veolia environnement: a profile of the world’s largest water service corporation (europe version)

8/7/2019 Veolia Environnement: A Profile of the Worlds Largest Water Service Corporation (Europe Version)

1/20

A Profle o the

Worlds Largest

Water Service

Corporation

Veolia Environnement

eu ope


2/20

About Food & Water EuropeFood & Water Europe is the European program of Food & Water Watch, a nonprot consumer organization based in theUnited States that works to ensure the food, water and sh we consume is safe, accessible and sustainable. So we can allenjoy and trust in what we eat and drink, we help people take charge of where their food comes from, keep clean, afford-able, public tap water owing freely to our homes, protect the environmental quality of oceans, force government to doits job protecting citizens, and educate about the importance of keeping shared resources under public control.

Contact:Food & Water [email protected]+32 (0) 2893 1045

Copyright April 2011 by Food & Water Europe. All rights reserved. This report can be viewed or downloaded atwww.foodandwatereurope.org.

Veolia Water Avoids Countries with the Greatest Water Access Needs

eu ope


3/20

Veolia EnvironnementA Profle o the Worlds Largest Water Service Corporation

Executive Summary...........................................................................................................................................................iv

Introduction.......................................................................................................................................................................1

A Brief History: From Regional Water Company to Media Conglomerate...............................................................1

The Veolia Brand: From Recovery to Relapse..........................................................................................................2A Failed Corporate Water Strategy.......................................................................................................................................2

Pursuing Long-Term Control to Little Avail..............................................................................................................2

Dodging Competition...........................................................................................................................................3

Veolias Regional Targets........................................................................................................................................3

Eurocentric with a French Epicenter....................................................................................................................................4

France: Problems on the Home Front....................................................................................................................4

Elsewhere in Western Europe................................................................................................................................5

The Gaze Shifts Eastward...................................................................................................................................................6

Targeting Eastern Europe.......................................................................................................................................6

Treatment Deals in China......................................................................................................................................6

Uncertainty in the Face of Democratic Uprisings in Western Asia and North Africa...............................................7

Failure in Australia.................................................................................................................................................7

Rough Waters in North America.........................................................................................................................................8

Public Operation Works Better in the United States...............................................................................................8

In Conict with the Human Right to Water........................................................................................................................9

Africa: Not a Priority.........................................................................................................................................9

Kicked Out Across South America.......................................................................................................................10

A Growing Movement for Public Water.............................................................................................................................10

Endnotes..........................................................................................................................................................................11


4/20

Executive Summary

Veolia Environnement is the largest water service company in the world. From its headquarters in Paris, Veolia operateshundreds of subsidiaries under many names in dozens of countries. Despite its international presence, the core of itsoperations remains in France.

A Failed Corporate Strategy

Veolias corporate prots plummeted in 2008 and remained languid through 2010. In the water division, the company

has suffered major losses from municipalizations and has struggled to obtain new long-term privatizations. Despite itsdisappointing performance, the company continued many of the same strategies in 2011 that it had used over the preced-ing ve years:

Seek long-term control of water services. It sought long-term, complex contracts to control entire municipal water andsewer systems. Such arrangements, however, seem to be increasingly rare for the company.

Dodge competition. For Veolia, complex deals were appealing because they involved less competition. The company andseveral of its peers have come under the scrutiny of anti-trust regulators in the European Union.

Target Europe and Asia. Veolia has focused half of its new growth investments in Europe, particularly Eastern Europe,where it has the nancial backing of multilateral lending institutions. The company is also targeting China.

A Growing Movement for Public Water

Consumers worldwide report similar problems when Veolia runs their water and sewer systems. They say the companycharges high rates, provides poor service and fails to make promised improvements.

Many municipalities across France and the United States have taken back their water systems from Veolia to improveservice and lower costs. Even its home city of Paris ended its privatization deal with the company and resumed publicoperation to save money for consumers. Elsewhere, the ght for public water continues. Communities from Germany toMorocco are seeking to remove Veolia and restore public control of their water resources.

Facts and Figures: Veolia Environnement

Headquarters: Paris, FranceDivisions: Water, Environmental, Energy and Transportation Services1

Chief Executive Ofcer: Antoine Frrot2

Employees: 312,5903

Financials (year-end 2010)Revenue: 34.8 billion ($46.5 billion)Net Prot: 581 million ($776 million)Net Financial Debt: 15.2 billion ($20.3 billion)4

Veolia Water A division of Veolia EnvironnementLocations: 66 countriesPopulation Served: 95 million with drinking water service

68 million with wastewater service5


5/20

As of December 2009, its water division operated at least728 different entities in 66 countries.8 Because of this,people know the company by a variety names, including

United Water in Australia and New Zealand, PVK in theCzech Republic, and Apa Nova in Romania.9 No matterwhat they call it, their stories are similar. Consumers world-wide have reported high rates, poor service and inadequateinvestment after Veolia took over their water and sewersystems.

A Brief History: From Regional Water Companyto Media Conglomerate

Veolias roots are rmly French. In 1853, the company tookform under the name Compagnie Gnrale des Eaux tomanage water systems in France. In the 1980s, after morethan a century as mainly a regional water provider, thecompany began a period of marked international expan-sion. By the end of the 20th century, it had transformed intoa multinational media conglomerate called Vivendi.10

Jean-Marie Messier became chief executive ofcer in 1996and led the company on a massive buying spree, culminat-ing in 2000 with a $34 billion takeover of the beverage

giant Seagrams entertainment division, whose notableassets included Universal Studios and Universal Music. By2002, after six years of hasty and overpriced acquisitions,the company had accrued 33 billion in debt. Its bondswere downgraded to junk status, banks refused to extendany more credit and its stock price plummeted 60 percent.Confronted with the companys ever-weakening nancialsituation, the board of directors ousted Messier.11

The disgraced former executive soon found himself in legaltrouble over claims that he disguised the companys nan-cial problems and misled investors. In 2003, the U.S. Secu-rities and Exchange Commission ned him $1 million and

ordered him to relinquish his 21 million severance pack-age.12 In 2011, a Paris court levied an additional 150,000ne and gave him a three-year suspended sentence formisusing company funds.13

Introduction

Veolia Environnement is the worlds largest water and sewer service corporation,serving 95 million people with drinking water and 68 million people with sewerservice globally.6 In 2010, the Paris-based multinational made 35 billion in revenue more than a third of which came from its water operations amounting to 581million in net prot for its owners.7


6/20

Veolia Environnement: A Prole of the

Worlds Largest Water Service Corporation

2

The Veolia Brand: From Recovery to Relapse

Vivendi spun off its water and environmental services divi-sion as Vivendi Environnement in 2000.14 The media con-glomerate no longer held a controlling stake in the watercompany by 200215 and had completely divested from it by2006.16 Vivendi Environnement adopted the moniker VeoliaEnvironnement in 2003,17 in what seemed to be an attemptto distance itself from its disreputable former owner.

Henri Proglio became head of the new company in 2000and launched a program to rid it of Messiers more un-wieldy purchases. For example, he auctioned off, piece bypiece, most of U.S. Filter, a large U.S. water treatment com-pany that Vivendi had acquired for $6.2 billion in 1999.18It lost $4 billion when it sold most of U.S. Filter to Siemensin 2004.19

After recovering from some of Vivendis excesses, Veoliabegan a new expansion program, buying assorted envi-ronmental service companies.20 In 2007 and 2008, Veoliaspent about 4 billion on acquisitions, including deleteri-ous takeovers of large German and Italian waste manage-ment rms.21 The companys 2008 returns were a wake-upcall; because of the economic downturn and a 430 mil-lion loss in the value of its waste management business, thecompanys prot fell by half and its market value dropped70 percent.22

In 2009, Veolia made a volte-face on its acquisition strategyand started pruning its businesses. Proglio assured investors,For 2009, we have one priority, which is to improve prot-ability.23 It aimed to trim operating costs by 280 millionand cut its net investments by at least 40 percent.24 From2009 to 2010, the company sold off 2.5 billion in assets. Itplanned another 4 billion in divestments through 2013.25

Proglio, who led the company through both recovery andrelapse, resigned as chief executive ofcer at the end of2009, although he controversially remained chair of itsboard of directors for another year. French President Nico-las Sarkozy, a personal friend of his, had appointed him tohead lectricit de France, the giant state-controlled powercompany.26 Antoine Frrot was his replacement. Frrot hadled Veolias water division for six years and was the most

loyal of the companys four divisional heads, according toone board member. An analyst at Exane BNP told Reutersthat, among other things, Frrot also seemed unlikely togo on a mad acquisition spree.27

A Failed Corporate Water Strategy

Pursuing Long-Term Control to Little AvailIn the water sector, Veolia aimed for concessions that gaveit long-term control of municipal water and sewer sys-tems.28 It sought, in Frrots words, much more complexcontracts where we manage the entire water chain andlengthy contracts because you cant create wealth in thesecomplex deals in the short term.29 The company wantedgreater control, but without the nancial responsibilitiesthat usually came with it. It continued to shun investing itsown money in projects.30

For Veolia, new large privatizations have become rare.

From 2005 to 2009, the companys principal new contractswith public authorities became smaller in value, shorter inlength and narrower in scope. As a result, the major newprivatization deals it signed in 2009 were worth 97 percentless than those signed in 2005.31

As its privatization prospects dwindled, building andoperating treatment plants became an increasingly impor-tant source of new revenue. These deals tended to be lessvaluable than concession contracts.32 Perhaps because ofthat, Frrot told investors in 2010, Were no longer reallyinterested in building [build-operate-transfer] contracts for

water treatment plants.33

The company wanted to do morethan just build and operate individual treatment plants; itwanted to run entire water utilities, from treatment to distri-bution to billing.

