Water Futures Report 2010

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  • 8/8/2019 Water Futures Report 2010

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  • 8/8/2019 Water Futures Report 2010

    3/4060K}K{K {

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    ek`sex% qmk vlqkgqh`e kjlglohj% zljhkq`e `ga ak~kelv/

    okgq`e knnkjqz ln qmhz `sk vslnlga% cq ckj`zk qmk

    hov`jqz ln r`qks zj`sjhqx sk lnqkg nkeq elj`eex ga bs`a/

    `eex% qmk skzvlgzk ln bl~ksgokgqz hz lnqkg ns`bokgqka

    `ga rk`i' mhz ok`gz qm`q qmk skzvlgzhchehqx ql `aaskzz

    zm`ska shziz `shzhgb nslo qmk gzzq`hg`cek o`g`bk/

    okgq ln r`qks hgjsk`zhgbex n`eez ql elj`e zq`ikmleaksz'

    g o`gx r`xz qmhz o`ikz zkgzk% `z qmk shziz n`jhgb

    qmk elj`e jlooghqx% czhgkzzkz `ga kjlzxzqkoz `sk

    lnqkg ghpk `ga skphsk elj`e iglrekabk `ga hgzhbmq

    ql q`jiek qmko' z ` jlgzkpkgjk% elj`e vslcekoz `sk

    z`eex ckzq zle~ka cx elj`e zq`ikmleaksz rlsihgb

    qlbkqmks ql akeh~ks ok`ghgbne jm`gbk lg qmk bslga'

    kjlbghzhgb qmhz% Cheeks% RRN `ga BT m`~k

    dlhgka nlsjkz ql jsk`qk qmk R`qks Nqskz v`sqgkszmhv'

    mhz v`sqgkszmhv `hoz ql n`jhehq`qk elj`e `jqhlg% rmhezq

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    skzlsjkz `ga zm`shgb qmk ekzzlgz ek`sgq'

    L~ks qmk v`zq xk`s% qmk qmskk v`sqgksz m`~k rlsika

    qlbkqmks hg Vks% `gt`gh`% {is`hgk `ga lqm nshj`

    ql ckbhg qmhz vsljkzz% cheahgb lg rlsi gaksq`ikg cx

    Cheeks `ga RRN hg qmk tkjm kvcehj `ga lqm

    nshj` hg 366=$' g k`jm jlgqsx akq`heka r`qks nllq/

    vshgqz m`~k ckkg gaksq`ikg ql vsl~hak bsk`qks hgzhbmq

    `ga `g hg/akvqm gakszq`gahgb ln qmk shziz n`jka' Rhqm

    qmhz iglrekabk% qmk v`sqgkszmhv m`z ckkg `cek ql as`r

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    mk gahgbz ln qmkzk nllqvshgqz% hgjeahgb ` p`gqh/

    j`qhlg ln qmk r`qks zka qmslbmlq Cheeksz ~`ek

    jm`hg nslo jslv vslajqhlg ql ahzqshcqhlg ln vslajqz%

    `sk vskzkgqka rhqmhg qmhz skvlsq% `elgb rhqm ` zoo`sx

    ln qmk ikx shziz hakgqhka hg k`jm jlgqsx'

    mk skzeqz zmlr jlgzhaks`cek ~`sh`qhlg ckqrkkg qmk

    nllqvshgqz s`gbhgb nslo >0 ehqskz ln r`qks vks ehqsk ln

    ckks vslajka hg Vks ql 0=6 ehqskz vks ehqsk hg `gt`gh`'

    mk ~`sh`qhlg jek`sex heezqs`qkz qmk hov`jq ln elj`e

    n`jqlsz `q ve`x lg r`qks jlgzoka rhqmhg Cheeksz~`ek jm`hg' q hz nls qmhz sk`zlg qm`q rk al glq qmhgi hq hz

    zkne ql jlov`sk qmhz bsk ahskjqex ckqrkkg jlgqshkz

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    rml gKKa hq hz `sb{`cex lgK ln qmK rlseaz

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    g `ee j`zkz qmk ~`zq o`dlshqx ln r`qks zka ske`qkz ql

    qmk jeqh~`qhlg ln s`r jslvz -l~ks 86+ hg `ee j`zkz(%

    `eqmlbm qmksk hz zlok ~`sh`qhlg ckqrkkg jlgqshkz

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    zvvehksz ql vslolqk ckqqks n`sohgb vs`jqhjkz% hgjeahgb

    r`qks zqkr`sazmhv'

    mk p`gqhnhj`qhlg ln qmk bskx r`qks nllqvshgq -`

    ok`zsk ln r`qks vleeqhlg zzljh`qka rhqm qmk vslaj/

    qhlg ln vslajqz% s`qmks qm`g r`qks jlgzoka ql o`ik

    qmko(% hz vslceko`qhj `z qmk okqmlalelbx sko`hgz

    hg hqz k`sex zq`bkz ln ak~kelvokgq' Ckj`zk ln qmhz

    gjksq`hgqx hq hz kjeaka nslo qmk qlv ek~ke r`qks nllq/

    vshgq gocksz% `eqmlbm rk hgjeak hq hg qmhz skvlsq nls

    jlovekqkgkzz `ga qs`gzv`skgjx' Mlrk~ks% k~kg eelrhgb

    nls qmkzk ehohq`qhlgz% hq hz jek`s qm`q hg zlok ve`jkz% zjm

    `z Vks ga {is`hgk% qmk olgq ln bskx r`qks hz zhbgh/

    j`gq ga qm`q qmk slek ln bshjeqs`e vs`jqhjkz rhqmhg

    skbhlg m`z n`s bsk`qks hov`jq qm`g vsk~hlzex qmlbmq'

    Rmhezq Cheeks m`z jlgqhgka ql ak~lqk zhbghnh/

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    r`qks knjhkgjx ln qmk cskrkshkz `ga clqqehgb ve`gqz hq

    lvks`qkz% rmhjm hq m`z algk rhqm zlok zjjkzz hg qmk

    jlgqshkz jl~kska rhqmhg qmhz skvlsq% qmk R`qks Nqskz

    v`sqgkszmhv m`z n`jhehq`qka ` rhaks ahzjzzhlg rhqm elj`e

    zq`ikmleaksz ql elli ckxlga qmk clga`shkz ln hqz lrg

    lvks`qhlgz'

    g k`jm jlgqsx jl~kska cx qmhz skvlsq% rlsizmlvz m`~k

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    czhgkzzkz `ga lqmksz zq`ikmleaksz ql ckbhg ak~kelvhgb

    akq`heka r`qkszmka vslqkjqhlg vslbs`ookz c`zka lg qmk

    `zzkzzokgq ln qmk shziz hakgqhka qmlbm qmhz rlsi' q

    hz qmk qs`gze`qhlg ln qmhz qmklsx hgql vs`jqhjk qm`q rhee

    o`ik ` jm`gbk hg qmlzk jlooghqhkz qm`q sk`eex gkka hq'

    L~ks qmk jlohgb olgqmz qmk R`qks Nqskz v`sqgks/

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    o`x vsl~hak ckgknhqz o`gx qhokz bsk`qks hn% qmslbm

    rlsihgb qlbkqmks% rk `sk `cek ql zkjsk ` r`qks nqsk

    nls qmlzk `sk`z olzq `q shzi'

    $ Cheeks ga RRN' R`qks Nllqvshgqhgb4 akgqhnxhgb ga aaskzzhgb r`qksshziz hg qmk ~`ek jm`hg -3668('

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    0'6

    Vskn`jk4 rlsihgbqlbkqmks nls `zkj{sk r`qks n{q{sk

    0'0 R`qks hz ` ~`e{`cek skzl{sjk

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    o`x glq ck ` vskzzhgb hzzk cq qmksk `sk v`sqz ln qmk

    rlsea rmksk qmhz hz glq qmk j`zk `ga hqz `~`he`chehqx hz

    ` zhbghj`gq hzzk nls qmk vklvek% czhgkzz `ga kjlzxz/

    qkoz' R`qks hz ` ~`e`cek skzlsjk% cq hg o`gx j`zkz hq

    hz vllsex o`g`bka'

    skjkgq zqax gaksq`ikg cx qmk 36:6 R`qks kzlsjkz

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    `a~hzka cx RRN% nlga qm`q qmksk jlea ck ` vlqkgqh`e

    zmlsqn`ee ln 16+% hg r`qks skzlsjkz `~`he`cek `jslzz qmk

    rlsea cx 36:6' jjlsahgb ql qmk {ghqka G`qhlgz3% r`qks

    zj`sjhqx `nnkjqz k~ksx jlgqhgkgq `ga `eolzq lgk nqm ln

    qmk rlseaz vlve`qhlg eh~k hg `sk`z ln vmxzhj`e zj`sjhqx'

