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Executive overview
Key findings
About 2.7 million people: served by the Hetch Hetchy Regional Water System (FY2025)
US$678.6 million: Water Enterprise operating revenues, against operating expenses of US$495.5 million (FY2025)
US$11,443.7 million: department-wide outstanding debt principal, excluding commercial paper (June 30, 2025)
+7.0% water, +15.0% sewer: retail rate increases in effect from July 1, 2026 (adopted)
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Buyer relevance
Who the report is for
Analysts needing a quick SFPUC reference
Find service, asset, financial, tariff and project figures in one place, each with its period and status.
Bond investors
Check enterprise debt as of June 30, 2026, coverage of 2.17 (Water) and 3.64 (Wastewater) in FY2025, and current ratings.
Suppliers and consultants
See the major programs, including the US$1,470.3 million nutrient project and Mountain Tunnel, with forecast dates.
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Decision scope
Questions answered
How large is SFPUC's debt?
Department-wide debt principal, excluding commercial paper, was US$11,443.7 million at June 30, 2025, against US$5,552.5 million in FY2016.
What are the current rate increases?
Retail water rose 7.0% and sewer 15.0% from July 1, 2026; 7.0% and 14.5% are adopted for July 1, 2027.
How are SFPUC's enterprises rated?
Water Aa2/AA-, Wastewater Aa2/AA with S&P's outlook revised to Stable in July 2026, Power AA/AA- and CleanPowerSF A1.
How much water does SFPUC sell?
About 66,444 million gallons in FY2025, about 182 million gallons a day, to about 2.7 million people.
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Inside the report
Inside the complete report
Executive Overview
Utility and Service Mandate
Water Resources and Supply
Infrastructure and Treatment
Networks and Assets
Wastewater and Resource Management
Financial Position
Investment and Major Projects
Tariffs and Customer Context
Energy and Sustainability
Governance and Regulation
Climate and Resilience
Forward Developments
Key Intelligence Summary
Source Register
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Public preview
What to watch next
Wastewater and Resource Management
Digester start-up and the Southeast permit reissuance targeted for February 10, 2027.
Financial Position
Closing of the Water Build America Bonds refunding of up to US$493 million authorized on June 9, 2026; next rating actions on Water and Power.
Investment and Major Projects
The next capital plan cycle; nutrient project alternative selection.
Tariffs and Customer Context
Rate proposals for FYE2029 onward.
The Financial Position section tabulates Water Enterprise revenues and coverage, enterprise debt and credit ratings.
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Included
What you receive
The complete PDF report: 12 pages, 15 sections, 17 tables and a register of 29 sources.
This edition
November 2026, First edition.
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Evidence & method
Evidence and method
Built from SFPUC's audited FY2025 financial report, its June 2026 debt schedules and ratings sheet, the adopted FY2026-27 to FY2035-36 Capital and Financial Plans, quarterly capital program reports to June 2026 and the April 2026 rate decision.
Sources
29 sources, listed in the report's source register. Evidence current to 13 November 2026. Principal data periods: FY2025 audited results (year ended June 30, 2025); debt schedules as of June 30, 2026; 10-Year Capital and Financial Plans for FY2026-27 to FY2035-36 (adopted February 10, 2026); retail rates adopted April 28, 2026; project status as of mid-2026. All currency is US dollars..
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.
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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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Buyer FAQs
Before you purchase
Who can use the report?
Licensed for internal use within one purchasing organization. The PDF and its contents may be shared with colleagues within that organization. External redistribution, resale and public publication are prohibited without permission.
How is the report delivered?
The PDF is available to download immediately after confirmed payment, through our secure delivery system.
Can my organization buy wider access?
Institutional purchasing: For invoice enquiries, multi-organization licensing or broader access requirements, contact Our Future Water Intelligence.
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Utility Intelligence Profile: San Francisco Public Utilities Commission
- Format
- Length
- 12 pages
- Edition
- November 2026, First edition
- Price
- USD 99
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Report details
Publication details
- Publisher
- Our Future Water Intelligence
- Report family
- Utility Intelligence Profile
- Edition
- November 2026, First edition
- Format
- Length
- 12 pages
- Reference
- OFW_EXT_SAN_FRANCISCO_PUBLIC_UTILITIES_COMMISSION_UTILITY_INTELLIGENCE_PROFILE_7ea7e646965e
- Evidence current to
- 13 November 2026
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