0

2

4

6

8

10

12

2005 2006 2007 2008 2009

10.2

3.0

7.3

1.9

0.4

Withering Growth in Privatization:Total Value o Veolia Waters Principal New

Privatization Deals (in billions o euros)

Note: Estimated cumulative revenue (not adjusted for ination) of prin-cipal new water contracts with public agencies as reported in VeoliaEnvironnements annual nancial lings with the U.S. Securities andExchange Commission from 2006 to 2010. Values exclude renewalsand contracts with private companies.

Its in this kind of business that weget the best margins, because we havefew competitors. Antoine Frrot, oncomplex privatizations


7/20

Food & Water Europe

3

For 2010, this water strategy was a bust. Of its main newwater contracts, none were long-term concessions of entirewater utilities.34 The company obtained no new construc-tion project that could replace three major plants com-

pleted in West Asia, and it was unable to offset the revenueit lost when Paris remunicipalized its water system.35 Itsdeclining protability reected these failures; Veolia Wa-ters adjusted operating income fell 11 percent from thepreceding year.36

As a result, Veolia recalibrated its water strategy slightlyin 2011. It decided to resume targeting treatment deals,specically for industrial plants in Brazil, Russia, India andChina. Nonetheless, it also continued to prioritize largemunicipal concessions.37 Frrot explained the appeal ofthese complex contracts to investors in 2010: Its in this

kind of business that we get the best margins, because wehave few competitors.38

Dodging Competition

Competition in the water service sector is limited.39 Forexample, during 2001, one-third of French water contractsthat came up for renewal received a bid from only onecompany.40 Globally, Veolia and fellow Parisian companySuez Environnement dominate the water market.41 InFrance, they served four out of ve consumers who hadprivatized water service in 2008,42 and anti-trust regula-tors have called into question certain interactions betweenthese two companies.43

Veolia and Suez had jointly owned at least nine companiesthat served communities in France, but in 2002, the FrenchCompetition Council ruled that the ventures constituted acollective dominant position and ordered their dismantle-ment. In March 2010, after a lengthy legal ght, the compa-nies nally completed unwinding them, with Veolia sellingits stake in six rms and assuming full control of three.44

A month later, in April 2010, the European Commissionraided the ofces of several French water companies,including Veolia, looking for evidence of violations of EUcompetition law. The commission said that it had reason tobelieve that the rms might be colluding on bids for French

water management contracts and imposing prices that areunfair to local communities and ultimately to consumers.45

The investigation examined at least two of Veolias con-tracts, notably including its arrangement with Syndicat desEaux dIle de France (SEDIF),46 which according to Frrot,was a agship contract used as a reference for winningother contracts.47 The French consumer group UFC-QueChoisir has cast doubt on the deals merit. It found in 2008that the company overcharged SEDIF by 80 million to90 million.48

Veolia had to agree to cut its prot in half to renew its con -tract with SEDIF in 2010. The 12-year, 3 billion deal wasthe largest of its kind in Europe. Even though Suez was itsonly real rival, Frrot told the water industry trade journalGlobal Water Intelligence, The competition for SEDIF wasthe most competitive we have had in the past 20 years inFrance and elsewhere.49

Veolia Waters Regional Targets

Veolias water privatization plans centered on two conti-nents:

Europe, particularly France, Germany and the UnitedKingdom, as well as Eastern European countries

Asia, predominately China.50

Veolias Geographic Targets: PlannedInvestments in New Projects, 2011-2013

Source: Veolia Environnement. Presentation. 2010 Annual Results.March 4, 2011 at 47.

Eastern

Europe30%

NorthAmerica

27%

WesternEurope

22%

Emerging

Countries21%


8/20



4

For 2011 to 2013, the company directed half of its growthactivity to Europe and about one-fth to emerging coun-tries, with China being the dominant target.51

With this focus, the company sought to exploit the scalhardships that many governments face, as well as theirincreasingly stringent environmental regulations.52 Frrotseemed to welcome the public sectors nancial problems,telling a conference call in 2011:

Looking on the plus side, we have public nanceconstraints, which drive the need for economic ef-ciency. This is bringing in more business for us becausethere is more and more of an openness to concessions,private management, etc. And also, despite the crisis,there are more and more stringent environmental regu-

lations being introduced, and that plays in our favor.53

Although budget shortfalls have provided some public of-cials with a smokescreen for their privatization schemes,they have also inspired a number of other local govern-ments to reassess and end existing water contracts to savemoney. In addition to declining water use, Frrot citedpublic sector competition as the companys major chal-lenge in the water sector, notably in France.54

The following is an account of Veolia Waters activities andshortcomings in various countries and settings. In somecases, the companys failures to provide adequate and safewater to its customers are particularly grievous.

Eurocentric with a French Epicenter

Despite its international presence, during 2010, Veoliamade more than three-quarters of its revenue in Europe,55

with 60 percent of its operating cash ow from the west-ern part of the continent.56 Nonetheless, it sought furtherexpansion in the region. In a 2010 interview with the DowJones Newswire, Frrot said, Im convinced that Europe,the European Union, will offer substantial growth oppor-tunities.57 Much of its new privatization activity targetedEastern Europe.58

France: Problems on the Home Front

Veolia has retained a strong French identity. Its singlelargest shareholder, as of December 2010, was Caisse desDpts et Consignations, a nancial institution controlledby the French government.59 Caisse des Dpts et Con-signations held a seat on Veolias board of directors, andtogether with state-controlled lectricit de France, owned13 percent of the company.60

Veolia was the largest private water operator in France,controlling 39 percent of the market in 2008.61 It served25 million people with drinking water and 16 million withwastewater service throughout France.62 Although the com-pany sought to expand there,63 it was having a hard enoughtime keeping the contracts it already had.

The Fight for Public Water

Paris: Veolia lost the water management deal for its homecity of Paris at the end of 2009 when its contract expired.The city decided to bring the operation in-house to savemoney and stabilize water rates.64 The company had oper-ated part of the Parisian water system, which served 2 mil-lion people, for nearly 25 years.65 In 2011, a year after tak-ing over the water services, the new public utility projected35 million in annual savings and the mayor announcedplans to reduce water prices by 8 percent.66

Cherbourg Urban Community: In 2005, the CherbourgUrban Community municipalized its water system, endinga management deal with Veolia to lower rates and improveservices.67

Montbliard: In 2010, Montbliard decided to terminate its30-year management contract with Veolia seven years earlybecause of high rates. The community intended to beginpublic operation of the system in 2015.68

Saint-Malo: In February 2011, the mayor of Saint-Maloin Brittany, France, announced that he wanted to munici-palize the water system when the citys lease with Veolia

expired the following year.69

Olivet: In 2009, Veolia lost the last of a series of courthearings to activist group le Groupe dAction Municipale

Where Does Veolia Make Its Money?2010 Revenues, by Geographic Area

Source: Veolia Environnement. Presentation. 2010 Annual Results.March 4, 2011 at 12.

France40%

Europe(Excluding

France)

37%

NorthAmerica 9%

Asia/Pacific 8%

Africa/SouthAmerica 6%


9/20

Food & Water Europe

5

dOlivet (GAMO). The French State Council decided thata law regulating contract terms applied to preexistingprivatizations and thus limited their length to 20 years fromwhen the law went into effect in 1995.70 In France, whereit is estimated that four-fths of the population is served byprivate water systems, this has huge consequences, poten-tially affecting hundreds of contracts.71

GAMO had been ghting Veolia and its high rates since1997.72 The company rst took control of the Olivet wa-ter system in 1933 with a 99-year concession contract.Originally the contract was set to run until 2032,73 but thelatest ruling stipulates that it along with other long-termcontracts must be economically justied in 2015 torun to maturity.74 While this means that for the time beingOlivet is stuck with Veolia, it also means that many privatewater companies in France will now feel pressure to shapeup their behavior.75

Toulouse: In 2010, following an audit of its contract, Tou-louse negotiated with Veolia to cut water prices by 25 per-

cent.76 Since 1990, when the 30-year concession contractwas signed, water rates had risen at twice the rate of ina-tion.77 The mayor of Toulouse indicated that the city wouldconsider public operation of the system when the contractexpires in 2020,78 but community group Eau Secours 31called for more immediate action.79

Elsewhere in Western Europe

Dubious Sewage Shutdown in Brussels, Belgium

In December 2009, Veolia subsidiary Aquiris unilaterallyshut down its North Brussels wastewater treatment plant,allowing raw sewage from 1.4 million inhabitants to owinto the Senne, Scheldt and Rupel Rivers for 10 days. A re-port by a panel of independent experts concluded that thecompany had no legitimate reason for the shutdown.80

Aquiris won a contract to build and operate this plant in2001 with a proposal to use a wet air oxidation processknown as Athos, a relatively new technology that hadnever before been tested on urban wastewater of such alarge scale.81 It has yet to be determined who will pay theestimated 80 million of required improvements.82

Seeking Public Water in Berlin, Germany

In a nearly unanimous referendum in February 2011, thepeople of Berlin voted to expose secret details of the city-states water privatization deal with Veolia and Germanutility RWE.83 In 2004, the government had clandestinelyagreed to contract provisions that guaranteed prot to theprivate companies, circumventing a 1999 court decisionthat found prot guarantees unconstitutional.84

Berlin partially privatized its water and sewer systems in1999, when Veolia and RWE bought a 49.9 percent stakein the Berlin Waterworks (Berliner Wasserbetriebe) andreceived a 30-year management contract.85 Since then, the

utility has downsized the workforce by nearly 1,000 jobsand increased water rates by 25 percent.86

Talk of public reacquisition of the utility has been grow-ing in the city.87 I consider this backing for the goal of thesenate to buy back formerly privatized parts of the waterworks, Mayor Klaus Wowereit said of the referendum inThe Local.88 Before the local referendum, the governmenthad decided to negotiate with RWE to purchase the com-panys share in the water utility.89