    RRNz Eh~hgb Ve`gkq kvlsq: m`z zmlrg qm`q nskzmr`qks

    chlah~kszhqx hz hg s`vha akjehgk `jslzz qmk rlsea'

    0'3 @ belc`e vslceko rmhjm gkkaz elj`e zle{qhlgz

    mhz% `ga lqmks skzk`sjm% zbbkzqz qm`q r`qks hz qsex

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    qhlgz% rmhezq kg`cehgb zvkjhnhj elj`e r`qks hzzkz ql

    ck hakgqhnhka `ga nls elj`e zq`ikmleaksz ql ck as`rg

    qlbkqmks ql `aaskzz qmko' Rk ckehk~k qm`q elj`e r`qks

    jm`eekgbkz `sk z`eex ckzq zle~ka hg v`sqgkszmhv rhqm

    GBLz% elj`e bl~ksgokgqz% jlooghqhkz `ga lqmks

    elj`e czhgkzzkz'

    0': Q`ihgb `g hggl~`qh~k v`sqgkszmhv `vvsl`jm

    kjlbghzhgb qmhz% hg Gl~kocks 3668 qmk R`qks Nqskz

    V`sqgkszmhv r`z e`gjmka ckqrkkg Cheeks% RRN ga

    BT -`jqhgb lg ckm`en ln qmk Nkaks`e Bkso`g hghzqsx ln

    Kjlglohj l/lvks`qhlg `ga Ak~kelvokgq('

    R`qks Nqskz `hoz ql vsl~k qmk czhgkzz j`zk nls

    vsh~`qk zkjqls kgb`bkokgq hg vslolqhgb qmk zzq`hg`cek

    o`g`bkokgq ln r`qks skzlsjkz' mhz j`zk rhee ck cheq

    lg g zzkzzokgq ln r`qks shziz qmslbmlq Cheeksz

    ~`ek jm`hg ga g vvskjh`qhlg ln mlr ql ohqhb`qk qmkzk

    shziz' mk v`sqgkszmhv zkkiz ql zm`sk qmk ekzzlgz ek`sgq

    qmslbmlq qmk czhgkzzz belc`e lvks`qhlgz rhqm lqmks

    zq`ikmleaksz ql vslolqk ckqqks r`qks zqkr`sazmhv' mk

    nga`okgq`e jlgjkvq gaksvhgghgb qmk v`sqgkszmhv

    hz qm`q ` e`ji ln r`qks zkjshqx vskzkgqz shziz qm`q `skzm`ska cx qmk czhgkzz% lqmks r`qks zksz% kjlzxzqkoz

    `ga bl~ksgokgqz'

    RRN `ga Cheeks m`~k vsk~hlzex rlsika qlbkqmks

    ql `aaskzz r`qks hzzkz hg jlgqshkz zjm `z leloch`%

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    nslo `g gakszq`gahgb qm`q k~kg qmlbm ls olqh~`/

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    `aaskzz qmkzk hzzkz'

    eolzq ` xk`s lg% qmk qmskk v`sqgksz `sk jlee`cls`qhgbhg Vks% `gt`gh`% lqm nshj` `ga {is`hgk' mhz

    skvlsq vsl~hakz ` zoo`sx ln rm`q rk m`~k `jmhk~ka%

    mlr qmk v`sqgkszmhv hz zhgb qkjmghpkz% zjm `z r`qks

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    z`coheeKs% rrn `ga bqT rmhjm `hoz ql

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    zqsKgbqmKg qmK sleK ln qmK vsh~`qK zKjqls

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    eKzzlgz eK`sgq'

    0' 36:6 R`qks kzlsjkz Bslv' m`sqhgb Ls R`qks Nqsk4 Kjlglohjns`okrlsiz ql hgnlso akjhzhlg/o`ihgb -3668('

    3' rrr'g'lsb,r`qksnlsehnkakj`ak,zj`sjhqx

    :' RRN' Eh~hgb Ve`gkq kvlsq 366= -366=('

  • 8/8/2019 Water Futures Report 2010

    5/406:VKNK4 RLGB LBKMK NL K{K RK N{{K

    nllqvshgqhgb% ql hakgqhnx qmk zhbghj`gq r`qks hzzkz

    hg qmkzk jlgqshkz% `ga qmk rlsi rk `sk alhgb rhqm

    elj`e zq`ikmleaksz ql ak~kelv ` zm`ska `vvsl`jm ql

    q`jiehgb qmko'

    0'1 [zhgb ` mlehzqhj `ga slc{zq okqmlalelbx

    mk R`qks Nqskz v`sqgkszmhv skehkz lg ` jek`s gaks/

    zq`gahgb ln qmk hzzkz `ga jm`eekgbkz n`jka cx k`jm zkq

    ln zq`ikmleaksz vlqkgqh`eex `q shzi'

    g qmk skvlsqR`qks nllqvshgqhgb4 akgqhnxhgb `ga

    `aaskzzhgb r`qks shziz hg qmk ~`e{k jm`hgvcehzmka hg3668% Cheeks `ga RRN zmlrka mlr qmhz qkjmghpk

    m`a mhbmehbmqka ikx hzzkz nls qrl ln qmk jlov`gxz

    lvks`qhlgz hg lqm nshj` `ga tkjm kvcehj' L~ks

    qmk v`zq qrke~k olgqmz rk m`~k skgka `ga kqkgaka

    ls qmhgihgb hg qmhz `sk`'

    R`qks nllqvshgqhgb elliz `q k`jm kekokgq ln Cheeksz

    ~`ek jm`hg% nslo jslv vslajqhlg ql vslajq ahzqshc/

    qhlg% ql mkev gakszq`ga qmk r`qks akvkgakgjhkz `ga

    ~egks`chehqhkz `ga hakgqhnx qmk ikx r`qks shziz nls qmk

    czhgkzz% zsslgahgb jlooghqhkz `ga qmk kg~hslg/

    okgq' sjh`eex% zq`sqhgb nslo qmk bslga v kg`cekz

    z ql ak~kelv ` ojm olsk hg/akvqm gakszq`gahgb

    ln qmk hzzkz `ga jlgzkpkgqex q`ik qmk nhszq zqkv hg

    `aaskzzhgb qmko'

    Cq `aaskzzhgb zm`ska r`qks shziz rlgq ck zle~ka

    zhovex cx vslajhgb ` gocks ln r`qks nllqvshgq

    zqahkz' Lqmks `jqh~hqhkz ql a`qk% ls ve`ggka% hgjeak

    rlsizmlvz ql kgb`bk ikx elj`e zq`ikmleaksz hg lsaks

    ql kgzsk qm`q rk m`~k nee gakszq`gahgb ln qmk

    elj`e hzzkz `slga r`qks zj`sjhqx' Rk `sk gaks/

    q`ihgb olsk akq`heka r`qkszmka `zzkzzokgqz ql

    ake~k hgql qmk shziz hg elj`e sh~ks c`zhgz' ga rk `sk

    cheahgb czhgkzz j`zkz nls Cheeks zczhah`shkz qljlgzhaks hg~kzqhgb hg ckqqks r`qks o`g`bkokgq rhqmhg

    qmlzk c`zhgz' q ` belc`e ek~ke% rk `sk `cek ql hgnlso qmk

    k~le~hgb akc`qk lg r`qks cx vsl~hahgb jek`s k`ovekz

    ln qmk rlsi rk `sk alhgb -mkgjk qmk vcehj`qhlg ln qmhz

    skvlsq(% rmhjm hg qsg o`x mkev ql hgnlso vlehjx ls

    hgzvhsk `jqhlg nslo ls vkksz `ga lqmks zq`ikmleaksz'

    0'; @ zm`ska jloohqokgq ga ~hzhlg

    q hz k`sex a`xz hg qmk ak~kelvokgq ln qmhz v`sqgks/

    zmhv% cq vslbskzz zl n`s m`z ckkg vlzhqh~k' mslbm

    ls rlsi rk mlvk ql o`ik ` jlgqshcqhlg ql qmk ak~ke/

    lvokgq ln qmk r`qks nllqvshgqhgb okqmlalelbx `ga

    akolgzqs`qk hqz vs`jqhj`e `vvehj`qhlg hg mkevhgb ql

    gakszq`ga r`qks/ske`qka shziz' lskl~ks% qmk R`qks

    Nqskz v`sqgkszmhv `hoz ql vslolqk vsh~`qk zkjqls

    r`qks zqkr`sazmhv% rmhjm blkz ckxlga zhovek r`qks

    knnhjhkgjx ok`zskz `ga `aaskzzkz shziz qmslbmlq

    qmk ~`ek jm`hg `ga vslolqkz ckqqks r`qks skzlsjk

    o`g`bkokgq q qmk sh~ks c`zhg zj`ek'

