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8.4.2 Economic forces Although supply and demand are fundamental parameters, they are influenced by factors other than the amounts of water and energy involved. Perhaps the most significant of these is price. Although there is wide variation, water prices for domestic use in the OECD are generally higher than for industry and agriculture (CWF, 2011) (Table 8.1). Electricity prices per megawatt-hour for industry range from US$69.57 (USA) to US$279.31 (Italy) (IEA, 2012c). Again, domestic prices are significantly higher in all countries, although prices between countries are not always comparable, as they are not related to disposable incomes or GDP (CWF, 2011). Water and energy prices are strongly affected by subsidies that support industry and its competitiveness. These subsidies distort the true economic relationship between water and energy. Particularly for water, price is not a true reflection of cost and may in fact be less than the cost. Historically, the price of water has been so low that there has been no incentive to save it (TSG, 2012). There is growing momentum for water prices to reflect its true cost, which, it is hoped, can reduce consumption and encourage conservation and efficiency. Demand elasticity can allow industry to adapt to conservation-minded pricing over the long term, especially in those industries with high water use (Goldman Sachs, 2008). The assumption that lower energy prices will lead to higher specific energy consumption (SEC) and vice versa has been shown in only a few industries. Higher SEC is related to other factors such as keeping old, less efficient machinery to avoid the high investment in newer, more efficient equipment during uncertain economic times. Where local energy is relatively cheap, for example in major fossil-fuel producing countries such as Russia, Saudi Arabia and South Africa, there is little incentive to reduce energy use (UNIDO, 2010). Volatility in energy prices affects industry more than the availability of energy. The reverse is somewhat true for water – availability of water is a bigger business risk – as the price is generally low and stable. Oil has shown a price variation of 42.9% since 1989 whereas the same figure for water is 4.2% (WEF, 2009). Water prices are capped because the service is generally publicly run or regulated (WEF, 2009), at least in developed countries (Section 1.3). 8.4.3 Availability and security Access to water, competition for water and water security are expressions of water availability and the need to obtain 8.1 OECD estimates of prices for water by broad sector usage OECD nation Household water supply Industrial and commercial Irrigation and agriculture Average price of water supply Netherlands 3.16 1.08 1.44 1.89 Austria 1.05 1.05 1.01 1.04 France 3.11 0.95 0.08 1.38 Greece 1.14 1.14 0.05 0.78 Spain 1.07 1.08 0.05 0.73 United States of America 1.25 0.51 0.05 0.60 Hungary 0.45 1.54 0.03 0.67 United Kingdom 2.28 1.68 0.02 1.33 Australia 1.64 1.64 0.02 1.10 Portugal 1.00 1.26 0.02 0.76 Turkey 1.51 1.68 0.01 1.07 Canada 0.70 1.59 0.01 0.77 Note: Data not available for all Organisation for Economic Co-operation and Development (OECD) member nations. Prices are in US$/m3 water. Includes water supply only and excludes wastewater charges and taxes. Source: CWF (2011, fig. 9, p. 8, derived from source cited therein). WWDR 2014 INDUSTRY 73 TABLEPDF Image | Water and Energy
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