Under every street is a network of pipes, valves, and meters that keeps a whole city alive. But most of it was buried 50–100 years ago and has started to crack and leak — the US loses ~6 billion gallons of treated water a day to leaks. This node is the "physical body" of the water system: pipes and valves (the network) · stormwater systems (handling the heavier rains of a warming planet) · and smart meters (finding leaks and billing accurately). It's the hardware that gets replaced and upgraded as the old structure ages and the climate gets more extreme.
RBC Downgrades Mueller Water to Underperform on Municipal Spending Slowdown
RBC Capital downgraded Mueller Water Products to Underperform from Sector Perform and cut its price target to $21 from $30, sending shares down 3.2% in Thursday's trading. Analyst Jeffrey Reive said the consensus expectation for 4% FY 2027 revenue growth does not reflect the combined headwinds of fading federal stimulus, hydrant backlog normalization, and ongoing residential softness. Reive considers Mueller one of the most exposed stocks in RBC's coverage to a slowdown in municipal water spending, since its core valve and hydrant business is tied to municipal project activity and funding availability, and he believes it lacks the structural buffer against near-term funding shifts that peers such as Badger Meter or Veralto possess. He said his concern is not with execution but with expected pressure from a falloff in federal stimulus that is fully reflected in consensus estimates, adding that the hydrant backlog workdown supporting FY 2026 revenue growth is unlikely to repeat, which he sees as a $35M headwind with limited offsets as residential construction still tries to find a bottom.
ABB launches AquaMaster+ digital platform for water networks in India
ABB has launched AquaMaster+, a digital platform for smart water network management designed to help water utilities in India monitor, analyze and manage their networks, prevent pipeline water losses and optimize operations. The integrated platform combines hardware, advanced software capabilities and cloud-based decision-making tools, and is available to water companies using ABB's AquaMaster4 flowmeters or as a standalone software solution that can be integrated into existing systems. The launch builds on ABB's AquaMaster electromagnetic flowmeters, which mark 20 years in India, growing from a first installation in Bengaluru to nearly 2,000 units across 15 cities in eight states, including Gujarat, Rajasthan, Odisha and Delhi, with Bengaluru alone running some 500 units. AquaMaster+ offers fleet-level insights with GIS mapping as well as device insights covering flow and pressure shifts, device diagnostics and remote configuration, which improves response times and reduces travel costs. Raghu Kumar NV, Global Product Manager in ABB's Measurement & Analytics division, said the platform connects water utilities to crucial flow measurement insights to help the water sector outrun, leaner and cleaner.
Perma-Pipe Posts 24.4% Sales Growth, $142.3 Million Backlog
Perma-Pipe International Holdings reported second-quarter net sales of $59.6 million, up 24.4% year over year, with backlog reaching $142.3 million as of July 31, up 17% from $121.6 million at the start of the fiscal year on January 31. The company added $67.8 million in new orders during the quarter and pointed to a $900 million pipeline of active quoting and proposal work, while its leak detection unit has locked in 80% of its full-year bookings target. Two new plants are driving the expansion: an Ohio facility aimed at the data center market ramping toward full production in early 2027, and a Qatar plant serving QatarEnergy and regional customers, while Saudi Aramco has qualified a new Perma-Pipe product line for its energy expansion program. The company also signed a memorandum of understanding with Welspun to form a joint venture in Jordan tied to the National Water Carrier Program, and secured a new $90 million credit facility with JPMorgan Chase plus $50 million of additional incremental capacity. Gross margin slipped to 29.2% from 30.1% a year earlier, weighed down by $500,000 in Ohio startup costs and a $3.9 million full write-off of a receivable tied to a single customer's deteriorating finances, while six-month net income attributable to common stock fell to $4.3 million from $5.8 million and total debt rose to $36.1 million from $32.5 million.