    Ckzhakz hgkgjhgb qmk r`qks akc`qk% jm`gbk rhee `ezl

    ck ash~kg rhqmhg qmk qmskk v`sqgksz' RRN rhee o`ik

    zk ln qmk ekzzlgz ek`sgq nls hqz rlsi lg vsh~`qk zkjqls

    r`qks zqkr`sazmhv% hgjeahgb lqmks v`sqgkszmhvz9

    BT rhee ahzzkohg`qk qmk hgnlso`qhlg `olgbzq hqz

    r`qks o`g`bkokgq vsldkjqz hg ak~kelvhgb jlgqshkz9

    `ga Cheeks rhee zk rm`q hq m`z ek`sgq nslo Vks%`gt`gh`% lqm nshj` `ga {is`hgk rhqmhg hqz zczha/

    h`shkz hg lqmks jlgqshkz'

    Rk `sk vsla ql ck rlsihgb qlbkqmks `ga mlvk qm`q qmk

    hgzhbmq vsl~haka hg qmhz skvlsq rhee kgjls`bk lqmksz ql

    q`ik `jqhlg ql skajk qmk vlqkgqh`e ln r`qks zj`sjhqx hg

    qmk skbhlgz `ga jlgqshkz olzq `q shzi' Rmksk qmksk `sk

    zm`ska lvvlsqghqhkz hg qmk z`ok r`qkszmkaz% rk rhee

    ck ellihgb ql jlee`cls`qk rhqm lqmks v`sqgksz ql mkev

    vslqkjq qmhz zm`ska skzlsjk'

    R`qks hz gkhqmks jlgzhzqkgqex

    rkee o`g`bka gls `vvslvsh`qkex

    ~`eka belc`eex' mhz m`z eka

    ql ` jsjh`e zm`ska skzlsjk

    ckjlohgb ` zm`ska shzi nls

    bl~ksgokgqz% czhgkzzkz `ga

    vlve`qhlgz `jslzz o`gx `sk`z

    ln qmk rlsea' n qmhz zhq`qhlg

    alkzgq jm`gbk qmkg jlghjqz

    l~ks r`qks shbmqz `sk hgk~hq`cek'

    Rk ckehk~k qm`q jlee`cls`qhlg

    ckqrkkg czhgkzz% bl~ksgokgqz

    `ga GBLz hz qmk lgex r`x ql

    q`jiek qmhz'

    Bs`m`o `ji`x% mhkn Kkjqh~k ln Cheeks

    mk glqhlg ln zm`ska shzi hz

    hgjsk`zhgbex zkkg `z ` jshqhj`e

    kekokgq gaksvhgghgb skzvlgzkz

    ql qmk belc`e r`qks jshzhz'

    q zbbkzqz qm`q czhgkzzkz%

    olqh~`qka cx kgehbmqkgka

    zken/hgqkskzq% j`g jlgqshcqk

    ql% `ga ckgkq nslo% jleekjqh~k

    knnlsqz ql ckqqks o`g`bk r`qks

    skzlsjkz `ga z`nkb`sa qmk

    nskzmr`qks kjlzxzqkoz vlg

    rmhjm rk `ee akvkga'

    A`~ha Gzzc`o% mhkn Kkjqh~k ln RRN {

    Ls v`sqgkszmhv nleelrz `g

    hggl~`qh~k `ga v`sqhjhv`qlsx

    `vvsl`jm ql zzq`hg`cex o`g`bk

    r`qks skzlsjkz' mhz zmlea

    kp`eex ckgkq qmk kgqhsk

    vlve`qhlg% qmk kg~hslgokgq `ga

    vslajqhlg vsljkzzkz' lskl~ks%

    rk zqsh~k nls `g hovsl~ka

    skzvlgzh~kgkzz ql `a`vq ql

    jeho`qk jm`gbk' Rk zkk ls

    slek hg n`jhehq`qhgb qmhz axg`ohj

    ah`elbk `olgb `ee zq`ikmleaksz

    jlgjksgka'

    gask`z `gteks% Mk`a ln R`qks kjqhlg

    BT / Bkzkeezjm`nq ns kjmghzjmk

    Tz`ookg`sckhq BocM

  • 8/8/2019 Water Futures Report 2010

    6/4061

    3'6

    R`qks4 zm`ska shzizhg qmk 30zq jkgq{sx

    3'0 [gakszq`gahgb qmk hzz{kz

    {gehik nlzzhe nkez% r`qks m`z gl zczqhqqkz ls `eqks/

    g`qh~kz' mk r`x qm`q r`qks hz jsskgqex o`g`bka hg

    o`gx jlgqshkz `slga qmk rlsea hz zhovex gzzq`hg/

    `cek% c`zka lg jsskgq vsldkjqhlgz `ga skzk`sjm'

    Belc`e vlve`qhlg bslrqm hz zkq ql shzk nslo >'2 cheehlg

    qla`x ql l~ks 8 cheehlg hg 36;61' mhz kv`gzhlg hg

    vlve`qhlg rhee ve`jk ` mhbmks ako`ga lg skzlsjkz

    `~`he`cek% v`sqhje`sex nls `bshjeqsk `ga qmk vsl~h/

    zhlg ln nlla' sskgqex% hq hz kzqho`qka qm`q l~ks 26+

    ln belc`e nskzm/r`qks rhqmas`r`ez `sk zka nls qmhz

    vsvlzk' g zlok jlgqshkz qmhz j`g sk`jm 86+;'

    nsqmks jlovehj`qhlg hz qm`q nskzmr`qks hz glq ahzqshc/

    qka k~kgex `jslzz qmk belck ghgk jlgqshkz> `jjlgq

    nls >6+ ln belc`e nskzmr`qks rmhek rhqmhg jlgqshkz

    qmksk `sk lnqkg zhbghj`gq ~`sh`qhlgz hg skbhlg`e s`hg/

    n`ee ek~kez'2 n `gxqmhgb% qmk hov`jq ln jeho`qk jm`gbk hz

    ehikex ql hgjsk`zk clqm ~`sh`chehqx `ga gvskahjq`chehqx'

    lsk qm`g lgk/zhqm ln qmk rlseaz vlve`qhlg eh~k hg

    be`jhks ls zglrokeq/nka sh~ks c`zhgz `ga rhee ck `nnkjqka

    cx qmk zk`zlg`e zmhnq hg zqsk`olr% `g hgjsk`zk hg qmk

    s`qhl ln rhgqks ql `gg`e lrz% `ga vlzzhcex qmk skaj/

    qhlg hg elr lrz j`zka cx akjsk`zka be`jhks kqkgq ls

    zglr r`qks zqls`bk' q qmk z`ok qhok% zk`/ek~ke shzkz

    `qqshcq`cek ql jeho`qk jm`gbk rhee kqkga `sk`z ln

    z`ehghz`qhlg ln bslgar`qks `ga kzq`shkz% skzeqhgb hg

    ` akjsk`zk hg nskzmr`qks `~`he`chehqx nls mo`gz `ga

    kjlzxzqkoz hg jl`zq`e `sk`z' koh/`sha `ga `sha `sk`z

    nls k`ovek% `slga qmk kahqkss`gk`g% rkzqksg {

    `ga zlqmksg nshj` `sk v`sqhje`sex kvlzka ql qmk

    hov`jqz ln jeho`qk jm`gbk lg nskzmr`qks'= jjlsahgb ql

    qmk {Gz Rlsea R`qks Ak~kelvokgq kvlsq8% `eolzq m`en

    qmk rlseaz vlve`qhlg rhee eh~k hg `sk`z ln mhbm r`qks

    zqskzz cx 36:6 `z ` skzeq ln jeho`qk jm`gbk' Ln jlszk%

    ` zmlsq`bk ln r`qks rhee `ezl m`~k ` zhbghj`gq hov`jq

    lg qmk elj`e kjlelbx `ga chlah~kszhqx ln `g `sk`'

