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Executive overview
Key findings
A$2,180.9 million: new works investment in FY 2025-26 (actual), up from A$1,424.6 million in FY 2024-25
A$2.8 billion: Alkimos Seawater Desalination Plant, 50 billion liters a year at Stage 1, due to be fully operational by mid-2028 (plan)
80%: reduction in streamflow to South West dams since the 1970s (utility statement); Perth hills dams at 40% of capacity on June 30, 2026
603 kilotonnes: reported greenhouse gas emissions in FY 2025-26 (actual), above the year's target, against a net zero scope 1 and 2 target for 2035
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Buyer relevance
Who the report is for
Desalination, civil and treatment contractors
Track the Alkimos plant and its 33.5 km transfer main to Wanneroo toward full operation by mid-2028, and the regional plants at Dampier, Onslow and Nanarup.
Renewable energy and energy services providers
Size the energy demand behind 4,655 terajoules of consumption in FY 2025-26 and the 330 MW Water Corporation will buy from the Marri Wind Farm from 2029.
Metering, data and asset management technology vendors
Judge the opportunity after a pilot of more than 14,000 digital meters and the consolidated Asset Data Model planned for 2028.
Western Australian government, regulatory and investment analysts
Compare the capital program, falling debt to total assets of 20.5% and the regulator's 2026 findings when assessing the utility's transition.
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Decision scope
Questions answered
How fast is Water Corporation's capital program growing?
New works investment rose 53% in one year, from A$1,424.6 million in FY 2024-25 to A$2,180.9 million in FY 2025-26 (calculated).
Is Water Corporation on track for its emissions target?
Emissions of 603 kilotonnes in FY 2025-26 exceeded both published targets for the year, 549 and 568 kilotonnes, against a net zero scope 1 and 2 target for 2035.
When will the Alkimos desalination plant be ready?
The A$2.8 billion plant, supplying 50 billion liters a year at Stage 1, is due to be fully operational by mid-2028; both undersea tunnels were completed in September 2026.
What did the regulator find about asset management?
The Economic Regulation Authority's 2025 review, published March 31, 2026, rated 37 of 58 criteria A1 and found 10 deficiencies, seven linked to resource constraints.
How widely are smart meters used?
More than 14,000 digital meters were installed in Perth in FY 2025-26, about 1.1% to 1.2% of the 1,232,522 properties connected to water supply (calculated).
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Inside the report
Inside the complete report
Executive Snapshot
1. From Service Provider to System Operator
2. System Intelligence and Digital Control
3. Energy, Carbon, and Resource Decoupling
4. Infrastructure Strategy for a Non-Stationary Climate
5. Customers, Demand, and the Water Prosumer
6. Governance, Regulation, and Institutional Reform
7. Capital Planning and Financial Architecture
8. Workforce, Capability, and Organisational Change
9. Strategic System Roadmap
Conclusion
Source Register
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Public preview
What to watch next
3. Energy, Carbon, and Resource Decoupling
Construction progress at the Marri Wind Farm and the start of supply in 2029; FY 2026-27 emissions against target; whether the Kwinana expansion is completed by late 2026 as planned.
4. Infrastructure Strategy for a Non-Stationary Climate
Alkimos commissioning milestones through 2027–2028; interruption and leak rates in FY 2026-27 after the maintenance uplift; a final decision on the Lower Great Southern plant.
7. Capital Planning and Financial Architecture
The FY 2026-27 Statement of Corporate Intent and borrowing limits; payment of the 2025-26 final dividend by December 31, 2026; any partnership or private financing model announced for a new source.
9. Strategic System Roadmap
The next IWSS source decision and its financing model; Alkimos operating milestones; the 2028 ERA review result.
Capital planning and financial architecture: revenue, new works investment, borrowings and the FY 2025-26 capital program.
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Included
What you receive
The complete PDF report: 15 pages, 12 sections, 19 tables and a register of 23 sources.
This edition
November 2026, First edition.
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Evidence & method
Evidence and method
The report draws on Water Corporation's audited annual reports for FY 2019-20 to FY 2025-26, Economic Regulation Authority licence reviews and audits, Bureau of Meteorology national performance data and Clean Energy Regulator emissions data. Project, budget and policy status comes from Western Australian Government and Water Corporation statements checked on November 2, 2026.
Sources
23 sources, listed in the report's source register. Evidence current to 2 November 2026. Principal data periods: FY 2025-26 audited annual report (year ended June 30, 2026), with series from FY 2019-20; Bureau of Meteorology national performance data to FY 2024-25; regulator reviews published in 2024 and 2026; project and policy status checked on November 2, 2026. All currency is Australian dollars (A$)..
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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Water Utility of the Future: Water Corporation
- Format
- Length
- 15 pages
- Edition
- November 2026, First edition
- Price
- USD 499
11
Report details
Publication details
- Publisher
- Our Future Water Intelligence
- Report family
- Water Utility Intelligence Report
- Edition
- November 2026, First edition
- Format
- Length
- 15 pages
- Reference
- OFW_EXT_WATER_UTILITY_OF_THE_FUTURE_WATER_CORPORATION_3758d9fbcf31
- Evidence current to
- 2 November 2026
14
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