Jacobs selected for $750 million Utah water infrastructure program
Jacobs has been selected by the Central Utah Water Conservancy District to provide engineering services for the proposed Strawberry High Line Improvement Project, a critical water infrastructure program with an estimated $750 million construction value. The project will transform the historic Strawberry High Line Canal into a modern, pressurized water system by replacing the open-water canal with a buried pipeline, serving both agricultural users and growing urban communities across south Utah County and eastern Juab County. In a joint venture with Bowen Collins & Associates, Jacobs is expected to provide design and construction-phase support services, including new pipelines and a pump station, to support water delivery to a future population of approximately 420,000 people. The corridor would also be repurposed with an integrated regional trail, providing a recreational amenity and improving community connectivity.
England declares 71.3% of its area in drought after lowest rainfall in 190 years
The National Drought Group of England declared additional areas to be in drought on Monday, bringing the total to 71.3% of England now facing flash drought. This follows July rainfall being the lowest in 190 years, and August rainfall so far at only 5% of expected levels. Around 45 million people live in drought-affected areas, and more than 27 million are under water restriction measures. The Water Minister said the government recognises the hardship, especially the impact on farmers from climate change, which is causing more frequent floods and droughts.
Mueller Water Products raises fiscal 2026 adjusted EBITDA guidance to $367–$372 million
Mueller Water Products raised its fiscal 2026 adjusted EBITDA guidance to a range of $367 million to $372 million after reporting record third-quarter results. Net sales rose 4.1% to $395.9 million, adjusted EBITDA increased 24.3% to a record $107.4 million, and adjusted diluted earnings per share climbed 47.1% to $0.50. The company benefited from pricing actions, tariff refunds, cost controls, and resilient municipal infrastructure demand, with Water Management Solutions sales up 10.3% and adjusted EBITDA surging 43.6%. Management cautioned that no further tariff refunds are expected and that tariff-related costs and seasonal pressures will affect the fourth quarter, while also narrowing its full-year net-sales growth forecast to 2.8% to 3.5%.
The cabinet has approved the Lower Phetchaburi River Basin flood mitigation royal initiative project in Phetchaburi province, with a budget framework of 14.7 billion baht and a 10-year implementation period from fiscal year 2027 to 2036. The Royal Irrigation Department will be the executing agency. The project involves improving and excavating a new drainage canal spanning 38.92 kilometres, from above Phet Dam in Tha Yang district to the discharge point into the Gulf of Thailand in Cha-am district, to increase drainage capacity and reduce flood damage across an area of more than 33,690 rai. The cabinet also approved the use of approximately 162 rai of mangrove forest area at the discharge point into the Gulf of Thailand, with relevant agencies required to strictly comply with environmental measures, and instructed the Ministry of Agriculture and Cooperatives to expedite fair compensation payments to affected residents.
Ningbo Construction subsidiary wins 465 million yuan Sichuan Mianyang water resources upgrade EPC project
Ningbo Construction announced that a consortium formed by its controlled subsidiary Ningbo Municipal Engineering Construction Group and Sichuan Heyixin Engineering Survey and Design Company has won the design and construction EPC project for the water resources upgrade in Tashan area, Santai County. The winning bid price is 465 million yuan. The project is located in Santai County, Mianyang City, Sichuan Province. Construction includes renovating 382.67 kilometers of channels, building 84 kilometers of patrol roads, upgrading 2,517 small structures, and comprehensively treating 10 kilometers of river channels, with a construction period of 720 calendar days. In the consortium, Ningbo Municipal Engineering Construction Group acts as the lead party responsible for construction general contracting, while Sichuan Heyixin is responsible for design work. As of the announcement date, the formal contract has not yet been signed, and there is uncertainty regarding contract signing and performance.
