Thomas Wyatt Examines the Real Math Behind Municipal Utility Sales

In his August 14, 2026 Smart Water Magazine opinion, Thomas Wyatt, Chair of Obermayer’s Municipal Infrastructure and Services Practice, examines when selling a distressed municipal water or wastewater system makes financial sense.

In “When a Utility Sale Won’t Save the Town (The Math Won’t Math),” Tom uses Shenandoah, Pennsylvania, as a case study to argue that a utility sale is a tool, not a magic wand.

Municipal leaders should first determine whether a sale will retire existing debt, whether regulatory requirements can be met through a more affordable alternative, and what residents may trade away in long-term rates, local control, and environmental obligations. His bottom line: look beyond the headline purchase price and evaluate the full financial, regulatory, and long-term community impact before deciding to sell.

Read Tom’s full opinion here.