    mk 36:6 R`qks kzlsjkz Bslv% nlsoka ql jlgqshcqk

    gkr hgzhbmqz hgql qmk hzzk ln r`qks zj`sjhqx% `a~hzka

    cx RRN `ga rhqm okocksz hgjeahgb Cheeks%

    jhgzkx% qmk gqksg`qhlg`e Nhg`gjk lsvls`qhlg `ga

    ` jlgzlsqho ln czhgkzz v`sqgksz% jlgjeaka qm`q

    jlovkqhgb ako`gaz nls zj`sjk r`qks skzlsjkz o`x

    ek`a ql ` belc`e 16+ zmlsq`bk cx 36:606

    '

    mhz skzk`sjm vlhgqz ql ` zhbghnhj`gq hzzk hg qmk

    jlohgb xk`sz' Mlrk~ks% rmhezq qmk vlqkgqh`e kjlglohj%

    zljh`e `ga ak~kelvokgq`e knnkjqz `sk vslnlga% qmk

    vlehqhj`e hov`jqz ln r`qks zj`sjhqx `sk clqm bs`a`e `ga

    elj`e% zl bl~ksgokgq`e skzvlgzkz `sk lnqkg rk`i `ga

    ns`bokgqka' RRN lnqkg akzjshckz r`qks zj`sjhqx `z `g

    hg~hzhcek k~kgq'

    mk vlqkgqh`e r`qks jshzhz eqho`qkex jlokz alrg ql

    qmk gzzq`hg`cek o`g`bkokgq ln r`qks skzlsjkz hg `

    s`vhaex jm`gbhgb rlsea% rmksk ako`ga hz hgjsk`zhgb%

    zvvex hz akjsk`zhgb `ga e`ga zk hz jm`gbhgb' q hzalrg ql hgah~ha`e jlgzoksz `ga jlov`ghkz ql q`ik

    skzvlgzhchehqx ql zk r`qks olsk zzq`hg`cex% `ga nls

    bl~ksgokgqz ql o`g`bk r`qks skzlsjkz vvslvsh`qkex

    rhqmhg sh~ks c`zhgz' mkg% `ga lgex qmkg% rhee zm`ska

    r`qks shziz ck zhbghj`gqex akjsk`zka'

    3'3 Skjlbghzhgb qmk zm`ska shziz

    Nls o`gx czhgkzzkz% v`sqhje`sex qmlzk zjm z Cheeks

    rml m`~k lvks`qhlgz jslzz qmk rlsea% hzzkz ln r`qks

    zj`sjhqx `sk ckjlohgb hgjsk`zhgbex skek~`gq ql qmkhs

    `jqh~hqhkz% kzvkjh`eex z r`qks zk qljmkz eolzq ee v`sqz

    ln qmk ~`ek jm`hg% eckhq rhqm ~`sxhgb akbskkz ln hgqkgzhqx'

    r`qKs hz ` n{ga`oKgq`e zm`sKa sKzl{sjK

    nls jloo{ghqhKz% `bshj{eq{sK% c{zhgKzz

    ga bl~KsgoKgq' a`o`bK ql KjlzxzqKoz

    nslo qmK l~Ks `czqs`jqhlg ga vlee{qhlg

    ln r`qKs sKzl{sjKz m`z n`s/sK`jmhgb

    jlgzKp{KgjKz% qmK KnnKjqz ln rmhjm `sK

    ahnnhj{eq ql sK~KszK' qmK zhq{`qhlg vlzKz

    zm`sKa shziz ql c{zhgKzz% bl~KsgoKgq `ga

    jh~he zljhKqx `ga jleeKjqh~K zle{qhlgz

    rhee cK gKKaKa ql o`g`bK qmKo'

    1' {G' Rlsea Vlve`qhlg Vslzvkjqz4 mk 366= k~hzhlg -3668(';' Rlsea Kjlglohj Nlso R`qks ghqh`qh~k' mk cccek hz jelzk ql cszqhgb

    -3668('

    >' Cs`the% zzh`% mhg`% `g`a`% galgkzh`% {% gah`% leloch` `gaqmk Akoljs`qhj kvcehj ln lgbl'

    2' RCA' N`jqz `ga skgaz4 R`qks -~kszhlg 3( -3668('

    = 'lgqshcqhlg ln Rlsihgb Bslv ql qmk Nlsqm zzkzokgq kvlsqln gqksbl~ksgokgq V`gke lg eho`qk m`gbk -3668('

    8' {G' :sa {G Rlsea R qks Ak~kelvokgq kvlsq -3668('

    06' 36:6 R`qks kzlsjkz Bslv' m`sqhgb ls R`qks Nqsk -3668('

  • 8/8/2019 Water Futures Report 2010

    7/406;RK4 MKA G MK 30 KG{

    z r`qks zj`sjhqx ckjlokz olsk ~hzhcek qmkg zl alkz qmk

    ek~ke ln shzi n`jka cx qmkzk czhgkzzkz' hziz o`x ske`qk

    ql vmxzhj`e zmlsq`bkz ehohqhgb vslajqhlg9 jlovkqhqhlgnls skzlsjkz% rmhjm o`x ek`a ql hgjsk`zka jlzqz ls

    ahnjeqhkz lcq`hghgb r`qks `z zq`ikmleaksz jlovkqk nls

    shbmqz9 `ga hzzkz `slga r`qks p`ehqx hg `sk`z qm`q

    `sk zcdkjq ql vmxzhj`e jm`gbk -nls k`ovek% hgjsk`zka

    sg lnn nslo bslrhgb `bshjeqs`e `sk`z(' gjsk`zhgbex%

    ekbhze`qhlg hz ve`xhgb ` olsk hovlsq`gq slek qll `z zlok

    bl~ksgokgqz zkki ql `aaskzz qmhz hzzk qmslbm ekbhz/

    e`qh~k ok`gz% zjm `z cx hovlzhgb r`qks `eelj`qhlgz%

    bsk`qks q``qhlg `ga ~`shlz vshjhgb okjm`ghzoz'

    ovlsq`gqex% qmksk hz ` zhbghj`gq zljh`e ahokgzhlg ql

    qmk zk ln r`qks' looghqhkz skphsk r`qks ql neeqmkhs k~ksxa`x gkkaz rmkqmks qmhz hz nls alokzqhj

    vsvlzkz ls% nls k`ovek% bslrhgb jslvz' g zlok

    j`zkz% n`hesk ql `aaskzz vksjkvqhlgz qm`q r`qks zj`sjhqx

    hz qmk skzeq ln czhgkzz `jqh~hqx j`g a`o`bk jlsvls`qk

    skvq`qhlg `ga ske`qhlgzmhvz rhqm qmk elj`e jlooghqx

    lg rmhjm hq o`x akvkga% nls k`ovek% nls qmkhs rlsiksz

    ls nls s`r o`qksh`ez'

    Czhgkzzkz% v`sqhje`sex qmlzk rhqm ` mhbm akvkgakgjk

    lg r`qks% m`~k ` zhbghj`gq slek ql ve`x hg `aaskzzhgb

    qmk r`qks zj`sjhqx jm`eekgbk' mkx j`g zk qmkhs

    `vvskjh`qhlg ln shzi% qmkhs ek~ks`bk `ga qmkhs khzqhgb

    ske`qhlgzmhvz rhqm bl~ksgokgq ql olchehzk v`sqgks/

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    r`qks o`g`bkokgq olsk zzq`hg`cek nls qmk ckgknhq

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    jm`eekgbkz qmkx n`jk `eelrz czhgkzzkz ql o`ik ckqqks

    o`g`bkokgq akjhzhlgz `ga vsl~hakz qmk ve`qnlso ql

    kgb`bk rhqm ` csl`aks zkq ln zq`ikmleaksz ql `aaskzz

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    ln qmk vsh~`qk zkjqls `z r`qks zqkr`saz' mhz glqhlg

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    kqksg`e zq`ikmleaksz hg lsaks ql skajk czhgkzz shzi

    nslo r`qks zj`sjhqx `ga vleeqhlg' g v`sqhje`s% qmk

    r`qks zqkr`sazmhv v`s`ahbo hovehkz qm`q jlov`ghkz

    zmlea kgb`bk rhqm zvvehksz -k'b' ln `bshjeqs`e

    jloolahqhkz zjm `z c`sekx% o`htk ls zb`s j`gk( ql

    zvvlsq hgjsk`zka r`qks knjhkgjx `q qmk n`so ek~ke' q

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    s`gbk ln zq`ikmleaksz% hgjeahgb bl~ksgokgq% ql

    vslolqk hovsl~ka r`qks knjhkgjx `q qmk sh~ks c`zhg

    zj`ek `z ` ok`gz ln kgzshgb qm`q `gx r`qks z`~hgbz

    rhqmhg qmk czhgkzz ls qmk zvvex jm`hg jlgqshcqk ql`phnks `ga sh~ks skjm`sbk -`ga mkgjk ql skajqhlgz hg

    zm`ska r`qks zj`sjhqx shziz('