Vulcan Value Partners Adds Badger Meter to Small-Cap Strategy
Vulcan Value Partners purchased Badger Meter, Inc. during the second quarter of 2026, adding the water-meter manufacturer to its small-cap strategy. Badger Meter is the only pure-play, publicly traded manufacturer of water meters in North America, supporting over 50,000 water utilities and controlling roughly 85% of the market alongside two other players. The firm highlighted that 85% of Badger Meter's revenue comes from replacement demand, and it expects operating performance to improve as the company executes against a strong pipeline of opportunities. Badger Meter closed at $133.54 per share on July 29, 2026, with a market capitalization of $3.87 billion, and its shares lost 29.38% over the past 52 weeks. Vulcan Value Partners noted the company's long history of profitable growth, net cash balance sheet, and management compensation tied to free cash flow conversion and returns on invested capital.
Disaster Prevention and Mitigation Department warns 6 central provinces and Bangkok to monitor high sea levels from 28 July to 1 August
The Department of Disaster Prevention and Mitigation has issued a warning for six central provinces and Bangkok to monitor high sea levels between 28 July and 1 August 2026. Director-General Theerapat Kachamat revealed that data from the Hydrographic Department of the Royal Thai Navy indicates that between 6 p.m. and 9 p.m. on those days, sea levels will rise high enough to potentially cause water to overflow riverbanks and flood low-lying areas along rivers and canals, as well as communities outside flood barriers and areas without permanent flood defences. The areas under watch include Pathum Thani, Nonthaburi, Nakhon Pathom, Samut Sakhon, Samut Songkhram, and Samut Prakan provinces, as well as Bangkok. The department has coordinated with the provinces to publicise warnings for the public and relevant agencies to closely monitor the situation.
Thai Meteorological Department warns of heavy rain nationwide, with flash flood risks in the Northeast, East, and South
The Thai Meteorological Department warns that heavy to very heavy rain is expected across many parts of Thailand. The Northeast, East, and South will see very heavy rain in some areas, while the North, Central region, including Bangkok and its vicinity, will experience heavy rain in some places. This is due to a monsoon trough passing through the upper North and Northeast, combined with a relatively strong southwest monsoon prevailing over the Andaman Sea, Thailand, and the Gulf of Thailand. People are advised to beware of the dangers from heavy to very heavy rain and accumulated rainfall, which may cause flash floods and forest runoff, especially in foothill areas near waterways and low-lying areas. For wind and waves, the upper Andaman Sea has relatively strong winds with waves 2 to 3 meters high, and over 3 meters in thundershowers. The lower Andaman Sea and upper Gulf of Thailand have waves about 2 meters high, and over 2 meters in thundershowers. Mariners should proceed with caution and avoid sailing in thundershowers. Small boats in the upper Andaman Sea should keep ashore during this period.
ONWR Confirms Sufficient Water Reserves to Cope with Strong El Niño Late Next Year
The Office of the National Water Resources has confirmed that there is sufficient water supply for water management this year, even though the Meteorological Department forecasts that El Niño will intensify to a very strong level from October to December 2026. The four main dams in the Chao Phraya River Basin had a combined usable water volume of 17.245 billion cubic meters as of November 1, 2025, which is higher than the 4.247 billion cubic meters recorded during the El Niño period in 2015. It is projected that as of November 1, 2026, the usable water volume will be 12.105 billion cubic meters. The ONWR has also instructed all agencies to prepare without complacency, especially in areas outside irrigation zones, while urging farmers to cultivate according to plans and calling on all sectors to conserve water. At the same time, it has ordered inspections of waterway obstructions to improve drainage efficiency in line with measures for the 2026 rainy season.
PowerChina signs subcontract for Basra desalination water conveyance system in Iraq worth about 8.925 billion yuan
A subsidiary of PowerChina, Sinohydro Bureau 5, has signed a subcontract with Iraq's Rida Company for the water conveyance system of the Basra desalination project in Iraq, with a contract value equivalent to approximately 8.925 billion yuan. The project is located in Basra Province, Iraq, and the main scope of work involves the design and construction of a water conveyance system with a daily supply capacity of 1 million cubic meters, including a roughly 240-kilometer water pipeline, one main pumping station, and nine receiving pumping stations. The project timeline consists of a six-month limited commencement period plus 1,350 days for the main works, with a defects liability period of 24 months.