Veolia, however, hindered a full remunicipalization by

refusing to relinquish its stake.90

Michael Cunnac, the headof the companys Berlin branch, told the Inter Press ServiceNews Agency in 2010, An end to the concession is out of[the] question.91


10/20



6

The Gaze Shits Eastward

Over the last decade, Veolia has aggressively expandedthrough Central and Eastern Europe and China.92 Forthese two major geographical platforms, Frrot expecteddouble-digit growth over the next few years.93

Targeting Eastern Europe

For 2011 to 2013, Veolias principal geographic target wasEastern Europe, with 30 percent of its new investments di-rected there.94 Frrot told investors in early 2011, We havea strong presence in Western Europe, and we are going tohave a strong presence in Central and Eastern Europe.95

In 2010, Veolia served 9.5 million people with drinkingwater and 8.9 million people with wastewater treatmentin Central and Eastern Europe, making 873 million inrevenue. Its presence was particularly strong in the CzechRepublic, Slovakia and Hungary.96

International nancial institutions have backed Veolia Wa-ters privatization efforts in the region. The European Bankfor Reconstruction and Development has invested 175million into Veolia Voda, Veolia Waters Eastern Europeanarm, since 2007.97 In June 2010, the World Bank GroupsInternational Finance Corporation announced that it toowould invest as much as 100 million into the company.98That month, the company signed a deal to buy United

Utilities water operations in Soa, Bulgaria; Tallinn, Esto-nia; and Bielsko Biala, Poland.99

Despite the subsidies, failure has followed the company. Ithas lost a number of privatization contracts, including inRussia; Tbilisi, Georgia; Almaty, Kazakhstan; and Bukharaand Smarkand, Uzbekistan.100

A Harmful Contract in Bucharest, Romania

Bucharest has encountered many problems since Veoliasubsidiary Apa Nova took over its water and sewer services

in 2000. Within three years, 350,000 people about 20percent of the consumer base had complained about thecompanys prices and billing practices, causing the deal tocome under the scrutiny of national regulators.101 By 2007,because of ongoing invoice irregularities and inadequateservice, the general mayor at the time was calling the con-tract harmful.102

In 2008, the European Court of Human Rights orderedRomania to pay 10,000 in damages to a Bucharest familywho had lacked drinking water for seven years. It foundthat the government failed to enforce a local court rulingthat required Apa Nova to restore the households ser-vice.103 The next year, Neculai Onanu, local mayor of Sec-tor 2 in the city, asked the city to terminate or modify thecontract, accusing Apa Nova of refusing to extend serviceto areas in his district.104 Later that year, the city amended

the 25-year concession contract after the company con-ceded to waive the citys debts and to make additionalinvestments.105

Anger over Rate Hikes in Sofa, Bulgaria

In February 2011, just three months after being taken over

by Veolia, the companys local subsidiary, Soyska Voda,increased water rates by 9 percent in Soa and threatenedto shut off the water service of customers who failed to paytheir bills. Soyska Voda had operated the water systemin the Bulgarian capital since 2000 when it received thecountrys only water service concession. By 2011, criticswere accusing the private company of underinvestment,poor upkeep and excessive water loss. It was losing an av-erage of 60 percent of its water and as much as 90 percentin some areas.106

Treatment Deals in ChinaFrrot said that Veolia was targeting China because itsenvironmental regulations and urban issues were similarto Europes.107 The government planned to invest 2 trillionyuan ($304 billion) on water projects from 2011 to 2015,108and Veolia presumably wanted a piece of the action.

According to World Bank data, since 1997, Veolia hashad 20 major water privatization deals in China, mostly tobuild and operate treatment plants.109 At rst the companystruggled to persuade Chinese municipalities to privatizean entire water and sewer utility,110 but in 2002, Veoliaobtained the countrys rst full-service water concession.Through a 50-year contract, the company took over thewater services for 2.65 million people in the Shanghai-Pudong District.111 By 2010, Veolia served drinking waterto 40 million people in the country.112


11/20

Food & Water Europe

7

When we began in China, it began through BOTs [build-operate-transfer contracts], Frrot told Global Water Intelli-gence. It has taken six years to convince one municipalityto outsource the global service in Shanghai. In other partsof the world, it takes longer. It takes ten years. That will bethe case in the Middle East.113

Uncertainty in the Face of Democratic Uprisingsin Western Asia and North Africa

Veolia had sought to expand in Northern Africa andWestern Asia, particularly the Persian Gulf states,114 but byMarch 2011, as protests for political reform surged acrossthe region, the company no longer specically listed thearea as a target.115

A year before, in 2010, the company entered into a long-term strategic partnership with Qatari Diar, a sovereignwealth fund of the state of Qatar, to work on infrastructureand utility projects in Western Asia and Northern Africa.As part of the deal, the fund acquired a 5 percent stake inVeolia and obtained a seat on its Board of Directors. 116

At the time, the company didnt expect an immediate surgeof activity in the region but viewed its long-term prospectsfavorably. It planned to get a foothold through desalinationprojects.117 It had several contracts with the Sultanate ofOman, including one it obtained in January 2011 to help

run the water system in the Port of Sohar.118

Because of its relationships with authoritarian regimes, thecompany may revisit its involvement in certain countriesas pro-democracy movements gain momentum. In early2011, youth-led demonstrations toppled long-standing

leaders in Tunisia and Egypt and invigorated a wave ofpopular uprisings. Protests for jobs and reform had eruptedeven in Port of Sohar, Oman.

Trying to Shake Off Water Privatization in Morocco

On February 19, 2011, a day before but not directly relatedto massive nationwide protests for democratic reform, citi-zen group Attac Maroc held a sit-in at Tangiers city hall todemand the termination of the citys privatization contractwith Veolia subsidiary Amendis. Hundreds of protesters,fed up with high utility rates, then marched to and attackedofces associated with the French rm.119 The company ob-tained a 25-year concession to run the electricity and waterdistribution systems in Tangiers and Tetouan in 2001.120

A month before the sit-in, a group of Moroccan NGOscalled for greater transparency, lower prices and bettercontrol of the water services of Redal, Veolias subsidiary inRabat.121 Veolia (then Vivendi) bought Redal from foreigninvestors in 2002 and took over the remaining 26 yearsof a concession contract to run the water, wastewater andelectricity services in the Moroccan capital.122 By 2010, thecompany claimed it was owed 760 million Moroccan dir-ham ($94 million), and intended to use this debt as lever-age to renegotiate its investment commitments.123

In an open letter to the mayor of Rabat, the organizationsasserted that water rates in Rabat were notably higher thancomparable cities, and the government made unauthorizedtransfers of large sums to Veolia. According to these groups,Veolia was lagging 25 percent three years behind inpromised infrastructure work, which included improvingthe sewer system.124

Failure in Australia

In addition to the Persian Gulf, Australia had been a targetfor Veolias desalination as well as general water priva-tization efforts, but experiences there should serve as awarning.

A White Elephant in Tugun

In Australias Gold Coast region, many critics are callingVeolias newly nished but now unnecessary $1.2 billiondesalination plant a white elephant.125 The plant themost expensive of its kind in Australia is a drain ofpublic resources.126 In March 2010, when reservoirs inthe region were nearly full, the desalination plant still hadto operate at a minimum of one-third capacity, costing$32,000 a day.127 The desalinated water costs more thanthree times as much as reservoir water.128

Veolia obtained a contract to design, build and operatethe plant in 2006.129 Soon after the plant opened, concretecracked and other components corroded due to the useof substandard steel.130 An interview with an anonymous


12/20



8

former contractor from the plant revealed that over-chlo-rinated water caused an additional $6 million in damage.This is a major project and this sort of stuff should neverhave happened, he told the Courier Mail.131

Removed from Adelaide

In 2011, Veolia-owned United Water lost its contract inAdelaide132 and had to repay $14 million that it overbilled

taxpayers from 2001 to 2006.133 The company took overAdelaides water and wastewater services in 1995, when itobtained a 15-year, $1.5 billion deal.134 The South Austra-lian government, which sued United Water to recoup theovercharges,135 decided against keeping the company whenits contract expired in 2011.136

Billing issues were not the only problem. United Watercame under re in February 2004 after nearly a million li-ters of raw sewage overowed into a creek and onto a localbeach.137 There were another two spills later that year,138angering South Australian Environment Minister John Hill.

Im sick of the excuses about why its happened, Hill toldABC News. Its just not acceptable.139

Rough Waters in North America

Veolia Water North America, headquartered in Chicago,Ill., is the largest private operator of public water and sewer

systems in North America.140 In the early 2000s, afterhigh-prole failures in major cities, the company shifted itsstrategy and set its sights on smaller contracts that involvedless public opposition and private competition.141 By 2010,the company had refocused its efforts back to larger dealsto capitalize on the daunting scal crisis aficting manycities in the wake of the recent recession.142

Public Operation Works Better in the UnitedStates

Veolias growth in the United States has been lackluster. In

2009, despite obtaining seven new contracts, Veolia WaterNorth America lost a net of three public-sector clients,according to data compiled by industry publication PublicWorks Financing.143 Over the ve-year period from 2005 to2009, the number of its governmental clients fell slightly,from 173 to 166.144

A number of cities and towns have ended arrangementswith the company and resumed public operation of theirsystems to save money or improve service. This includesdeals in Coxsackie, N.Y.,145 and Overton, Texas,146 as wellas Petaluma, Calif., and Burley, Idaho.

