Utility Intelligence Profile: PUB, Singapore's National Water Agency

Executive overview

Key findings

7.1%: distribution losses in 2024, down from 8.2% in 2019

S$1,560.0 million vs S$1,875.6 million: FY2024/25 operating income and operating expenses; government operating grants of S$488.7 million

S$2,025.0 million: borrowings at March 31, 2025, double the S$1,000.0 million of FY2020/21

About 83%: Deep Tunnel Sewerage System Phase 2 completion at May 31, 2026, with Tuas Water Reclamation Plant commissioning from 2027 (plan)

Buyer relevance

Who the report is for

Suppliers and consultants entering the Singapore water market

Get PUB's assets, plants and project timetable to 2035, from Tuas WRP commissioning in 2027 to the new Kranji WRP, in one reference.

Bond investors and credit analysts

Check the operating income, expenses, grants and borrowings series from FY2016/17 to FY2024/25 before assessing PUB's green bonds.

Utility planners and regulators abroad

Compare a combined water, used-water, drainage and coastal authority with 7.1% distribution losses against their own system.

Policy and climate researchers

Trace how NEWater, desalination, coastal protection and a projected near-doubling of demand by 2065 sit within one agency's plans.

Decision scope

Questions answered

Does PUB cover its operating costs from water charges?

Not in FY2024/25: operating expenses of S$1,875.6 million exceeded operating income of S$1,560.0 million, and government operating grants of S$488.7 million covered the gap.

How much does water cost in Singapore?

From April 1, 2025 the domestic price is S$3.24 per m³ for the first 40 m³ a month and S$4.39 above that, before GST, after rising from S$2.74 in two steps.

How far along is the Deep Tunnel Sewerage System Phase 2?

About 83% complete at May 31, 2026, with the tunnels finished and Tuas Water Reclamation Plant commissioning planned from 2027.

How much water does Singapore lose in its network?

Distribution losses were 7.1% in 2024, down from 8.2% in 2019.

How long does the water agreement with Johor run?

The 1962 Water Agreement allows up to 250 million gallons a day from the Johor River until 2061.

Inside the report

Inside the complete report

Executive Overview at a Glance

1. Utility and Service Mandate

2. Water Resources and Supply

3. Infrastructure and Treatment

4. Networks and Assets

5. Wastewater and Resource Management

6. Financial Position

7. Investment and Major Projects

8. Tariffs and Customer Context

9. Energy and Sustainability

10. Governance and Regulation

11. Climate and Resilience

12. Forward Developments

Key Intelligence Summary

Source Register

Public preview

What to watch next

5. Wastewater and Resource Management

Tuas WRP progress; construction awards for Changi Phase 3 and Kranji WRP.

6. Financial Position

The FY2025/26 annual report, the first with a full year of the April 2025 tariff; further green bond issues.

7. Investment and Major Projects

Construction contracts for Changi Phase 3 and Kranji WRP; the scale of drawdowns from the Coastal and Flood Protection Fund.

8. Tariffs and Customer Context

Any new price revision; in April 2026 MSE said the price is regularly reviewed and that higher energy prices raise the cost of desalinated water and NEWater.

Sample page · page 8 of 13

Section 8: PUB's water charges by component from April 1, 2025, the two-step price path and household use against 2030 targets.

Included

What you receive

The complete PDF report: 13 pages, 15 sections, 20 tables and a register of 28 sources.

This edition

October 2026, First edition.

Evidence & method

Evidence and method

The profile draws on PUB's annual and sustainability reports from 2016/17 to 2024/25, its DTSS Phase 2 progress newsletters, tariff releases and project pages, and government sources including the Ministry of Sustainability and the Environment, the Ministry of Foreign Affairs and the Urban Redevelopment Authority.

Sources

28 sources, listed in the report's source register. Evidence current to 27 October 2026. Principal data periods: FY2024/25 audited ten-year summary (year ended March 31, 2025); tariffs in force from April 1, 2025; DTSS Phase 2 status at May 31, 2026; time-sensitive items checked October 27, 2026. All currency is Singapore dollars (S$)..

Evidence boundaries

This report uses authoritative source material available at the stated research cutoff. It distinguishes published facts, calculated values and analytical interpretation. No independent modelling is performed. Forward-looking analysis reflects published plans, documented trends and stated uncertainties. It does not constitute legal, financial, investment or engineering advice.

Lead analyst

Robert C. Brears

Founder, Our Future Water Intelligence

Robert C. Brears is a water-security specialist and author whose work examines utility governance, infrastructure investment, climate resilience and long-term water-system change for executive and policy audiences.

Decision-focused utility intelligence
Published water-policy author
Evidence-grounded system analysis

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