scenario (US$m)
  • Table 19.24: East and South East Asia - medium spending scenario (US$m)
  • Table 19.25: East and South East Asia - low spending scenario (US$m)
  • Table 19.26: Central and South Asia - high spending scenario (US$m)
  • Table 19.27: Central and South Asia - medium spending scenario (US$m)
  • Table 19.28: Central and South Asia - low spending scenario (US$m)
  • Table 19.29: MENA - spending forecasts, 2006-15, 2016-25, 2006-25 (US$bn)
  • Table 19.30: Sub-Saharan Africa - spending forecasts, 2006-15, 2016-25, 2006-25 (US$bn)
  • Table 19.31: South East and East Asia - spending forecasts, 2006-15, 2016-25, 2006-25 (US$bn)
  • Table 19.32: Central and South Asia - spending forecasts, 2006-15, 2016-25, 2006-25 (US$bn)
  • Table App 1.1: Completed acquisitions of listed companies, by bidding and target company, 1998-2006, (US$m)
  • Table App 1.2: Completed acquisitions of stakes in municipal/state entities, by bidding company and target, 1997-2006 (US$m)
  • Table App 1.3: Completed acquisitions of stakes in subsidiaries, by bidding and target company, 1999-2006 (US$m)
  • Table App 1.4: Completed acquisitions of strategic stakeholdings, by bidding and target company, 1999-2006 (US$m)
  • Figure 2.1: DAC ODA disbursements, 1973-2004 (US$m)
  • Figure 4.1: Private finance, contract operation and contract risk
  • Figure 4.2: Private finance, project size and risk
  • Figure 11.1: Example of a water company securitisation
  • Figure 12.1: Structure of the Tamil Nadu WSPF bond
  • Figure 12.2: Structured obligations - flow of funding