Cabinet approves 843 million baht central budget to restore irrigation systems in five southern provinces
The cabinet has approved a central budget of 843.26 million baht for the Royal Irrigation Department to repair and restore irrigation systems damaged by floods in five southern provinces: Songkhla, Satun, Yala, Pattani, and Narathiwat, covering a total of 67 projects. This project draws funds from the fiscal year 2026 expenditure budget under the emergency or necessary reserve fund. Examples of works include repairing the R.1 drainage canal in Songkhla province and repairing the right-bank main canal embankment in the Pattani water delivery and maintenance project. The prime minister stressed that relevant agencies must use the funds strictly for their intended purposes, expedite completion, and prioritize economy, value for money, and public benefit.
Cabinet approves budget increase for Khlong Tong drainage canal to 359 million baht to solve Hat Yai flooding
The Cabinet has approved an increase in the debt commitment framework for the Khlong Tong drainage canal construction project from 315 million baht to 359.52 million baht, along with a two-year extension of the debt commitment period from fiscal years 2020 to 2025 to 2020 to 2027. Deputy Government Spokesperson Captain Pattaradarasami Thongsaluaykorn revealed that the 44.52 million baht increase stems from the need to adjust construction plans to match actual site conditions, such as realigning the canal, relocating the water gate, and adding drainage system works. The project spans four kilometers and is located in Phatong Subdistrict, Hat Yai District, Songkhla Province. Once completed, it will enhance drainage efficiency, reduce flood damage during the rainy season, and can be developed into a recreational area and community fish breeding ground in the future.
China maintains Level 4 flood emergency response in Guangxi, Hubei, Hunan
China's Ministry of Water Resources has kept in place a Level 4 emergency flood control response in Guangxi Zhuang Autonomous Region, Hubei Province, and Hunan Province. This follows heavy to torrential rain across central and southern China from Sunday morning to Monday morning, July 19 to 20, which pushed water levels in eight small and medium rivers in Yunnan, Guangxi, Guangdong, Anhui, and Shanghai above warning thresholds, with the highest exceeding by 0.91 meters. The ministry also issued early warning notices for eight provincial-level regions, including Hebei, Inner Mongolia, Anhui, Jiangxi, Shandong, Hunan, Guangdong, and Guangxi, and urged strengthened safety in reservoir operations, flood prevention along small and medium rivers, and vigilance against flash floods. China has a four-tier flood control emergency response system, with Level 1 being the most severe.
Badger Meter Stock Outperforms Despite Lower Earnings Forecasts
Badger Meter has drawn fresh investor attention after its stock outperformed the Zacks S&P 500 composite and its industry group, even as forecasts point to lower earnings for the current quarter and fiscal year. The stock's 30-day return of 11.01% and 90-day return of 29.38% contrast with a year-to-date decline of 15.26% and a one-year total shareholder return decline of 38.19%, suggesting recent momentum has picked up after a weaker stretch for longer-term holders. With a Zacks Rank of 3, or Hold, the company is expected to perform roughly in line with the broader market, while expectations for an earnings increase in the next fiscal year are prompting many investors to reassess the stock. The most widely followed narrative estimates a fair value of $147.00, slightly below the last close of $149.48, implying the stock is about 2% overvalued. Badger Meter's continued success with its BEACON SaaS platform, BlueEdge suite, and recent SmartCover acquisition positions it to capture growing demand from utilities for advanced metering and monitoring solutions, supporting high single-digit revenue growth targets over the long run.