The company hasnt given up. It saw opportunity in thewater supply issues facing California,147 and the state hasbecome the front line of its ght to privatize U.S. watersystems. Laurent Auguste, head of Veolia Water Americas,wanted to take on consumer organizations that supportpublic control of water services.148 With this confrontation-al approach, in 2010, it launched an aggressive campaignagainst a community group that sought to prevent it fromtaking over their wastewater treatment plant in Novato,California. Veolia narrowly won a public vote on the issueafter spending $240,000 electioneering.149

Indianapolis, Indiana: Sinking the Flagship

Veolia lost its largest water contract in the United States in2010 when Indianapolis terminated it more than a decadeearly.

The company received a 20-year, $1.5 billion deal to man-age the citys water system in 2002.150 Since then, workers,consumers and government ofcials alike have all hadproblems:

Employees claimed the company cut their benets bymore than $50 million.151

Residents accused the company of using unfair billingpractices and overcharging them.152


13/20

Food & Water Europe

9

A city councilmember criticized the company for cut-ting back on stafng, water testing, treatment chemi-cals and maintenance, and other members questionedwhether the company had a nancial incentive to

fudge quality tests.153

The company apparently lowballed its bid to win the deal,but after several years of multimillion-dollar losses,154the company nagled major concessions from the city. Acontroversial contract amendment signed in 2007 shiftedmillions of dollars in liabilities from the company to thecity while increasing citys annual payment to the companyby $1.9 million.155 In total, the amendment cost the citymore than $144 million.156 State regulators refused to allowthe city to recoup some of these additional expenses in arate increase.157

By 2010, with infrastructure needs mounting, the cityopted to wash its hands of the water utility altogether anddecided to sell it, along with the sewer system, to the non-prot Citizens Energy Group.158 As part of the transfer, thecity agreed to pay Veolia $29 million to terminate the dealearly. Citizens Energy believed it could realize savings notpossible within the constraints of the contract.159

Petaluma, Calif.: In 2007, after nearly 30 years of privateoperation of its wastewater treatment plant, the city councilunanimously voted to take back the system from Veolia,expecting to save 10 percent ($1.6 million) in the rst threeyears of public operation.160

Burley, Idaho: In 2009, after cancelling its wastewater con-tract with Veolia, the city had to make thousands of dollarsin repairs to the treatment plant, blaming the companysneglect and poor maintenance.161

Tama, Iowa: In 2011, after nearly 20 years of private opera-tion of its water and sewer systems, Tama, Iowa, sought toterminate its contract with Veolia, believing it could savemoney with public operation.162

In Confict with the Human Right to

Water

The experiences of communities across the planet show

that Veolia does not offer a solution to the worlds waterproblems. Indeed, underlying its corporate strategy is atacit recognition that water privatization in general doesnot work for the poor and conicts with the human rightto water. The company seems to want to hide this fact andoften presents a different public face from the one it showsinvestors.

In a March 2010 letter, Veolia Water told the U.N. HumanRights Councils independent expert on the issue of humanrights and water that the core of its job as a water opera-tor was to bring water to those who need it most.163 In

reality, however, the company has avoided places with thegreatest water needs. In 2010, Veolia Water did not haveofces in countries with the least access to safe drinkingwater (see map on inside cover).164 This is partly becausepublic resistance to privatization and opposition to highwater bills made it unprotable for the company to runwater systems in many places in the Global South.165

In its letter to the Human Rights Councils independent ex-pert, the company boasted about how it has expanded wa-ter access, particularly to those living in remote areas.166Nevertheless, that same month, it told credit analysts onWall Street that it prioritized nancially sound clientsin dense urban areas.167 The rural poor thus were of littleconcern to Veolia, despite its pretenses.

For these communities, Veolias absence is benecial. Therate hikes needed to generate corporate prot could pricestruggling households out of safe water service. Whenlow-income neighborhoods cannot afford to pay their bills,private companies often focus improvements in wealthierareas where they can recoup their investments and growstockholder value.168

Veolia does operate in certain low- and middle-income

countries, but Frrot told Dow Jones Newswires, we wontgive them the priority in terms of investments.169 Veoliascustomers in Libreville, Gabon, know all too well the hu-man consequences of underinvesting in water resources.

Africa: Not a priority

Half of Veolias major water operations in Africa werelinked to loans from international nancial institutions,according to World Bank data. In 2010, Veolia ran wa-ter systems in ve African countries: Gabon, Morocco,Namibia, Niger and South Africa. A loan from the Euro-

pean Investment Bank backed the privatization in Namibiaand one from the World Banks nancial arm backed thedeal in Niger. Since the mid-1990s, Chad, Comoros andGambia have terminated deals with the company. All threecontracts were associated with World Bank loans.170


14/20



10

The company is not prioritizing new privatizations in theregion, but it is not leaving the places where it alreadyoperates. In 2010, when an investor asked about the com-panys plans for Africa, Frrot responded: Africa is nota priority for the Group, but we do not intend to withdrawfrom Africa though; we want to work with partnerships andnot just with our own money.171

Even when the company takes over water services, it avoidsinvesting in the system unless it can hike water prices toearn a sizable return. Insufcient investment can impairwater quality and leave some households without service.It can be deadly.

Running Dry in Gabon

In 2011, after an independent audit documented seriousfailures with the concessionaire, the government of Gabonordered Veolia-run Societ dEnergie et dEau du Gabon(SEEG) to improve its water and electricity systems to stopthe blackouts and water shortages plaguing Libreville.172The audit found that the company had failed to properlymaintain the systems and had difculty providing therequired level of service.173 Some districts of the capital cityhad no water service at all and others faced daily outagesthat lasted as long as eight hours.174

In 1997, Veolia obtained a 20-year concession to providewater, wastewater and electricity services to 1 million peo-ple in Gabon.175 In 2011, it planned to sell half of its 51 per-cent stake in SEEG to lectricit de France, the French-stateelectric company headed by former Veolia CEO Proglio.176

Not long after the 1997 privatization, problems began tosurface. The water distribution system faces shortagesgoing back to 2003 as a result of obsolescence and satura-tion of the transport system for treated water, SeraphinMoundounga, a government spokesman told Reuters.177At the end of 2009, after years of prolonged and repeatedservice interruptions in Libreville, the government decidedto revise its contract with SEEG.178

In January 2011, a family of ve died in Libreville when acandle necessary because of power outages set theirhouse alight. We all tried to extinguish the re and save

the lives of victims, but things were not easy, especially aswater taps were dry in the district, neighbors reported tothe newspaperAfrik.179

A Growing Movement or Public WaterA close examination of the worlds largest water corpo-ration reveals basic problems with water privatization.Consumers worldwide have seen their bills skyrocket andtheir service worsen after Veolia took over their water andsewer systems. In the face of strong public opposition, thecompanys privatization prospects are diminishing. It isstruggling just to hold ground.

A growing movement is afoot to reclaim water servicesfor the public. Many communities across France and theUnited States have ended deals with Veolia and resumed

public operation to save money and improve service. Else-where, the ght for public water continues. From Germanyto Morocco, communities are seeking to remove Veoliaand restore public control of their water resources.

Kicked Out Across South America

Organized public resistance wrecked Veolias water priva-tization vision for South America. Public opposition toprice increases and inadequate service forced the com-pany out of deals in Argentina and Brazil,180 and threat-ened to do the same in Guayaquil, Ecuador, and Tibitoc,

Colombia.181 As of 2010, according to World Bank data,the company had only three operational privatizationcontracts on the continent; all were in Colombia and twoinvolved fxed government payments to the company.182


15/20

Food & Water Europe

11

Endnotes

1 Veolia Environnement. U.S. Securities and Exchange Commission.2009 Form 20-F. April 19, 2010 at 11.


3 Veolia Environnement. U.S. Securities and Exchange Commission.2009 Form 20-F. April 19, 2010 at 152 to 153.

4 Veolia Environnement. [Press release]. 2010 objectives exceeded.March 4, 2011 at 1; Exchange rates as of December 31, 2010 fromVeolia Environnement. Presentation. 2010 Annual Results. March4, 2011 at 51.

5 Veolia Water. Business Overview 2009. May 14, 2010 at 7.6 Veolia Environnement. Credit analysts. Presentation. New York.

March 30, 2010 at 3; Veolia Water. Business Overview 2009. May14, 2010 at 6 to 7; Pinsent Masons. (2010). Pinsent Masons WaterYearbook 2010-2011. London: Pinsent Masons LLP at 24.

7 Veolia Environnement. Presentation. 2010 Annual Results. March 4,2011 at 10 to 11.

8 Veolia Environnement. U.S. Securities and Exchange Commission.2009 Form 20-F. April 19, 2010 at 22; Veolia Water. Business

Overview 2009. May 14, 2010 at 7.9 Veolia Water. [Brochure]. Partner to Major Cities. October 3, 2008 at 18 to 21.

10 Vivendi Environnement. U.S. Securities and Exchange Commission.2001 Form 20-F. May 24, 2002 at 10 to 11; Veolia Environnement,SA. International Directory of Company Histories, Vol. 109. St.James Press, 2010. Reproduced in Business and Company ResourceCenter. Farmington Hills, Mich.: Gale Group. 2011 at 1, 4 to 6;Fagan, Mary. City: Messier on a mission. The Sunday TelegraphLondon.June 25, 2000.

11 Kapner, Suzanne and Laura M. Holson. Shake-up at Vivendi:the overview. The New York Times.July 2, 2002; Fagan, Mary.City: Messier on a mission. The Sunday Telegraph London.June25, 2000; The French x. The Economist.July 4, 2002; VeoliaEnvironnement, SA. International Directory of Company Histories,Vol. 109. St. James Press, 2010. Reproduced in Business andCompany Resource Center. Farmington Hills, Mich.: Gale Group.2011 at 5 to 6; Petechuk, David. Proglio, Henri 1949- InternationalDirectory of Business Biographies. January 1, 2005.

