1985年至1989年间，英格兰和威尔士的10家公有水务公司被私有化。本文解释了发生的原因，评估了效益，并指出了未来可能的发展。作者首先介绍了1974年将供水和污水处理区重组为10个多用途供水管理局的背景信息，描述了根据1989年《私有化法》对其进行的重组，并在收购结束后继续进行。私有化背后的一个驱动力是协调公共融资与改善水质所需的巨额投资的问题。1989年的《重组法》设立了10家仅限供水和污水处理的私营公司，并对其进行了监管。所有10家公司同时成功上市。其中包括经济和环境监管、私有化与国有化制度的利弊、公共部门的现实、私有化的潜在好处，以及对私营公司满足预期能力的一些评估。

Between 1985 and 1989, 10 publicly owned water companies in England and Wales were privatized. This paper explains why it happened, assesses the benefits, and indicates likely future developments. The author begins with background information on 1974 reorganization of water and sewage districts into 10 multipurpose water authorities, describes their restructuring under the 1989 privatization act, and proceeds through the close of the offer. A driving force behind privatization was the problem of reconciling public financing with the heavy investment needed to improve water quality. The restructuring act of 1989 created 10 private water and sewage only companies and provided for their regulation. All 10 companies were floated simultaneously and successfully. Economic and environmental regulation, the pros and cons of privatized versus nationalized systems, the reality of the public sector, potential benefits of privatization, and some assessment of the private companies' abilities to meet expectations are covered.