Xeriant Wins U.S. Patent for Fire-Resistant Composite, Argo Names Graphene Inventor as CEO, and Aecon-Southland JV Lands C$815 Million Winnipeg Contract
Three companies announced major developments in advanced materials and infrastructure. Xeriant was awarded a U.S. patent for its multilayer fire-resistant composite technology that underpins its NEXBOARD eco-friendly construction panel, which has already achieved an ASTM E84 Class A fire rating and passed the NFPA 286 full-room corner burn test. Argo Graphene Solutions appointed Dr. Vikas Berry, the inventor of its STREAM graphene production platform, as CEO to accelerate commercialization under an exclusive worldwide licensing agreement. Meanwhile, a consortium of Aecon Group, MWH Constructors, and Oscar Renda Contracting received an approximately C$815 million progressive design-build contract from the City of Winnipeg for the North End Water Pollution Control Centre Biosolids Facilities upgrade, with Aecon’s one-third share to be added to its Construction segment backlog in the third quarter of 2026 and Southland Holdings, parent of Oscar Renda, adding its roughly C$272 million share to its Civil segment backlog.
Pennsylvania American Water awarded over $64 million in PENNVEST funding for water infrastructure projects
Pennsylvania American Water has been awarded grants and low-interest loans totaling $64,106,000 from the Pennsylvania Infrastructure Investment Authority, known as PENNVEST, to support water infrastructure improvement projects in Allegheny, Cumberland and Susquehanna counties. The funding includes a $2,694,306 grant and a $6,205,694 loan to replace approximately 575 lead and galvanized lead-impacted water service lines in Dormont Borough, Allegheny County, with the loan carrying a 1.00% interest rate over 25.25 years. A PFAS treatment project at the Silver Spring Water Treatment Plant in Cumberland County, which serves about 85,000 people across 12 municipalities, received a $2,447,879 grant and a $27,758,121 loan, with interest terms of 1.743% for the first five years and 2.179% for the remainder of the 20-year loan period. In Susquehanna County, a $25,000,000 loan will fund construction of a new water treatment plant in Harmony Township to replace aging infrastructure serving more than 4,200 customers, with interest at 1.00% for the first five years and 1.743% thereafter over 20 years. Since July 2024, PENNVEST has awarded Pennsylvania American Water more than $261.6 million in total funding, including $29 million in grants and $231 million in low-interest loans, to advance water and wastewater infrastructure across the state.
UN ESCAP publishes Lead Service Line Replacement Cost Calculator on Urban SDG Knowledge Platform
Environmental & Public Health International announced that its Lead Service Line Replacement Cost Calculator has been published as a case study by the Urban SDG Knowledge Platform, jointly managed by CityNet and supported by the United Nations Economic and Social Commission for Asia and the Pacific. The free, multilingual modeling tool helps governments, utilities, and community leaders plan and estimate the cost of lead service line replacement, advancing safer water access, infrastructure equity, and climate adaptation planning. The publication expands access to practical tools that advance equitable and climate resilient drinking water infrastructure across the Asia Pacific region. The Urban SDG Knowledge Platform, established by UNESCAP, the Seoul Metropolitan Government, and CityNet, serves as a regional mechanism for knowledge sharing and city-to-city cooperation for sustainable urban development.
Johnson Cosumnes Mitigation Bank Approved in Sacramento County
Westervelt Ecological Services announces the approval of the Johnson Cosumnes Mitigation Bank, a 217-acre floodplain restoration project in Sacramento County, California. The bank was approved by the U.S. Army Corps of Engineers, U.S. Environmental Protection Agency, and California Department of Fish and Wildlife. Credits will be immediately available to support regional mitigation requirements, with an additional release of credits this fall when construction is completed. The bank protects habitat along the Cosumnes River, expanding the floodplain of the last undammed river in California’s Central Valley, and marks Westervelt’s fifth restoration project adjacent to the 50,000-acre Cosumnes River Preserve. The bank site is permanently protected through a conservation easement held by the Sacramento Valley Conservancy, with long-term management funding provided by the National Fish and Wildlife Foundation.
Nearly 8 in 10 California Voters Want a Governor Who Prioritizes Water
A new statewide survey finds 77% of California voters are more likely to support a gubernatorial candidate who prioritizes improving water reliability and affordability. The poll, conducted by the Association of California Water Agencies and FM3 Research, shows support across party lines, including 83% of Democrats, 77% of Independents, and 67% of Republicans. Other findings reveal 93% say safe and reliable water supplies are critical to addressing California’s goals, 88% think the state needs to modernize water infrastructure to protect clean drinking water, and 87% believe infrastructure construction must be accelerated to prepare for droughts, floods, and changing climate conditions. ACWA’s Vision for Our Water Future initiative aims to elevate water as a top priority for the next governor and state officials.