12 U.S. Securities and Exchange Commission. [Press release].Commission settles civil fraud action against Vivendi Universal, SA.December 23, 2003.

13 Saltmarsh, Matthew. French court convicts 2 executives in Vivendicase. The New York Times.January 21, 2011.

14 Vivendi Environnement. U.S. Securities and Exchange Commission.2001 Form 20-F. May 24, 2002 at 11.

15 Veolia Environnement. U.S. Securities and Exchange Commission.2003 Form 20-F. May 30, 2003 at 10 to 11.


17 Veolia Environnement. U.S. Securities and Exchange Commission.2009 Form 20-F. April 19, 2010 at 11; Veolia Environnement, SA.International Directory of Company Histories, Vol. 109. St. James

Press, 2010. Reproduced in Business and Company Resource Center.Farmington Hills, Mich.: Gale Group. 2011 at 6 to 7; Petechuk,David. Proglio, Henri 1949- International Directory of BusinessBiographies. January 1, 2005.

18 Vivendi Environnement. U.S. Securities and Exchange Commission.2001 Form 20-F. May 24, 2002 at 18, 46 and 71; Petechuk,David. Proglio, Henri 1949- International Directory of BusinessBiographies. January 1, 2005; Veolia Environnement. U.S. Securitiesand Exchange Commission. 2003 Form 20-F. June 28, 2004 at 20;Veolia Environnement, SA. International Directory of CompanyHistories, Vol. 109. St. James Press, 2010. Reproduced in Businessand Company Resource Center. Farmington Hills, Mich.: GaleGroup. 2011 at 5 to 6.

19 The ood dries up. The Economist. August 28, 2004.20 Patel, Tara. Veolia chief Proglio to head EDF, replacing Gadonneix

(update 2). Bloomberg. September 28, 2009; Petechuk, David.Proglio, Henri 1949- International Directory of BusinessBiographies. January 1, 2005; Vidalon, Dominique and MarcelMichelson. Newsmaker-New EDF boss Proglio is passionate teamplayer. Reuters. September 27, 2009; Mawad, Marie. Preview-debt and asset sales key for possible new Veolia head. Reuters.

September 25, 2009.21 Patel, Tara. Veolia chief Proglio to head EDF, replacing Gadonneix

(update 2). Bloomberg. September 28, 2009; Veolia Environnement.U.S. Securities and Exchange Commission. 2007 Form 20-F. May 7,2008 at 11.

22 Maitre, Marie. Update 3-Veolia to focus on cash in strategy U-turn.Reuters. March 6, 2009; Veolia Environnement. U.S. Securities andExchange Commission. 2009 Form 20-F. April 19, 2010 at 88.

23 Maitre, Marie. Update 3-Veolia to focus on cash in strategy U-turn.Reuters. March 6, 2009.

24 Veolia Environnement. U.S. Securities and Exchange Commission.2008 Form 20-F. April 16, 2009 at 15; Veolia Environnement. Fullyear 2009 Veolia Environnement SA earnings conference call nal.FD (Fair Disclosure) Wire. March 5, 2010 at 2.

25 Veolia Environnement. [Press release]. 2010 objectives exceeded.March 4, 2011 at 1.

26 Patel, Tara. Veolia chief Proglio to head EDF, replacing Gadonneix(update 2). Bloomberg. September 28, 2009; Le roi samus;Rebranding Nicolas Sarkozy. The Economist.January 30, 2010;Hollinger, Peggy. EDF chief quits role as Veolia chairman. TheFinancial Times. December 12, 2010; Vidalon, Dominique andMarcel Michelson. Newsmaker-New EDF boss Proglio is passionateteam player. Reuters. September 27, 2009.

27 Mallet, Benjamin. Newsmaker Loyalty pays off as Frerot grabsVeolia CEO job. Reuters. October 21, 2009.

28 Veolia Environnement. Presentation. 2010 Annual Results. March4, 2011 at 43; Veolia Environnement. Full year 2009 VeoliaEnvironnement SA earnings conference call nal. FD (FairDisclosure) Wire. March 5, 2010 at 11.

29 Veolia Environnement. Full year 2009 Veolia Environnement SAearnings conference call nal. FD (Fair Disclosure) Wire. March5, 2010 at 11.

30 Gasson, Christopher. Being a chicken-pig. Global WaterIntelligence, vol. 11, iss. 7. July 2010 at 5; Gasson, Christopher.Frrot sees salvation in operations. Global Water Intelligence,vol. 11, iss. 7. July 2010 at 8 to 9; Taking on the MillenniumDevelopment Goals. Global Water Intelligence, vol 6, iss. 5. May2005 at 12.

31 Calculation on le with Food & Water Watch. Principal contracts,reported in annual corporate nancial lings with the U.S. Securitiesand Exchange Commission, excluding renewals and contracts withprivate companies. Estimated cumulative revenue as reported inannual corporate nancial ling, not adjusted for ination. VeoliaEnvironnement. U.S. Securities and Exchange Commission. 2005Form 20-F. June 29, 2006 at 24 to 25; Veolia Environnement.U.S. Securities and Exchange Commission. 2006 Form 20-F. June29, 2007 at 21 to 22; Veolia Environnement. U.S. Securities andExchange Commission. 2007 Form 20-F. May 7, 2008 at 24 to 25;Veolia Environnement. U.S. Securities and Exchange Commission.2008 Form 20-F. April 16, 2009 at 23; Veolia Environnement. U.S.Securities and Exchange Commission. 2009 Form 20-F. April 19,2010 at 21.

32 Calculation on le with Food & Water Watch. Principal contracts,reported in annual corporate nancial lings with the U.S. Securitiesand Exchange Commission, excluding renewals and contracts withprivate companies. Estimated cumulative revenue as reported inannual corporate nancial ling, not adjusted for ination. VeoliaEnvironnement. U.S. Securities and Exchange Commission. 2005Form 20-F. June 29, 2006 at 24 to 25; Veolia Environnement.U.S. Securities and Exchange Commission. 2006 Form 20-F. June29, 2007 at 21 to 22; Veolia Environnement. U.S. Securities andExchange Commission. 2007 Form 20-F. May 7, 2008 at 24 to 25;Veolia Environnement. U.S. Securities and Exchange Commission.2008 Form 20-F. April 16, 2009 at 23; Veolia Environnement. U.S.Securities and Exchange Commission. 2009 Form 20-F. April 19,2010 at 21.


34 Veolia Environnement. Presentation. 2010 Annual Results. March 4,2011 at 54 to 58.

35 Veolia Environnement. Presentation. 2010 Annual Results. March4, 2011 at 16 to 18; Veolia Environnement. Q4 and full year 2010Veolia Environnement SA earnings conference call-nal. FD (FairDisclosure) Wire. March 4, 2011 at 10.

36 Veolia Environnement. [Press release]. 2010 objectives exceeded.


16/20



12

March 4, 2011 at 7.37 Veolia Environnement. Presentation. 2010 Annual Results. March 4,

2011 at 43.38 Veolia Environnement. Full year 2009 Veolia Environnement SA

earnings conference call nal. FD (Fair Disclosure) Wire. March

5, 2010 at 11.39 Ouyahia, Meriem At. Government of Canada, Policy ResearchInitiative. Public-private partnerships for funding municipal drinkingwater infrastructure: What are the challenges? May 2006 at 5; Hall,David and Emanuele Lobina. International actors and multinationalwater company strategies in Europe, 1990-2003. Utilities Policy, vol.15. 2007 at 68 to 69.

40 Garcia, Serge and Arnaud Reynaud. Estimating the benets of ef-cient water pricing in France. Resource and Energy Economics, vol.26. 2004 at 8.

41 Ouyahia, Meriem At. Government of Canada, Policy ResearchInitiative. Public-private partnerships for funding municipal drinkingwater infrastructure: What are the challenges? May 2006 at 5; Hall,David and Emanuele Lobina. International actors and multinationalwater company strategies in Europe, 1990-2003. Utilities Policy, vol.15. 2007 at 68 to 69.

42 Barucq, Catherine et al. BIPE/FP2E. Les services publics deau etdassainissement en France. Donnes conomiques, sociales etenvironnementales. 4th Edition. March 4, 2010 at 37; Hall, Davidand Emanuele Lobina. Public Services International Research Unit.Water Companies in Europe 2010. September 2010 at 37; Hall,David and Emanuele Lobina. International actors and multinationalwater company strategies in Europe, 1990-2003. Utilities Policy, vol.15. 2007 at 73 to 74.

43 Lobina, Emanuele and David Hall. Public Services InternationalResearch Unit. Problems with private water concessions: a review ofexperience. June 2003 at 6.

44 Veolia Environnement. U.S. Securities and Exchange Commission.2009 Form 20-F. April 19, 2010 at 170; End of the entente cor-diale. Global Water Intelligence, vol. 10, iss. 8. August 2009 at 16;French Govt eyes friendly solution on Veolia/Suez water supplycompetition issues. French Business Digest. February 25, 2008;The European Commission. [Press release.] Mergers: Commission

approves the acquisition of several water collection, treatment andsupply companies by Lyonnaise des Eaux. August 5, 2009.45 Brunsden, Jim. French utilities under investigation. European

Voice. April 16, 2010; Kiviniemi, Peppi. EU: Raided French watertreatment companies in antitrust probe. Dow Jones Newswires.April 16, 2010; European Commission. Antitrust: la Commmisionconrme avoir men des inspections en France auprs de plusieursentreprises actives dans le secteur de leau et de lassainissement.(Memo 10/134). April 16, 2010; Veolia Environnement. Q1 2010Veolia Environnement SA Sales Conference Call- Final. FD (FairDisclosure) Wire. May 7, 2010 at 10.