    3': Z@COheeksz vvsl`jm ql r`qks o`g`bkokgq

    R`qks zj`sjhqx skvskzkgqz ` vlqkgqh`eex zhbghj`gq shzi

    ql v`sqz ln Cheeksz czhgkzz% `z rkee `z ql zlok lnqmk jlooghqhkz hg rmhjm hq lvks`qkz'

    z qmkzk hzzkz jslzz jlooghqx `ga g`qhlg`e clga/

    `shkz `ga hg~le~k hgqksakvkgakgq n`jqlsz qm`q j`g

    ~`sx nslo jlgqsx ql jlgqsx `ga skbhlg ql skbhlg% hq

    nleelrz qm`q qmkx j`gglq zhovex ck o`g`bka rhqmhg qmk

    jlggkz ln Cheeksz lrg lvks`qhlgz' z ` skzeq% qmk

    czhgkzz m`z hg~kzqka zhbghj`gq o`g`bkokgq qhok `q

    clqm elj`e `ga bslv ek~ke ql gakszq`ga qmk jm`eekgbkz

    ln r`qks zj`sjhqx `ga p`ehqx `ga rm`q qmkx ohbmq

    ok`g nls qmk czhgkzz'

    `ihgb olsk ckks cq zhgb ekzz r`qks hz lgk ln

    Cheeksz belc`e nljz `sk`z nls zzq`hg`cek ak~ke/

    lvokgq% `ga lgk ln hqz qkg zzq`hg`cek ak~kelvokgq

    vshlshqhkz00' Cheeksz `vvsl`jm ql r`qks o`g`bk/

    okgq hgjeakz ` zqslgb q`sbkq glq lgex ql hovsl~k

    hqz lrg r`qks knnhjhkgjx% cq `ezl ql vslqkjq qmk

    r`qkszmkaz lg rmhjm qmk czhgkzz% n`soksz `ga elj`e

    jlooghqhkz akvkga'

    Cheeks hz ` nlgahgb zhbg`qlsx ln qmk {G KL

    R`qks `ga`qk% `g hghqh`qh~k ql mkev jlov`ghkz hg qmk

    ak~kelvokgq% hovekokgq`qhlg `ga ahzjelzsk ln r`qks

    zzq`hg`chehqx vlehjhkz `ga vs`jqhjkz' q hz `ezl ` okocksln qmk Rlsea Kjlglohj Nlso R`qks Vsldkjq `ga qmk

    R`qks Nllqvshgqhgb Gkqrlsi'

    Cheeks m`z ak~kelvka ` r`qks zqs`qkbx c`zka

    lg qmk ;z -vlqkjq% kajk% kzk% kjxjek `ga

    kahzqshcqk(% ` jlovskmkgzh~k% shzi/c`zka `vvsl`jm ql

    o`g`bhgb r`qks hg hqz czhgkzz `ga hg qmk ~`ek jm`hg'

    mhz olake vsl~hakz ` jlgzhzqkgq `vvsl`jm% skb`saekzz

    ln qmk elj`e hzzkz `ga jhsjozq`gjkz n`jhgb qmkhs czh/

    gkzzkz `slga qmk rlsea'

    g 3668,06% Cheeks zka 23%366 oheehlg ehqskz ln

    r`qks hg hqz lrg vslajqhlg vsljkzzkz ql vslajk ckks'mk czhgkzz m`z zkq ` ako`gahgb q`sbkq ql skajk

    r`qks zk vks ehqsk ln ckks cx 3;+ ckqrkkg 366= `ga

    360;' mhz kp`qkz ql `g `~ks`bk r`qks jlgzovqhlg

    ln :'; ehqskz vks ehqsk ln ckks `ga qmk e`qkzq bskz nls

    qmk e`zq g`gjh`e xk`s zmlrka qm`q qmk `~ks`bk bsk

    r`z 1': ehqskz% ` 1+ hovsl~kokgq lg qmk vsk~hlz

    03 olgqmz'

    mk czhgkzz qhehzkz ` r`qkszmka o`vvhgb qlle rmhjm

    zkz p`gqhq`qh~k belc`e a`q` ql k~`e`qk qmk elgb/qkso

    r`qks `~`he`chehqx nls k`jm ln hqz lvks`qhlgz' Nslo qmhz

    a`q`% qmk czhgkzz j`g `zzkzz qmk shziz `zzljh`qka rhqm

    zvkjhnhj lvks`qhlgz ql nljz lg qmk `sk`z ln bsk`qkzq

    gkka% `ga ak~kelv elj`e% q`helska zqs`qkbhkz ql ak`e rhqm

    L~ks qmk e`zq qrke~k olgqmz Cheeks

    m`z hovsl~ka hqz lrg r`qks knjhkgjx

    cx 1+ vks ehqsk ln ckks vslajka'

    00' Nls olsk hgnlso`qhlg zkk rrr'z`coheeks'jlo,zzq`hg`cekak~kelvokgq

  • 8/8/2019 Water Futures Report 2010

    8/406>

    `gx hzzkz hakgqhka' hgjk hqz hgqslajqhlg hg 3662%

    Cheeks m`z k~`e`qka `ee ln hqz lvks`qhlgz hg

    qmhz r`x'

    Nleelrhgb qmhz `g`exzhz% akq`heka r`qks nllqvshgqz m`~k

    ckkg gaksq`ikg hg lqm nshj`% qmk tkjm kvcehj%

    Vks% `gt`gh` `ga {is`hgk ql bkq ` ckqqks gaks/

    zq`gahgb ln qmk ikx r`qks hzzkz k`jm lvks`qhlg n`jkz'

    mk ak~kelvokgq ln qmk R`qks Nqskz V`sqgkszmhv

    rhqm RRN `ga BT m`z ckkg ` o`dls kg`cehgb n`jqls hg

    `eelrhgb qmhz ql m`vvkg'

    Lqmks Cheeks zczhah`shkz `ga dlhgq ~kgqskz `slga

    qmk rlsea m`~k kqkgzh~k r`qkszmka vslbs`ookz

    hg `aahqhlg ql qmlzk vskzkgqka hg qmhz skvlsq' mkzk

    hgjeak `phnks skjm`sbk vsldkjqz hg gah` `ga rlsihgb

    rhqm c`sekx n`soksz ql hovsl~k hsshb`qhlg knnhjhkgjx

    hg qmk {ghqka q`qkz' Nls nsqmks hgnlso`qhlg lg qmkzk

    rhaks `jqh~hqhkz zkk rrr'z`coheeks'jlo'

    3'1 RRNz zqs`qkbx ql jlgzks~k `ga vslqkjq

    r`qks skzl{sjkz

    R`qks vskzkgqz sk`e `ga vsk~`ekgq lczq`jekz nls jlov`/

    ghkz glr `ga hg qmk gk`s nqsk% `ga jlov`gx shzi `q

    ` sh~ks c`zhg ek~ke hovehkz qm`q lqmks zksz `sk ehikex

    ql ck `q shzi qll g`okex kjlzxzqkoz% lqmks czh/

    gkzzkz% jlooghqhkz `ga bl~ksgokgqz' mhz hz qmk

    jlgjkvq ln zm`ska r`qks shzi' akgqhnxhgb bl~ksgokgq

    `ga jlov`gx zm`ska shzi kg`cekz qmkzk v`sqhkz ql ga

    jloolg bslga hg qmk sbkgq gkka ql o`g`bk r`qks

    knnkjqh~kex% kphq`cex `ga zzq`hg`cex'

    RRNz R`qks qkr`sazmhv hzhlg hz ln ` vsh~`qk zkjqls

    neex kgb`bka hg knnlsqz ql zkjsk r`qks nls vklvek `ga

    g`qsk' mk nljz hz lg bkqqhgb jlov`ghkz ql skjlbghzk

    `ga q`ik skzvlgzhchehqx nls qmkhs slek hg o`g`bhgb nskzm/

    r`qks rhqmhg qmk rhaks r`qks jxjek% `ga hgqkbs`qhgb qmk

    vshgjhvekz ln blla zqkr`sazmhv hgql qmkhs jlsk czhgkzz

    `jqh~hqhkz' mkx rhee `jmhk~k qmhz cx q`ihgb skzvlgzh/

    chehqx nls skajhgb qmk hov`jqz ln qmkhs lrg r`qks zk%

    q`ihgb ~legq`sx `jqhlg ql jlgzks~k nskzmr`qks kjlzxz/

    qkoz% `ga v`sqhjhv`qhgb hg jlgzqsjqh~k vcehj vlehjx

    ah`elbk ql hovsl~k r`qks skzlsjk o`g`bkokgq'

