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?

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Related Research & Analysis:

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