46 Mosca, Sophie. Competition: French water treatment companiesunder investigation. Europolitics. April 20, 2010; French anitrustprobe takes a new twist. Global Water Intelligence, vol. 11, iss. 6.

June 2010 at 9.47 Veolia Environnement. Half year 2010 Veolia Environnement SA

earnings conference call nal. FD (Fair Disclosure) Wire. August6, 2010 at 3.

48 Eastern rebels under pressure to stick with SEDIF. Global WaterIntelligence, vol. 11, iss. 7. July 2010 at 12; lUFC-Que Choisir.[Press release.] La n du contrat entre Volia et le Syndicat des Eauxdlle-de-France: 80 90 millions deuros dconomie raliser.September 23, 2008.

49 Eastern rebels under pressure to stick with SEDIF. Global WaterIntelligence, vol. 11, iss. 7. July 2010 at 12; Veolia in line for Pariswater contract. Public Works Financing, vol. 249. May 2010 at 17.

50 The United States was a target for environmental services. VeoliaEnvironnement. Presentation. 2010 Annual Results. March 4,2011 at 43 to 45; Veolia Environnement. Q4 and full year 2010Veolia Environnement SA earnings conference call-nal. FD (FairDisclosure) Wire. March 4, 2011 at 7 to 8; Veolia Environnement.U.S. Securities and Exchange Commission. 2009 Form 20-F. April 19,2010 at 14.

51 Chart; Veolia Environnement. Presentation. 2010 Annual Results.March 4, 2011 at 45 and 47.52 Veolia Environnement. Q4 and full year 2010 Veolia Environnement

SA earnings conference call-nal. FD (Fair Disclosure) Wire. March4, 2011 at 8; Amiel, Geraldine. Interview: Veolia CEO looks toEurope for growth potential. Dow Jones Newswires. March 5, 2010;

Veolia Environnement. Presentation. 2010 Annual Results. March4, 2011 at 44.

53 Veolia Environnement. Q4 and full year 2010 Veolia EnvironnementSA earnings conference call-nal. FD (Fair Disclosure) Wire. March4, 2011 at 8.

54 Veolia Environnement. Q4 and full year 2010 Veolia EnvironnementSA earnings conference call-nal. FD (Fair Disclosure) Wire. March4, 2011 at 8; Veolia Environnement. Presentation. 2010 AnnualResults. March 4, 2011 at 44.

55 Chart; Veolia Environnement. Presentation. 2010 Annual Results.March 4, 2011 at 12.


57 Amiel, Geraldine. Interview: Veolia CEO looks to Europe for growthpotential. Dow Jones Newswires. March 5, 2010.

58 Veolia Environnement. Presentation. 2010 Annual Results. March 4,2011 at 47.

59 Veolia Environnement. Consolidated Financial States for the yearended December 31, 2010. Draft. March 10, 2011 at 165; CDCsstake in Veolia Environnement drops below 10%. Dow Jones NewsWire. June 15, 2009.

60 Veolia Environnement. Consolidated Financial States for the yearended December 31, 2010. Draft. March 10, 2011 at 165; VeoliaEnvironnement. U.S. Securities and Exchange Commission. 2009Form 20-F. April 19, 2010 at 124; Hall, David and Emanuele Lobina.Public Services International Research Unit. Water Companies inEurope 2010. September 2010 at 7; Hollinger, Peggy. EDF chiefquits role as Veolia chairman. The Financial Times. December 12,2010.

61 Barucq, Catherine et al. BIPE/FP2E. Les services publics deau etdassainissement en France. Donnes conomiques, sociales etenvironnementales. 4th Edition. March 4, 2010 at 37; Hall, Davidand Emanuele Lobina. Public Services International Research Unit.Water Companies in Europe 2010. September 2010 at 37.


63 Veolia Environnement. U.S. Securities and Exchange Commission.

2009 Form 20-F. April 19, 2010 at 14; Veolia Environnement. Q4and full year 2010 Veolia Environnement SA earnings conferencecall-nal. FD (Fair Disclosure) Wire. March 4, 2011 at 8.

64 Eau de Paris. [Press release]. Depuis le ler mai 2009, la nouvellergie municipal de leau est en marche. May 1, 2009.

65 Le Strat, Anne. Transnational Institute. Paris: An Example of HowLocal Authorities Can Regain Control of Water Management. July2010 at 1; When Paris sneezes, private water catches a cold.Global Water Intelligence, vol. 9, iss. 7. July 2008.

66 Eau de Paris. [Press release]. Baisse de 8% du prix de leau potable Paris et annonce de mesures sociales en faveur des plus dmunis.March 22, 2011; Albert, Laurence. Les Parisiens paieront moins cherleur facture deau.Les Echos.January 10, 2011; Paris marks a yearof public water with price cut. Global Water Intelligence. January13, 2011.

67 Corporate Europe Observatory and Transnational Institute Initiative.Communate Urbaine de Cherbourg. Water RemunicipalisationTracker. June 2008; Coupechoux, Patrick. De Neufchteau Cherbourg, retour la case. Le Monde Diplomatique. March 2005.

68 Corporate Europe Observatory and Transnational Institute Initiative.Communaut d. Water Remunicipalisation Tracker. June 2010;Montbeliard council terminates water management contract ofVeolia. French Business Digest. June 7, 2010.

69 Lebailly, Grard. Ren Couanau souhaite municipaliser leau.Ouest-France. February 16, 2011; Berrezai, Olivier. Le dbat surleau ename les bancs du conseil. Ouest-France. February 26,2010.

70 Baudry, M. Stephan. La Lettre du Cadre Territorial. Arret Olivet:une arme de negociation massive? (No. 397). March 15, 2010; LeConseil dtat et la Jurisdiction Administrative. [Press release]. Duremaximum des delegations de service public. April 8, 2009; LeConseil dtat et la Jurisdiction Administrative. Compagnie Generaledes Eaux et Commune dOlivet. (No. 271737, 271782).Assemble

du contentieux. April 3, 2009; Groupe dAction Municipale dOlivet.Spcial EAU! Olivet Le Courrier de GAMO. No. 55. May 2009.71 Research Institute for Social Development, United Nations. Social

Policy, Regulation and Private Sector Water Supply: the case ofFrance. September 12, 2006; Laime, Marc. Delegations de servicepublic: des centaines de contrats remis en cause avant terme? Eaux


17/20

Food & Water Europe

13

Glaces. April 10, 2009.72 Groupe dAction Municipale dOlivet. Pourquoi la gestion de leau

sur Olivet refait surface et fait a nouvou couler beaucoup dencre?Le Courrier de GAMO. No. 48. September 2004.

73 Le Conseil dtat et la Jurisdiction Administrative. Compagnie

Generale des Eaux et Commune dOlivet. (No. 271737, 271782).Assemble du contentieux. April 3, 2009.74 Baudry, M. Stephan. La Lettre du Cadre Territorial. Arret Olivet:

une arme de negociation massive? (No. 397). March 15, 2010; LeConseil dtat et la Jurisdiction Administrative. [Press release]. Duremaximum des delegations de service public. April 8, 2009.

75 Daniel, Marc and Isabelle Rey-Lefebvre. Distribution deau : la con-currence sveille, les prix baissent. Le Monde. February 14, 2010.

76 Baudry, M. Stephan. La Lettre du Cadre Territorial. Arret Olivet: unearme de negociation massive? (No. 397). March 15, 2010; City ofToulouse [Press Release]. Audit de lEau: le choix de la raison.January 28, 2010.

77 City of Toulouse [Press Release]. Audit de lEau: le choix de la rai-son. January 28, 2010.

78 City of Toulouse [Press Release]. Audit de lEau: le choix de la rai-son. January 28, 2010.

79 Eau Secours 31. [Press Release]. January 13, 2010.80 Lamquin,Veronique and Michel de Muelenaere. Aquiris: une

victoire pour Huytebroeck Le Soir(Brussels). November 23, 2010;Bauwens, Willy, College des Experts. Station depuration deBruxelles-Nord. (BXL-Nord-10-008-rev1). January 13, 2011 at 170to 173; Aucun argument dAquiris ne justiait la fermeture de lastation dpuration. La Libre Belgique.January 13, 2011.

81 Corporate Europe Observatory. Aquiris: Veolias lost bet in Brussels.February 22, 2010.

82 Lamquin,Veronique and Michel de Muelenaere. Aquiris: une vic-toire pour Huytebroeck Le Soir(Brussels). November 23, 2010.

83 Water utility referendum a cold shower for Berlin. The Local.February 14, 2011.

84 Laime, Marc. Le contrat secret de la privatisation de leau Berlinrendu public. Mondediplo. November 4, 2010;Heiser, Sebastian.Die ruberische Wasser-Privatisierung. Die Tageszeitung. October30, 2010.

85 Veolia Water. [Brochure]. Water References. 2008 at 10.86 Gateau, Nicolas. Berlin: le scandale de leau. Le Petit Journal.November 15, 2010.

87 Gateau, Nicolas. Berlin: le scandale de leau. Le Petit Journal.November 15, 2010; Socialist Equality Party. [Press release].Referendum on privatization of Berlins water supply. February14, 2011; Water utility referendum a cold shower for Berlin. TheLocal. February 14, 2011; Ball, Ralf Schn. Senat will nicht gegenWasser-Volksentscheid klagen. Der Tagesspiegel. February 15, 2011.

88 Water utility referendum a cold shower for Berlin. The Local.February 14, 2011.

89 Berlin to start talks with RWE on BWB acquisition. GermanBusiness Digest. December 30, 2010;New hurdle for RWE inBerlin. Global Water Intelligence, vol. 12, iss. 3. March 2011 at 27.