    R`qks qkr`sazmhv hz `clq bhahgb ikx jlov`ghkz%clqm r`qks zksz `ga hg~kzqlsz% lg ` dlsgkx qlr`sa

    ckqqks sh~ks c`zhg bl~ksg`gjk% rmksk r`qks hz `eelj`qka

    `vvslvsh`qkex q`ihgb `ee zq`ikmleaksz hgql `jjlgq'

    lov`ghkz ozq szq nljz lg mlr qmk r`qks nllqvshgqz

    ln qmkhs lvks`qhlgz `ga zvvex jm`hgz j`g hovsl~k `ga

    hakgqhnx qmlzk qm`q `sk ~egks`cek ql shzi cq jsjh`eex

    `ezl gakszq`ga qmk jlgqkq ln rmksk qmkx ahskjqex

    `ga hgahskjqex lvks`qk' {gakszq`gahgb hov`jqz rhee ck

    hovlsq`gq9 `elgb rhqm skajhgb jlzqz `ga zlok ahskjq

    r`qks shzi9 qmhz rhee mkev hgzsk qmkhs zljh`e ehjkgjk ql

    lvks`qk `ga bh~k qmko jskahchehqx ql ckbhg ql `vvsl`jm

    lqmks r`qks zksz' Cq lgex cx ehgihgb r`qks akvkg/akgjx hg zljh`e `ga kg~hslgokgq`e jlgqkqz rhee RRN

    ck `cek ql vlzhqh~kex `ehbg jlsvls`qk `bkga`z rhqm

    vslqkjqhgb sh~ks c`zhgz' q hz qmslbm oeqh/zq`ikmleaks

    `jqhlgz `ga kgb`bhgb rhqm bl~ksghgb clahkz qm`q RRN

    j`g mkev hovsl~k vlehjx `ga hgzqhqqhlg`e j`v`jhqx% `ga

    eqho`qkex% skajk zm`ska r`qks shziz'

    mk R`qks Nqskz V`sqgkszmhv hz q`ihgb `g hggl~`qh~k

    `vvsl`jm ql qsx ql ckqqks gakszq`ga qmk r`qks/ske`qka

    shziz n`jhgb Cheeks zczhah`shkz% `ga qmkg o`ik

    qmk czhgkzz j`zk nls `g `vvslvsh`qk r`qks zqkr`sa/zmhv skzvlgzk ql ohqhb`qk qmkzk shziz `q qmk elj`e ek~ke'

    RRN cshgbz ql qmk v`sqgkszmhv hqz qmlbmq ek`akszmhv

    lg zm`ska r`qks shzi% ` rk`eqm ln kvkshkgjk hg h~ks

    C`zhg `g`bkokgq `ga elj`e j`v`jhqx ql mkev akeh~ks

    qmk v`sqgkszmhv ckgkqz hg k`jm ln qmk nls jlgqshkz'

    3'; BQT4 okkqhgb vlehjx `ga ak~kelvokgq bl`ez

    `jiehgb hzzkz ln r`qks zj`sjhqx% `z rkee `z `jjkzz

    ql r`qks `ga z`ghq`qhlg% hz ` ikx v`sq ln qmk Nkaks`e

    Bkso`g Bl~ksgokgqz ak~kelvokgq `bkga`' z zjm%

    Bkso`gx ve`xz ` ek`ahgb slek hg vslolqhgb r`qks nls

    vk`jk qmslbm hqz zvvlsq ln qs`gz/clga`sx jl/lvks/`qhlg% v`sqhje`sex hg lqm/K`zq Kslvk% nshj` `ga

    kgqs`e zh`' Bkso`gx `ezl zqslgbex vslolqkz qmk

    skjlbghqhlg ln `jjkzz ql r`qks `ga z`ghq`qhlg qmslbm

    hqz kgb`bkokgq rhqm qmk {G Mo`g hbmqz lgjhe'

    Bkso`gx hz lgk ln qmk rlseaz e`sbkzq alglsz hg r`qks

    `ga z`ghq`qhlg `ga qmk e`sbkzq algls hg nshj`'

    BT rlsiz `z qmk hovekokgqhgb lsb`ghz`qhlg nls qkjm/

    ghj`e jl/lvks`qhlg lg ckm`en ln qmk Nkaks`e Bkso`g

    hghzqsx ln Kjlglohj l/lvks`qhlg `ga Ak~kelvokgq'

    g qmk r`qks zkjqls% BT vsl~hakz `a~hjk ql bl~ksg/

    okgqz hg akzhbghgb qmkhs r`qks vlehjx `ga bl~ksg`gjkns`okrlsi ql zvvlsq r`qks zkjqls sknlsoz% hgjeahgb

    skbe`qhlg' BT `ezl vsl~hakz `a~hjk lg zzq`hg/

    `cek r`qks zvvex `ga z`ghq`qhlg% qmk ak~kelvokgq

    ln knnkjqh~k qllez `ga vsljkzzkz nls r`qks skzlsjkz

    o`g`bkokgq% `z rkee `z `a`vq`qhlg ln `ga ohqhb`qhlg ql

    jeho`qk jm`gbk `ga hqz hov`jqz'

    BT m`z csl`a kvkshkgjk hg rlsihgb rhqm vsh~`qk

    zkjqls jlov`ghkz% v`sqhje`sex qmlzk rlsihgb ahskjqex

    hg qmk r`qks zkjqls cq hgjsk`zhgbex qmlzk lqzhak qmk

    zkjqls% zjm `z Cheeks'

    mslbm qmk R`qks Nqskz V`sqgkszmhv% BT `hozql zmlrj`zk qmk hovlsq`gjk ln zzq`hg`cek r`qks

    o`g`bkokgq nls czhgkzzkz `ga ql jlooghj`qk qmhz

    ek`sghgb `ga hgzhbmq ql zvvlsq nsqmks qmhgihgb `ga

    ak~kelvokgq hg qmhz kea' mslbm v`sqhjhv`qhlg hg qmhz

    hggl~`qh~k v`sqgkszmhv% BT zvvlsqz qmk vslolqhlg ln

    qmk r`qks nllqvshgqhgb okqmlalelbx `ga hqz bslrhgb

    zhbghj`gjk hg qmk jlgqkq ln zzq`hg`cek r`qks z`bk'

    Nsqmksolsk% qmk v`sqgkszmhv mhbmehbmqz qmk hovls/

    q`gjk ln elj`e v`sqgkszmhvz nls hovsl~ka zzq`hg`cek

    r`qkszmka o`g`bkokgq `vvsl`jmkz% kzvkjh`eex hg r`qks

    zqskzzka skbhlgz' g qmhz jlgqkq% BT `jqz `z qkjmghj`e

    `a~hzls `ga n`jhehq`qls nls oeqh/zq`ikmleaks ah`elbkzqm`q kg`cek jleekjqh~k `jqhlg nls zzq`hg`cek r`qks

    o`g`bkokgq q elj`e ek~ke'

  • 8/8/2019 Water Futures Report 2010

    9/4062

    NB[S 04Z@COEES ;S R@QS OLAE

    mk ; Sz kg`cek

    k`jm ln Cheeksz

    lvks`qhlgz `slga qmk

    rlsea ql nljz lg zvkjhj

    hzzkz vzqsk`o%

    alrgzqsk`o `ga rhqmhgls lvks`qhlgz

    RK4 MKA G MK 30 KG{

    KJLELBX

    VSLQKJQgkgjk n`soksz ql kgzsk skzvlgzhcek r`qkszk `ga gakszq`ga qmk r`qkszmkaz rhqmhg rmhjmrk lvks`qk cskrkshkz `ga clqqehgb ve`gqz' Rmksk`vvslvsh`qk skvekghzm r`qks skzlsjkz qmslbms`hgr`qks m`s~kzqhgb `ga bslgar`qks skjm`sbk'

    CSKRKSX

    SKA[JK SK/[ZK SKJXJEK

    Ska{jk4 Kovelx gkr vsljkzzkz `ga jm`gbkckm`~hls ql skajk r`qks jlgzovqhlg hgls ve`gqz rmhezq `jmhk~hgb qmk z`ok mhbmp`ehqx ln vslajq'