Blackstone Energy Transition Partners to Acquire Dresser Utility Solutions from First Reserve
Blackstone Energy Transition Partners has agreed to acquire Dresser Utility Solutions from First Reserve, marking the first investment of the most recent vintage of Blackstone's private equity energy transition vehicle. Dresser, founded in 1880 and headquartered in Houston, provides metering technology, digital instrumentation, pressure and flow control solutions, and infrastructure repair products for gas and water utilities. The company employs approximately 850 people globally and helps customers modernize aging utility infrastructure. Terms of the transaction were not disclosed, and the deal is subject to customary closing conditions.
Ameresco Wins Two Texas Water-Metering Contracts Worth Over $5 Million
Ameresco announced two Advanced Metering Infrastructure contracts with Baytown and Shenandoah, Texas, representing more than $5 million in combined investment. The projects will modernize water metering infrastructure with near real-time usage data, hourly consumption visibility, faster leak detection, and integration with each city's utility billing platform. While not a direct data-center cooling contract, the work is relevant to AI infrastructure because water efficiency is becoming a practical constraint for large, heat-intensive facilities. Ameresco already serves data centers through energy infrastructure and efficiency work, and its water-management capabilities add another layer to that positioning.
Pennsylvania American Water Urges Wise Water Use Amid Rising Drought Concerns
Pennsylvania American Water is urging customers to practice wise water use as hotter, drier conditions raise drought concerns across the commonwealth. Approximately 30% of Pennsylvania is experiencing abnormally dry conditions, with 15 counties under drought watch and four under drought warning, according to the U.S. Drought Monitor and the state Department of Environmental Protection. The company recommends watering early or late to minimize evaporation, using rain barrels, checking sprinklers, and fixing household leaks, noting that 10% of homes have leaks wasting 90 gallons or more per day. Customers can monitor usage through the MyWater portal.
Calgon Carbon Wins AWWA Innovation Award for PFAS Destruction Breakthrough
Calgon Carbon Corporation has won the 2026 American Water Works Association Innovation Award for research demonstrating that per- and polyfluoroalkyl substances, or PFAS, are destroyed during the company's proprietary thermal reactivation of granular activated carbon used in drinking water treatment. The peer-reviewed study measured a destruction removal efficiency greater than 99.9% under state-of-the-art test methods, confirming that the process removes PFAS to non-detectable levels on the reactivated carbon, which is then returned to water utilities for continued use. The award was presented during the Water Industry Luncheon at the AWWA Annual Conference and Exposition in Washington, D.C., and coincides with Calgon Carbon's launch of its Filtrasorb Rx brand of reactivated carbon for municipal drinking water. The research supports a circular treatment approach, reducing the need for disposal of PFAS-laden media while addressing one of the most significant water quality challenges facing communities worldwide.
1UP Plumbing Deploys Advanced Leak Detection Technology for Phoenix Homeowners
1UP Plumbing has announced the deployment of advanced leak detection technology to help Phoenix homeowners identify hidden water leaks that contribute to water waste and increased utility bills. The company's enhanced detection capabilities utilize acoustic sensors, thermal imaging, and pressure testing to locate leaks behind walls, under foundations, and within underground pipes. Operations Director Terrence Kay stated that a single undetected leak can waste up to 10,000 gallons of water per year while potentially causing thousands of dollars in structural damage. The initiative addresses growing concerns about water conservation and rising utility costs in the desert Southwest, where the company has documented cases of single-family homes losing hundreds of gallons daily through pinhole leaks, slab leaks, and deteriorating supply lines. 1UP Plumbing has been serving the Phoenix area since 2023, offering comprehensive plumbing services for residential and commercial properties.