90 French Veolia is not planning to sell stake in Berlin water utilitiesreport. German Business Digest. December 28, 2010; Cunnac,Michel. Vorlug ruhen die Gesprche mit dem Senat. DerTagesspiegel. December 28, 2010; Veolia will Wasserbetriebe nichthergeben. Der Tagesspiegel. December 27, 2010.

91 Godoy, Julio. Europe: Privatised Services back in public hands.Inter Press Service News Agency.January 28, 2010.

92 Calculation on le with Food & Water Watch.World Bank andPPIAF. PPI Project Database. (http://ppi.worldbank.org). Last update:December 2010. Accessed February 10, 2011.




96 Veolia Environnement. Presentation. 2010 Annual Results. March 4,

2011 at 45.97 European Bank for Reconstruction and Development. [Press release].EBRD boosts stake in Veolia Environnement water venture.December 15, 2009.

98 International Finance Corporation, World Bank Group. [Pressrelease]. IFC to invest in Veolia Voda for rehabilitation of water &

wastewater networks in Eastern Europe. June 3, 2010.99 Veolia Environnement. [Press release]. Veolia Water acquires several

United Utiities activities in Europe. June 14, 2010; Veolia Waterbuys several European activities of United Utilities for EUR 199m.French Business Digest.June 15, 2010.

100 Hall, David and Emanuele Lobina. Public Services InternationalResearch Unit. Water Companies in Europe 2010. September 2010at 5; Organisation for Economic Co-operation and Development.Environment Directorate, Environment Policy Committtee, PrivateSector Participation in Water Supply and Sanitation in EasternEurope, Caucasus and Central Asia: Status Paper. Annual Meetingof the Task for the Implementation of the Environmental ActionProgramme. Almaty, Kazakhstan. October 14 to 15, 2010 at 26, 53,77 and 78.

101 Gegea, Mihaela. Apa Nova in cross-hair of authorities. NineOClock(Bucharest). December 16, 2003; Benezic, Dollores. ApaNova intra pe mana Autoritatii Nationale de Control. CurierulNa ional. November 17, 2003; Mediafax. Apa Nova Bucuresti, invizorul Administratiei si Internelor. Curierul Na ional. January 27,2004; Veolia Water. Partner to major cities. October 3, 2008 at 19.

102 Mediafax. Videanu: The contract with Apa Nova is harmful for thecity but I observe it. Nine OClock(Bucharest). April 1, 2007.

103Affaire Butan et Dragomir c Roumanie. Final Decision. EuropeanCourt of Human Rights, Third division. (Application no. 40067/06).May 14, 2008; European Commission of Human Rights. [Pressrelease]. Butan and Dragomir v. Romania (no. 40067/06). February14, 2008; Cicovschi, Aphrodite. Romnia, condamnat la CEDOdin Cauza ApaNova. Curierul Na ional. February 20, 2008.

104 On anu i cere lui Oprescu s rezilieze contractul cu Apa NovaOn anu i cere lui Oprescu s rezilieze contractul cu Apa Nova.Mediafax (Bucharest). March 9, 2009; Dimache, Roxana. Oprescuvrea renegocierea contractului cu Apa Nova. Curierul Na ional.

June 5, 2009.105 Capatos, Monica Andrei. Datorii stinse i investi ii promise.

Jurnalul National(Bucharest). December 15, 2009; Apa Novarenun a la banii datora i de RADET. Mediafax (Bucharest).November 3, 2009; Dimache, Roxana. Oprescu vrea renego-cierea contractului cu Apa Nova. Curierul Na ional.June 5, 2009;

Primaria capitalei va renegocia contractual cu Apa Nova. CurierulNa ional. November 3, 2009.106 Anger in Soa over water price hike. Sofa News Agency. February

1, 2011; Soa water utility to cut supplies to debtors. Sofa NewsAgency.January 17, 2011; Soa water utility strikes against debt-ors. Sofa News Agency. February 13, 2011; Soyska Voda. AnnualReport and Financial Statements 2009. September 17, 2010 at 2.


108 Wee, Sui-Lee. China to spend $301 billion on water projects.Reuters.January 20, 2011.


110 Gasson, Christopher. Frrot sees salvation in operations. GlobalWater Intelligence, vol. 11, iss. 7. July 2010 at 8.

111 Veolia Water. Veolia Water linking cities to nance. Presentation.September 27, 2010 at 12 to15; Gadis, David. Testimony Inthe matter of the petition of the Department of Waterworks of theconsolidated city of Indianapolis, Indiana, for authority to increase itsrates and charges for water utility service State of Indiana, IndianaUtility Regulatory Commission. September 30, 2009 at Gadis-5.


113 Gasson, Christopher. Frrot sees salvation in operations. GlobalWater Intelligence, vol. 11, iss. 7. July 2010 at 8.

114 Veolia Environnement. U.S. Securities and Exchange Commission.2009 Form 20-F. April 19, 2010 at 14; Veolia Environnement. Creditanalysts. Presentation. New York. March 30, 2010 at 75; Gasson,Christopher. Frrot sees salvation in operations. Global WaterIntelligence, vol. 11, iss. 7. July 2010 at 8; Veolia Environnement.Full year 2009 Veolia Environnement SA earnings conference call nal. FD (Fair Disclosure) Wire. March 5, 2010 at at 11.

115 Veolia Environnement. Presentation. 2010 Annual Results. March4, 2011at 43 to 47; Veolia Environnement. Q4 and full year 2010Veolia Environnement SA earnings conference call-nal. FD (FairDisclosure) Wire. March 4, 2011 at 7 to 8.

116 Veolia Environnement. [Press release]. Strategic long-term partner-ship. April 16, 2010.


18/20



14

117 Gasson, Christopher. Frrot sees salvation in operations.Global Water Intelligence, vol. 11, iss. 7. July 2010at 8; VeoliaEnvironnement. Half year 2010 Veolia Environnement SA earn-ings conference call nal. FD (Fair Disclosure) Wire. August 6,2010 at 15; Veolia Waters Saudi Arabian odyssey. Global Water

Intelligence, vol. 10, iss. 9. September 2009 at 16.118 Veolia Water. [Press release]. Veolia Water is awarded two newcontracts in the Sultanate of Oman. January 12, 2011.

119 Moroccans riot ahead of protests.Al Jazeera. February 19, 2011;Karam, Souhail. Riots in Moroccan city over utility costs. Reuters.February 19, 2011; Ghanmi, Lamine. Veolia Morocco unit buyspartners 49 pct stake. Reuters. November 26, 2007.

120 Morocco/Project: Vivendi group wins Tangiers concession. FinancialTimes Energy Newsletters- Global Private Power. March 12, 2001;Ghanmi, Lamine. Veolia Morocco unit buys partners 49 pct stake.Reuters. November 26, 2007; Morocco: Joint venture contractaward for planned $700,000,000 water and electricity distributionoperations. Worldwide Projects-Report on Engineering Construct &Plant Operations in the Developing World. April 1, 2001.

121 Attac Morocco et al., Dlgation de service public et Dmocratie.[Press Release]. Dclaration de presse sur la gestion dlgue desservices de leau, lectricit, assainissement et transport public casde Rabat. January 19, 2011.

122 Vivendi takes over Rabat. Global Water Intelligence, vol. 3, iss. 11.November 2002; Debtors impact Veolia Marocs cashow. GlobalWater Intelligence, vol. 11, iss. 2. February 2010 at 8.

123 Debtors impact Veolia Marocs cashow. Global Water Intelligence,vol. 11, iss. 2. February 2010 at 8.

124 Attac Maroc et al., Foundation France Liberts. Remarquessur lexprience de la gestion dlgue REDAL et STAREO.Correspondence to Oualalou, Fatallah. January 14, 2011; Veolia,entre attaque et contre-attaque. Les Echos Quotidien. January26, 2011; Attac Morocco et al., Dlgation de service public etDmocratie. [Press Release]. Dclaration de presse sur la gestiondlgue des services de leau, lectricit, assainissement et transportpublic cas de Rabat. January 19, 2011.

125 Lion, Patrick. Tugun desalination plant to be mothballed, execs faceaxe in bid to cut water bills. The Sunday Mail. December 5, 2010;

OConnor, Mike. Gold Coast desalination plant a billion-dollar rustywhite elephant. The Courier-Mail. June 28, 2010.126 Aussie plants go into hibernation. Global Water Intelligence. Vol.

11, iss. 12. December 2010.127 Lappeman, Sue. $32,000 a day for Tugun desal water we dont

need. Gold Coast News. March 9, 2010.128Johnstone, Craig. Cheaper water denied to users as Tugun desalina-

tion plant supply is prioritized. Courier Mail. May 3, 2010.129 Veolia Water. [Press release]. Veolia Water selected for two major

projects to address drought in Australia. December 5, 2006.130 Bita, Natasha. Waters quick x a long-term drain. The Australian.

January 23, 2010; Moore, Tony. Desal inquiry still ongoing.Brisbane Times. June 23, 2010.

131 Stolz, Greg. Tanks still rusting at Tugun desalination plant. CourierMail. April 27, 2010.

132 United Water loses Adelaide water deal.ABC News. February10, 2011; Suez Environnement makes waves down under. GlobalWater Intelligence, vol. 12., iss. 2. February 2011 at 37.

133 SA Water wins $14m from United.ABC News. February 21, 2011;Experts order a $13.8m water payback.Adelaide Now. February21, 2011.

134 Emmerson, Russell. Jobs in peril after French rm United Water losesSA Water contract.Adelaide Now(Adelaide, Australia). June 25,2010.

135 Owen, Michael and Gavin Lower. State Sues Water Firm forMillions. The Australian. September 1, 2009.

136 United Water loses Adelaide water deal.ABC News. February10, 2011; Suez Environnement makes waves down under. GlobalWater Intelligence, vol. 12., iss. 2. February 2011 at 37.