    Sk/{zk4 leekjq r`zqk r`qks zqsk`oz rhqmhgn`jhehqhkz `ga sk/zk `vvslvsh`qkex'

    Skjxjek4 g~kzqhb`qk `ga kovelx gkrqkjmglelbhkz ql skjxjek e`qks nls `vvslvsh`qkzk rhqmhg qmk ve`gq'

    JLOO[GHQX

    Skahzqshc{qk4 Vsl~hak elj`e jlooghqhkzrhqm jek`g r`qks qmslbm jlooghqxhg~kzqokgq vslbs`ookz `ga qsk`q r`zqkr`qks zl hq j`g ck zka nls hsshb`qhlg lslqmks vsvlzkz'

    SKAHZQSHC[QK

  • 8/8/2019 Water Futures Report 2010

    10/406=

    :'6

    Jleekjqh~k zle{qhlgz4qmk R`qks N{q{skzV`sqgkszmhvqmhz v`sqgKszmhv rhee z{jjKKa hn hq hz `ceK

    ql zzKzz `ga sKa{jK zm`sKa r`qKs shziz

    cx zqsKgbqmKghgb r`qKs zqKr`sazmhv

    ga bl~Ksg`gjK hg zvKjhnhj r`qKszmKaz

    hg qmK nl{s nlj{z jl{gqshKz4 zl{qm `nshj`%

    q`gT`gh`% {is`hgK ga vKs{'

    :'0 @ mhzqlsx ln jlee`cls`qhlg lg r`qks hzz{kz

    Knnlsqz `q o`g`bhgb r`qks skzlsjkz ql jlgqks qmk

    vskzzskz ln r`qks zj`sjhqx `ga skjlgjhek jlghjqhgb

    ako`gaz m`~k okq rhqm ske`qh~kex ehqqek zjjkzz' Nls

    o`gx bl~ksgokgqz% qmksk sko`hgz ` skejq`gjk qlkek~`qk r`qks o`g`bkokgq ql ` vshlshqx khqmks ckj`zk

    qmk hzzkz `vvk`s qll hgqs`jq`cek% ckj`zk qmksk hz `

    ckehkn qm`q% zlokmlr% znjhkgq p`gqhqhkz ln r`qks rhee

    `er`xz ck `~`he`cek% `ga,ls ckj`zk r`qks o`g`bkokgq

    alkz glq s`gi z mhbmex z lqmks ak~kelvokgq bl`ez'

    Mlrk~ks% ` gocks ln hgqksg`qhlg`e bl~ksgokgq`e

    lsb`ghz`qhlgz% GBLz `ga czhgkzzkz khqmks hgah/

    ~ha`eex ls jleekjqh~kex m`~k ckbg ql mhbmehbmq

    qmk hovlsq`gjk ln hakgqhnxhgb qmkzk jm`eekgbkz `ga

    mlr qmkx ohbmq ck `aaskzzka' Nls k`ovek% qmk {G

    Belc`e lov`jqz KL R`qks `ga`qk `ga qmk Rlsea

    Kjlglohj Nlso m`~k mkevka ql j`q`exzk akc`qk rmhek

    lsb`ghz`qhlgz zjm `z qmk R`qks Nllqvshgq Gkqrlsi

    -RNG( `ga qmk eeh`gjk nls R`qks qkr`sazmhv -R(

    m`~k ckkg kzq`cehzmka ql `zzkzz qmk zj`ek ln qmk vslc/

    ekoz `ga zkq zq`ga`saz `slga r`qks zk' Cheeks%

    RRN `ga BT `sk `ee `jqh~kex hg~le~ka hg olzq% hn glq

    `ee% ln qmkzk hghqh`qh~kz'

    gqksg`qhlg`e hghqh`qh~kz m`~k ve`xka `g hovlsq`gq slek

    hg kzq`cehzmhgb ` olokgqo ql kgjls`bk lsb`ghz`/

    qhlgz% v`sqhje`sex jlov`ghkz% ql `aaskzz qmkhs r`qks

    shziz' Mlrk~ks% qmksk `sk nkr hghqh`qh~kz gaksr`x ql

    gakszq`ga qmkzk hzzkz `q ` elj`e ek~ke hg `sk`z ln mhbmshzi `ga ql vq hg ve`jk knnkjqh~k ve`gz ql `aaskzz qmko'

    L~ks skjkgq xk`sz% Cheeks% RRN `ga lqmksz m`~k

    rlsika qlbkqmks ql qsx `ga nhee qmhz b`v' mk qrl

    lsb`ghz`qhlgz jlgajqka akq`heka vsldkjqz hg leloch`%

    Mlgas`z `ga Ke `e~`als% qsxhgb ql `aaskzz gzzq`hg/

    `cek `bshjeqs`e vs`jqhjkz ln vzqsk`o n`soksz j`zhgb

    r`qks p`ehqx vslcekoz% `ga akq`heka r`qks nllqvshgqhgb

    zqahkz hg lqm nshj` `ga tkjm kvcehj'

    mk e`qqks rlsi skzeqka hg qmk vcehj`qhlg ln ` skvlsq03

    e`gjmka `q Rlsea R`qks Rkki hg kvqkocks 3668%

    rmhjm zmlrka mlr `g gakszq`gahgb ln qmk zvkjhnhj

    `ga elj`e r`qks hzzkz n`jhgb `g `sk` j`g ck qs`gze`qka

    qmslbm rlsihgb hg v`sqgkszmhvz rhqm elj`e zq`ik/

    mleaksz hgql q`gbhcek `jqhlgz lg qmk bslga'

    :'3 R`qks N{q{skz4 ` 30zq jkgq{sx v`sqgkszmhv

    Cheahgb lg qmk zjjkzz ln qmhz jlee`cls`qhlg `ga

    skjlbghzhgb ` zm`ska ~hzhlg ln qmk ckgkqz qm`q jlea

    ck `jmhk~ka cx nlso`ehzhgb qmhz jlee`cls`qhlg% qmk

    R`qks Nqskz belc`e v`sqgkszmhv r`z kzq`cehzmka hg

    Gl~kocks 3668 qlbkqmks rhqm BT'

    mk V`sqgkszmhv `hoz ql qhehzk hggl~`qh~k r`qks

    o`g`bkokgq ql4

    K`ohgk `ee `zvkjqz ln qmk Cheeks zvvex jm`hg%

    c`zka lg hgzhbmqz hgql clqm czhgkzz `ga jlgzks~`/

    qhlg shziz% ga hakgqhnxhgb shzi mlqzvlqz

    Akeh~ks ok`zs`cek jlgzks~`qhlg hov`jqz qmslbm

    hovsl~ka vlehjx nls% `ga o`g`bkokgq ln% nskzmr`qks

    kjlzxzqkoz

    m`sk ckzq vs`jqhjk ckqrkkg Cheeks lvks`qhlgz

    `slga qmk rlsea ql vsl~hak qkjmghj`e zvvlsq lg

    jloolg hzzkz `ga kg`cek iglrekabk kjm`gbk

    m`sk ekzzlgz rhqm lqmks zq`ikmleaksz `q qmk belc`e

    ek~ke rhqm ` ~hkr ql vslolqhgb ckqqks o`g`bkokgq ln

    r`qks `jslzz qmk rlsea

    Nls Cheeks% r`qks hz ` ~hq`e skzlsjk nls qmk cskrhgb

    vsljkzz' R`qks zj`sjhqx vskzkgqz ` zkshkz ln shziz ql

    03' R`qks nllqvshgqhgb4 akgqhnxhgb `ga `aaskzzhgb r`qks shziz hg qmk~`ek jm`hg -3668('

  • 8/8/2019 Water Futures Report 2010

    11/4068LEEKK LE{LG4 MK RK N{{K VGKMV

    qmk czhgkzz% ql elj`e jlooghqhkz `ga ql kjlzxzqkoz'

    Rlsihgb hg v`sqgkszmhv `eelrz `jjkzz ql qmk iglre/

    kabk `ga hgzhbmq ln v`sqgksz rlsihgb lg qmk bslga

    hg `sk`z olzq `q shzi' mk v`sqgksz j`g `ezl n`jhehq`qk

    Cheeksz kgb`bkokgq rhqm elj`e jlooghqx/c`zka

    `ga bl~ksgokgq zq`ikmleaksz' g qsg qmhz rhee

    vsl~hak ` ojm akkvks gakszq`gahgb ln qmk czhgkzz

    shziz `shzhgb nslo qmk hgjsk`zhgb ako`gaz ve`jka lg

    qmhz ~hq`e g`qs`e skzlsjk `ga% jsjh`eex% mlr qmkx

    ohbmq ck `aaskzzka' vkjhj`eex% Cheeks rhee b`hg

    ` ojm jek`sks `vvskjh`qhlg ln qmk elgb/qkso `~`he/

    `chehqx% p`ehqx `ga jlzq ln r`qks hg hqz lvks`qhlgz `gazvvex jm`hgz'

