[미국] 사기업, 5천억 달러의 투자차이 형성

Bluefield Research의 새로운 보고서에 따르면 미국 사기업 시장은 중요한 성장을 위해 준비되고 있다. 식수와 폐수 처리 시설을 위한 기반시설의 투자 차이는 향후 20년동안 5천억 달러 이상으로 예상되고 개정된 규제는 사기업이 미국 물 시장에서 전략적인 투자를 찾을 수 있도록 새로운 기회를 제공한다.

한편, 오마바 대통령이 연방 법으로써 Water Resources Reform and Development Act (WRRDA)에 서명했다. WRRDA는 과거 25년간 국가 물 기반 시설의 문제점이었던 투자 정체 완화를 목적으로 한다. WRRDA을 동반한 제안서는 연방 물 당국의 설립, 민간 물 유착 제거, 지방 재정 개선과 물 네트워크 관리를 위한  public-private partnership (PPP)의 설명지침을 포함한다.

According to a new report from Bluefield Research, private water markets in the United States are poised for significant growth. With an infrastructure investment gap of more than $500 billion for drinking water and wastewater treatment over the next 20 years, a revised regulatory landscape is shaping new opportunities for private players looking to invest strategically in U.S. water.

A major step forward for the market came on June 10, 2014 when President Obama signed the Water Resources Reform and Development Act (WRRDA) into federal law (see: "Obama signs Water Resources Reform and Development Act into law"). WRRDA aims to alleviate investment gridlock, which has plagued national water infrastructure over the past 25 years. A series of private water-friendly proposals accompanies WRRDA, including the creation of a federal water authority, removal of caps on private water bonds, and guidelines for public-private partnership (PPP) legislation to support municipalities' financing upgrades and optimizing management of their water networks.

Currently, private water suppliers operate in a hyper-fragmented market that contains more than 100,000 systems. Privately-owned water supply networks serve 15 percent of the U.S. population. This market structure has challenged companies to realize economies of scale and capture synergies across asset portfolios. However, Bluefield analyzes how a diverse set of strategies -- ranging from greenfield development by independent water suppliers to pursuing the investor-owned utility (IOU) model through acquisitions -- is helping companies enter and grow in the U.S.

A diverse set of strategies -- from greenfield development by independent water suppliers to pursuing the IOU model through acquisitions -- is helping companies enter and grow in the U.S.

"New legislation and M&A potential are piquing the interest of domestic and international players -- particularly those seeking IOU plays," said Keith Hays, VP of Bluefield Research and lead analyst for the report, "U.S. Private Water Market: Opportunities & Strategies, 2014." He continued, "Large scale IOUs have focused their portfolios in states with larger populations and policies favorable to private participation in municipal water, including California, Texas, New York, New Jersey, Pennsylvania, and Florida. In addition, we've witnessed an increase in PPP interest on the part of municipalities in or near the service areas of existing large-scale IOUs."

The field of large-scale IOUs (>50,000 served) has seen several shifts in the past four years as competition for longer-term growth opportunities ramps up. These include new entrants acquiring incumbent IOUs or regional assets (e.g., Macquarie Capital, EPCOR, Corix Utilities, Liberty Utilities), as well as a steady flow of tuck-in acquisitions led by larger players seeking to solidify their regional presence (e.g., American Water, Aqua America, United Water).

In addition, dozens of new companies -- including several international consortia -- are assessing U.S. market entry in light of Detroit Water and Sewage Department's (DWSD) plans for a PPP, which would be the largest such deal in the history of the industry. DWSD has annual operating revenues of nearly $800 million.

The field of large-scale IOUs (>50,000 served) has seen several shifts in the past four years as competition for longer-term growth opportunities ramps up.
In "U.S. Private Water Market: Opportunities & Strategies, 2014," Bluefield Research identifies multiple routes to market that players are pursuing that reflect a wide variance of state attractiveness and openness to private participation.

"Federal legislation may kick start a new phase of water infrastructure spending, but it is not a game-changer in terms of municipal funding options," said Hays. "Proven financial and operational benefits of private network management remain key drivers for more private water deals. In this context, 2014 and 2015 will be important years for firms to assess these opportunities and implement their strategies for a place in the U.S. market."

[출처 = Water World / 2014년 7월 22일]