137 EPA investigates sewage spill.ABC News. February 16, 2004.138 United Water plays down second sewage spill.ABC News.

November 1, 2004.139 Second sewage spill angers Minister.ABC News. November 1,

2004.140 Veolia Environnement. U.S. Securities and Exchange Commission.2009 Form 20-F. April 19, 2010 at F-132; PWFs 14th annual wateroutsourcing report. Public Works Financing, vol. 247. March 2010at 2 and 5; Veolia Water. Proposal: Professional Services for theTransition of the Ft. Monroe Facility Fort Monroe Authority. Volume

1- Business & Qualitcations Proposal. October 22, 2010 at 1-1.141 PWFs 12th annual water outsourcing report. Public Works

Financing. vol. 225. March 2008 at 1; Chertoff, Larry. Contract opsreaching maturing. Global Water Intelligence, vol. 7, iss. 3. March2006; Veolia plots a new US strategy. Global Water Intelligence,

vol. 5, iss. 7. July 2004 at 13; Patience wins the day at Veolia.Global Water Intelligence, vol. 6, iss. 5. May 2005 at 10 to 12; USprivate rms shrink from weak deals. Global Water Intelligence, vol.4 iss. 8. August 2003 at 8.

142 PWFs 14th annual water outsourcing report. Public WorksFinancing, vol. 247. March 2010 at 5; PWFs 13th annual wateroutsourcing report. Public Works Financing, vol. 236. March 2009 at3.

143 PWFs 14th annual water outsourcing report. Public WorksFinancing, vol. 247. March 2010 at 6 and 7.

144 PWFs 14th annual water outsourcing report. Public WorksFinancing, vol. 247. March 2010 at 7; PWFs 11th annual wateroutsourcing report. Public Works Financing, vol. 214. March 2007 at5.

145 Village of Coxsackie v. Veolia Water North America-North East LLCand US Filter Operating Services Inc. (1:07-CW-131). United StatesDistrict Court Northern District of New York. September 6, 2007 at 1to 2.

146 Isaac, Jimmy. Regulators ne Overton for violations. News-Journal.January 31, 2010.

147 Amiel, Geraldine. Keeping our cities livable. The Wall StreetJournal.January 31, 2011.

148 PWFs 13th annual water outsourcing report. Public WorksFinancing, vol. 236. March 2009 at 4.

149 Fix our Sanitary District Yes on F. Recipient Committee CampaignStatement. (California Form 260). Marin County Elections. August 3,2010 at 4; Marin County Registrar of Voters. Direct Primary ElectionJune 8, 2010 Ofcial Final Statement of Votes Cast. June 28, 2010;Jason, Will. In Novato, new $25.6M sanitary contract takes effect.Contra Costa Times. August 6, 2010.

150 USFilter. [Press release]. City of Indianapolis selects USFilter to man-age waterworks system. March 18, 2002.

151 Olson, Scott. Employee benet assessments paint different pictures.

Indianapolis Business Journal. August 4, 2003; Tully, Matthew. Waterworkers sue over benets cuts. Indianapolis Star. August 30, 2002.152 Veolia Environnement. U.S. Securities and Exchange Commission.

2009 Form 20-F. April 19, 2010 at 172;Jason Bond, et al. v. VeoliaWater North America Operating Service, LLC, et al. Marion CountySuperior Court. (49D07-0804-CC-018081). January 23, 2009 at 7 to11; The City of Indianapolis and the Department of Waterworks ofthe City of Indianapolis. Sellers Disclosure Schedules. August 11,2010 at 45; Murray, Jon. State begins informal probe of complaintsby water users. Indianapolis Star. April 27, 2008.

153 OShaugnessy, Brendan. Water company awash in controversy.Indianapolis Star. October 7, 2005.

154 OShaugnessy, Brendan. Water company awash in controversy.Indianapolis Star. October 7, 2005; OMalley, Chris. Veolia conces-sions worry regulators. The Indianapolis Business Journal. May 8,2010.

155 OMalley, Chris. Veolia concessions worry regulators. TheIndianapolis Business Journal. May 8, 2010.

156 Indiana Ofce of Utility Consumer Counselor. OCCs ProposedOrder. Indiana Utility Regulatory Commission. (Cause No. 43645).

June 22, 2010 at 22.157 Murray, Jon. Indianapolis water bills will be going up 26 percent.

Indianapolis Star. February 2, 2011.158 Cotterill, Chris W. City of Indianapolis. Memorandum: Agreement to

transfer the water and wastewater systems to Citizens Energy Group.June 25, 2010 at 1 and 4; City of Indianapolis. [Press release].Council votes to support utility transfer. July 26, 2010.

159 Murray, Jon. Citizens Energy to replace Veolia. Indianapolis Star.October 29, 2010.

160 City Council of Petaluma. Regular city council/PCDC meeting.November 19, 2007 at 4; City Council of Petaluma. Water Resources& Conservation. Agenda Title: Presentation, Discussion and PossibleAction Regarding Plan for Operation and Maintenance of the Ellis

Creek Water Recycling Facility. November 19, 2007 at 1, 15 and 23.161 Welch, Laurie. Burley questions Veolia work on plant. Times-News(ID). December 3, 2009.

162 Speer, John. Tama council rm: no severance pay. The TamaNews-Herald. February 25, 2011.

163 Veolia Water. Right to water from concept to reality. Human


19/20

Food & Water Europe

15

Rights Council, Independent Expert on the issue of human rights obli-gations related to access to safe drinking water and sanitation. March2010 at 1.

164 Access to improved drinking water services based on latest surveydata available from 1995 to 2008. United Nations, United Nations

Statistics Division, Department of Economic and Social Affairs. 7.8Proportion of population using an improved drinking water source.Millennium Development Goals Indicators. June 23, 2010; VeoliaWater. Business overview 2009. May 14, 2010 at 14 to 15.

165 The ood dries up. The Economist. August 28, 2004; Denny,Charlotte. H20: Comment: Private droughts: The poor are not prot-able and foreign forms are pulling the plug. The Guardian. August23, 2003.

166 Veolia Water. Right to water from concept to reality. HumanRights Council, Independent Expert on the issue of human rights obli-gations related to access to safe drinking water and sanitation. March2010 at 2.

167 Veolia Environnement. Credit analysts. Presentation. New York.March 30, 2010 at 75.

168 For example, see Lobina, Emanuele and David Hall. Public ServicesInternational Research Unit. Problems with private water conces-sions: a review of experience. June 2003 at 29 to 31.


170 Calculation on le with Food & Water Watch. World Bank andPPIAF. PPI Project Database. (http://ppi.worldbank.org). Last update:December 2010. Accessed February 10, 2011.


172 Le Gabon exige de Volia un plan de renouvellement des quipe-ments deau et dlectricit. Xinhua. February 17, 2011.

173 Kombila, Yorick. Le Conseil des Ministre se saisit de laudit de laSEEG et apporte des additifs. Gabonews. February 16, 2011.

174 Kwatsi, Linel. Gabon warns Veolia unit on water contract. Reuters.December 30, 2009.

175 Global Water Operators Partnership Alliance. Societe dEnergie etdEau du Gabon. January 27, 2011; Veolia Water. Our know-how

in Sub-Suharan Africa. December 17, 2007.176 Whitehouse, David. EDF Gabon Stake Purchase Shows VeoliaCooperation Increasing, Tribune Says. Bloomberg.January 17, 2011.

177 Kwatsi, Linel. Gabon warns Veolia unit on water contract. Reuters.December 30, 2009.

178 Gabon : La SEEG sur la balance du gouvernement? Gaboneco.January 3, 2011.

179 Batassi, Pierre Eric Mbog. Libreville : une famille de 5 personnes

prie dans un incendie. Afrik.com. January 18, 2011.180 Catamarca rescinds Aguas del Valle contract. Business NewsAmericas. December 23, 2004; Izaguirre, Ada Karina and AlexanderNicholas Jett. The World Bank Group. Investment commitmentsremain stable in Latin America while the number of new proj-ects declines. (PPI data update note 31). December 2009 at 5;Tagliabue, John. As multinationals run the taps, anger rises overwater for prot. The New York Times. August 26, 2002; Courtsrule in Sanepar control case. Global Water Intelligence, vol. 8 iss.11. November 2007; Veolia Environnement U.S. Securities andExchange Commission. 2008 Form 20-F. April 16, 2009 at F-41 toF-42; Brazil: Pulling the plug. EIU Business Latin America. TheEconomist. February 24, 2003; Lobina, Emanuele and David Hall.Public Services International Research Unit. Problems with privatewater concessions: a review of experience. June 2003 at 14; Lobina,Emanuele and David Hall. Public Services International ResearchUnit. Water privatisation and restructuring in Latin America, 2007.September 2007 at 4, 5, 8, 9, 22 to 25, 29 to 31.

181 Izaguirre, Ada Karina and Alexander Nicholas Jett. The WorldBank Group. Investment commitments in Latin America and theCaribbean increased in 2007. (PPI data update note 16). December2008 at 4. Veolia and FCC nd trouble in Tibitoc. Global WaterIntelligence, vol. 9, iss. 2. February 2008; Izaguirre, Ada Karina andEdouard Perard. The World Bank Group. Private activity in waterand sewerage declines for second consecutive year. (PPI data updatenote 37). June 2010 at 3 to 4; Hall, David and Emanuele Lobina.Public Services International Research Unit. Water Companies inEurope 2010. September 2010 at 17; Ortiz, Gonzalo. Ecuador:Native groups in showdown over water bill. Inter Press Service.April 29, 2010.



20/20

Food & Water [email protected] eu ope

veolia environnement: a profile of the world’s largest water service corporation (europe version)

Documents