PUB, Singapore's National Water Agency, spent S$1,875.6 million on operations in FY2024/25 (year ended March 31, 2025) against operating income of S$1,560.0 million. The S$315.5 million shortfall was covered by S$488.7 million of government operating grants.
From balance to deficit
Four years earlier the two lines were almost level. In FY2020/21 PUB reported operating income of S$1,419.0 million and operating expenses of S$1,408.9 million. Since then expenses have risen 33.1% and income 9.9%. Expenses have exceeded income in every year since FY2021/22, and the FY2023/24 gap was S$320.2 million.
Prices rose, but late in the period
Singapore raised the price of potable water by S$0.50 per m³ in two steps. The domestic price for the first 40 m³ a month went from S$2.74 to S$2.94 on April 1, 2024, and to S$3.24 on April 1, 2025. PUB cited higher electricity, construction, chemical and maintenance costs, and greater reliance on NEWater and desalination. Only the first step fell inside FY2024/25.
Borrowing has doubled
PUB's borrowings, made up of unsecured fixed-rate bonds, doubled from S$1,000.0 million in FY2020/21 to S$2,025.0 million at March 31, 2025. They include green bonds of S$800 million issued in 2022 and S$325 million in 2024. Against total assets of S$11,501.2 million, the debt load remains moderate.
More energy-hungry capacity is coming
The Tuas Water Reclamation Plant is due to begin progressive commissioning from 2027, and PUB projects that its energy and emissions footprint could quadruple by 2065 as NEWater and desalination grow.
What PUB operates across its four National Taps, how far its used-water build-out has progressed, how losses and household use compare with targets, and which milestones to watch through 2065 are set out in the full profile. The full report, Utility Intelligence Profile: PUB, Singapore's National Water Agency, is available for USD 99 at https://ourfuturewaterintelligence.com/reports/pub-singapores-national-water-agency-utility-intelligence-profile. For a free overview, read the PUB, Singapore's National Water Agency Utility Snapshot at https://ourfuturewaterintelligence.com/utilities/pub-singapores-national-water-agency.