The Future of Water

How Are Investor-Owned Utilities Reshaping the U.S. Water Market Through M&A?


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Today’s guest, Bluefield Analyst Megan Bondar, joins host Reese Tisdale to unpack the growing role of investor-owned utilities (IOUs) in the U.S. water sector. From calculating market share to tracking M&A activity and geographic expansion, Megan brings fresh insights into how IOUs are positioning themselves in a fragmented market of 49,000 drinking water and 18,000 wastewater systems.

Though IOUs currently serve only about 5% of the U.S. population, their influence is expanding—through acquisitions, capital investments, and shifting ownership strategies. This episode also explores how consolidation is playing out in different forms, including municipal-to-municipal deals and the rise of quasi-public entities.

This episode answers key questions:

  • Who are the IOUs in the U.S., and what’s their footprint?
  • How are IOUs reshaping the water market through M&A?
  • What are the capital strategies behind IOU growth?
  • What role is private equity playing in this sector?
  • How are regional realignments and exits redefining competition?
  • If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven’t already, please click to follow this podcast wherever you listen.

    If you’d like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday.

    Related Research & Analysis:

    • Investor-Owned Utilities in Water: Market Share, Trends, and Company Rankings
    • Nexus’s Utility Sell-Off Goes to American Water
    • Unitil Carves Out Water Presence via Aquarion Platform
    • ...more
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      The Future of WaterBy Reese Tisdale

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