The Water and Wastewater Industries: What is the Market? What are its Mechanisms?

Authors

  • Leonard S. Hyman CFA Senior Industry Advisor Salomon Smith Barney
  • Andrew S. Hyman PricewaterhouseCoopers

Abstract

Is the water business the last of the quintessential natural mo-
nopolies? Is it different from other businesses? Whether it is or is not,
can government regulators (both economic and environmental) utilize
market based mechanisms and regulatory incentives to bring about
more efficient, economical means of serving consumers with a safe
water supply?

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Author Biographies

Leonard S. Hyman, CFA Senior Industry Advisor Salomon Smith Barney

Leonard S. Hyman, CFA, is a senior industry advisor to Salomon Smith Barney. Previously he was managing director of Fulcrum International Ltd., as well as an independent consultant specializing in the economics and finances of energy and telecommunications utilities.

From 1978 to 1994, as head of the Utility Research Group and first vice president at Merrill Lynch, he supervised and maintained equity research on foreign and domestic energy and telecommunication utilities. He was a member of privatization teams for offerings of British, Spanish, Mexican, Argentine and Brazilian utilities and consultant for other restructuring studies. Prior to joining Merrill Lynch, he was a partner at a New York Stock Exchange member firm and an officer at Chase Manhattan Bank.

Author of America’s Electric Utilities: Past, Present and Future, author of The New Telecommunications Industry: Evolution and Organization and editor of The Privatization of Public Utilities, he has contributed to other books and to professional journals, and is a member of the editorial board of Cogeneration and Competitive Power Journal.

For more than a decade, Mr. Hyman was cited by Institutional Investor as one of the leading research analysts in his field. He is a Chartered Financial Analyst (CFA). He holds a BA from New York University, where he was elected to Phi Beta Kappa, and an MA in economics from Cornell University, where he majored in industrial organization and minored in Latin American studies.

Salomon Smith Barney, Inc., 388 Greenwich St., New York, NY 10013; 212-816-8508.

Andrew S. Hyman , PricewaterhouseCoopers

Andrew S. Hyman works as a senior associate at PricewaterhouseCoopers’ Energy and Utilities practice in Chicago, where he develops and manages the firm’s Internet systems devoted to risk management for the energy sector. He co-authored The Water Business: Understanding the Water Supply and Wastewater Industry. (Vienna, Virginia: Public Utilities Reports, 1998). In addition, he contributed to The New Telecommunications Industry: Meeting the Competition and The Privatization of Public Utilities, both published by Public Utilities Reports. Mr. Hyman graduated with a B.S. in applied physics from Tufts University and holds a master of public policy degree from Vanderbilt University and an M.A. in geography from the University of Illinois at Urbana- Champaign.

PricewaterhouseCoopers, 203 North LaSalle St.; Chicago, IL 60601-1210; 312-701-5564; andrew.hyman@us.pwcglobal.com

References

Robert Miller-Bakewell and Simon Flowers, “Water Competition:

Gordon & John Prod Ian,” Merrill Lynch, March 10, 1999, p. 4.

James C. Bonbright, Principles of Public Utility Rates, (New York:

Columbia University Press, 1961), p. 53.

Ibid.

Bonbright, op. cit., p. 54.

See Shimon Awerbuch, Leonard S. Hyman and Andrew Vesey,

Unlocking the Benefits of Restructuring: A Blueprint for Transmis-

sion (Vienna: VA: Public Utilities Reports, 1999). The concepts de-

veloped for electric transmission could be applied to water utili-

ties.

John E. Petersen, “The Not-So-Great GASB,” Governing, February

, p. 104.

David W. Wirick, with John D. Borrows and Steven Goldberg,

Evaluating Water Utility Financial Capacity with Ratio Analysis and

Discounted Cash Flows (Columbus, OH: The National Regulatory

Research Institute, July 1997), p. 38

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Published

2023-09-30

How to Cite

Hyman, L. S. ., & Hyman , A. S. . (2023). The Water and Wastewater Industries: What is the Market? What are its Mechanisms?. Strategic Planning for Energy and the Environment, 2020(4), 39–52. Retrieved from https://journals.riverpublishers.com/index.php/SPEE/article/view/20457

Issue

2001: Vol 20 Iss 4 2000-2001

Section

Articles