    RRN r`gqz ql kgzsk qm`q r`qks skzlsjkz `ga kjlzxz/

    qkoz `qq`jmka ql qmko `sk vslqkjqka `ga jlgzks~ka%

    `ga ql nhga r`xz hg rmhjm jlov`ghkz j`g ckgknhq hg

    ol~hgb nslo czhgkzz olakez qm`q `sk kg~hslgokgq`eex

    gzlga ql `vvsl`jmkz qm`q `jqh~kex vslolqk zzq`hg/

    `chehqx' Cheeks hz `esk`ax lg qmhz dlsgkx rhqm

    `ochqhlz q`sbkqz hg ve`jk ql hovsl~k hqz r`qks knnh/

    jhkgjx' RRN hz `cek ql m`sgkzz qmk zj`ek `ga skzlsjkz

    ln qmk v`sqgkszmhv ql o`ik ` q`gbhcek jlgqshcqhlg ql

    okkqhgb hqz jlgzks~`qhlg `hoz% rmhezq zhgb qmk ~lhjk ln

    qmk V`sqgkszmhv ql hgnlso qmk r`qks akc`qk `ga hgnlso

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  • 8/8/2019 Water Futures Report 2010

    23/40

    @S@B CSRSX R@QS NNX

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    + LN NLLVG83+ + LN NLLVG6+ + LN NLLVG=+ + LN NLLVG6+

  • 8/8/2019 Water Futures Report 2010

    24/4033333333

    ;'3 Q`gt`gh`

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    zkkaz% olsk vsakgq zk ln nksqhehzksz `ga vkzqhjhakz

    -h'k' skajhgb qmk bskx r`qks nllqvshgq( `ga zo`ee/zj`ekhsshb`qhlg zxzqkoz' q o`x `ezl gkjkzzhq`qk `aaskzzhgb

    hzzkz ske`qka ql qmk `eelj`qhlg ln r`qks shbmqz% rhqmhg

    qmk jlgqkq ln `gt`gh`z gkr R`qks kzlsjkz

    `g`bkokgq jq -366=('

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    zmlv hg A`s kz `e``o hg `x 3606% rmksk zq`ikmleaksz

    ln qmk R`oh/~ C`zhg ek`sgq `clq qmk jlgjkvqz ln

    zm`ska r`qks shzi% rm`q qmk v`sqgkszmhv hz qsxhgb ql

    `jmhk~k% `ga vlqkgqh`e lvvlsqghqhkz nls jlee`cls`/

    qhlg' V`sqhjhv`gqz hg qmk k~kgq hgjeaka4 qmk hghzqsx

    ln R`qks `ga sshb`qhlg9 R`oh/~ C`zhg R`qks

    Lnjk9 A`s kz `e``o kbhlg`e kjskq`sh`q Lnjk9 e`e`

    ghjhv`e lgjhe9 qmk Kgksbx `ga R`qks kbe`qlsx

    qmlshqx9 A`s kz `e``o R`qks vvex `ga krks`bk

    qmlshqx9 A`s kz `e``o R`qks vvex `ga krks`bk

    lsvls`qhlg9 hRM Vslbs`ook9 RRN { `ga RRN

    `gt`gh`9 Cheeks9 `gt`gh Cskrkshkz Ehohqka9 `ga

    BT% rmhjm lsb`ghzka `ga n`jhehq`qka qmk rlsizmlv'

    mk gkq zqkvz rhee ck ql ak~kelv ` r`qkszmka vslqkj/

    qhlg vslbs`ook ql nljz zvkjhj`eex lg qmk jsskgq `ga

    nqsk zvvex `ga ako`ga vskzzskz ln qmk zsn`jk `ga

    bslga/r`qks skzlsjkz zvvexhgb A`s kz `e``o nslo

    qmk R`oh/~ c`zhg' mkzk rhee nkka hgql ` r`qkszmka

    shzi `ga zzq`hg`chehqx `zzkzzokgq% rmhjm rhee `zzkzz

    bkgkshj r`qks shziz ql qmk jhqx `ga zvkjhnhj czhgkzz

    shziz ql CE `ga `jq `z qmk nlga`qhlg nls ` czhgkzz

    j`zk ql ohqhb`qk b`hgzq gx shziz hakgqhka'0>' Rlsea Czhgkzz lgjhe nls zq`hg`cek Ak~kelvokgq Belc`e R`qkslle,{G NL p`zq`q gnlso`qhlg xzqko'

  • 8/8/2019 Water Futures Report 2010

    25/403:K {AK GTG

    ZQS@QB SZIZ AQNA

    GKGB AKGA NL RK NL

    BLRGB VLV{ELG

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    okgq hg clqm hgns`zqsjqsk `ga o`hgqkg`gjk' mhz%

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    qmlzk rmksk Cheeks lvks`qkz( rhee ve`jk hgjsk`zhgb

    vskzzsk lg elj`e skzlsjkz hg jhqhkz% hg clqm qksoz

    ln qmk p`gqhqx `ga p`ehqx ln r`qks skphska' q qmk

    z`ok qhok% hg ss`e `sk`z qmksk rhee ck bsk`qks jlovk/

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    `gg`e vskjhvhq`qhlg rhee hgjsk`zk -ckqrkkg 2 `ga

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    olsk hgqkgzk zqlsoz rhee skzeq hg ` bsk`qks hgjhakgjk

    ln llahgb `ga zczkpkgq zlhe kslzhlg' gjsk`zkz hg

    qkovks`qsk `sk `ezl ehikex ql skajk qmk ekgbqm ln qmkbslrhgb zk`zlg% rmhjm jlea skajk jslv xhkeaz cx v

    ql ;6+ cx 363608'

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    ` skphskokgq nls o`dls hg~kzqokgq cx elj`e bl~ksg/

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    hgns`zqsjqsk'

    Vlve`qhlg bslrqm `ga akqkshls`qhgb r`qks p`ehqx `sk qrl hovlsq`gqshziz nls qmk nqsk ln `gt`gh`z r`qks' mheaskg gk`s szm`% `gt`gh`'Vmlqlbs`vmx cx mshzqh`g qhkc`me'

    02' K`sqm skgaz jlgqsx vslek% 366:' rrr'k`sqmqskgaz'rsh'lsb0=' jrkkgkx % Gkr % Ehtj`gl B' {GAV eho`qk m`gbk lgqsx Vslekz4

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  • 8/8/2019 Water Futures Report 2010

    26/4031313131

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  • 8/8/2019 Water Futures Report 2010

    27/40

    @S@B CSRSX R@QS NNX

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    3;K {AK {GK

  • 8/8/2019 Water Futures Report 2010

    28/403>3>3>3>

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    b`qhlg zk ashgb qmk zooks% rhee qmz ck `a~kszkex

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    skphskokgqz rhee hgjsk`zk cq% rhqm ekzz zooks

    s`hgn`ee% qmk `chehqx ql okkq qmkzk ako`gaz qmslbm

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    33' {is`hgk Bl~ksgokgq q`qhzqhjz' 3:' {G Ns`okrlsi lg~kgqhlg lg eho`qk m`gbk' mk Nhszq G`qhlg`elooghj`qhlg lg eho`qk m`gbk% hk~ -088=('

    $ mk sko`hghgb 3+ hz `qqshcq`cek ql jslv vsljkzzhgb

  • 8/8/2019 Water Futures Report 2010

    30/403=

    ;'1 Zl{qm @nshj`

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  • 8/8/2019 Water Futures Report 2010

    31/40

    @S@B CSRSX R@QS NNX

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  • 8/8/2019 Water Futures Report 2010

    32/40:6:6:6:6

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  • 8/8/2019 Water Futures Report 2010

    34/40

    >'6

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    :3:3:3

  • 8/8/2019 Water Futures Report 2010

    35/40::EKLG GA VELG

    NHB[SK 84 GKQ R@QKS NLLQVSHGQ VKS @GG[O VKS EHQSK LN CKKS

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  • 8/8/2019 Water Futures Report 2010

    36/40:1

    >'3 Rm`q alkz qmhz ok`g