Expertise that covers international political and strategical experience,
public and private utilities’ management experience, and engineering and economical
background in the Water Sector


We strongly believe in Public Service and the importance of the Water Sector as the driver of society and economy

Client needs

We are committed to deliver “Client’s needs”, respecting Client’s vision and orientation, and always pointing in the right direction and adding value

Deliver “state of the art” reports

We are committed to deliver “state of the art” documentation, regarding best practice and benchmark around the world. Our report structure means that the knowledge stays within the Client. We share knowledge, we don’t keep it to ourselves

There’s no “one fits all” solution

There’s no “one fits all” solution in the Water Sector. Each country, region, municipality and client have their own reality. Their own singularities. And each one should be approached with practical and feasible solutions, not academic and theoretic solutions with no consistency with reality

whole spectrum of Water Sector basis

Our expertise covers the whole spectrum of Water Sector basis: managerial, regulatory, organizational and operational

People First

Our projects are driven by “People First”, no one left behind

Our Services

Water – Energy Eficiency – Carbon Emissions

DEFINING FUTURE OPTIONS, is a Portuguese investment, management, and advisory firm for the Environment Sector. Our expertise covers regulation, strategy, PPP framework analysis and development, technical, commercial and economic due-diligence, and organizational design. Our team couples extensive public and private utilities’ management experience with an engineering and economical background in the Water Sector. More info…

Knowledge of the water sector

DEFINING FUTURE OPTIONS stands out for its level of seniority, its knowledge of the water sector, and its experience of managing public and private water utilities.

Extensive experience

DEFINING FUTURE OPTIONS team has extensive experience in project development in the water sector, having collaborated with Governments, Regulators, Municipalities, Utilities, and Multilateral donors worldwide.

Unique advisory positioning

DEFINING FUTURE OPTIONS’ expertise in the water sector comes from acting on the international market, designing strategy and business plans, formulating base cases, advising management, technical and commercial operations’ reforms; supporting the implementation of investment programs, improving network efficiency and quality of service, analysing and setting tariffs, devising regulations and creating solutions for increased efficiency in operations.

International footprint

DEFINING FUTURE OPTIONS has several projects across Europe, Africa and South America water sector, providing advisory services for institutional reforms of public utilities, regulation, PPP design and framework, procurement and Project Management.

Our Services

We provide consulting and advisory services in the Water and Sanitation Sector, Energy Efficiency and Carbon Emissions

What we do
Establishing and Reforming Utilities
  • Assessing the Baseline
  • Setting objectives
  • Establishing quality standards and goals
  • Developing Implementation Plans
  • Forecasting Capex and Opex
  • Structuring organizations
  • Defining Staffing Plans
  • Training and capacity building
  • Defining internal procedures
  • Transforming inefficient services into highly professional and efficient ones
Helping Governments, Municipalities and Regulators
  • Performing Legal and Institutional reforms
  • Improving governance
  • Defining Key Performance Indicators
  • Designing rules and regulations
  • Providing Technical Assistance
  • Designing Tender Documents and assisting in the biding and negotiation phases
  • Establishing guidelines and monitoring procedures
  • Ensuring international best practices
Settings Tariffs and Cost Recovery Policies
  • Assessing the existing P&L and Tariff models
  • Providing Willingness-to-pay and Affordability Studies
  • Tariff benchmarking
  • Defining Pro-poor policies and social tariffs
  • Designing Tariff schemes
  • Setting tariff programs and tariff revision methods
  • Implementing cost recovery trajectories
Designing PPP framework
  • Assess economic, political and social situation to establish a PPP
  • Evaluate Vision alignment between parties
  • Analysis and challenge objectives and desired performance indicators
  • Define risk allocation
  • Design the PPP model
  • Develop the financial modelling
  • Critical review of the feasibility studies and investment plan
  • Advise on Private Party operational gains and efficiencies to ensure utility performance
  • Design tender and procurement tools
  • Supervise PPP performance and regulatory compliance
Evaluating Mergers & Acquisitions
  • Commercial, Technical and Environmental due diligence and transaction closing
  • Independent perspective on market potential, target valuation, risks and respective mitigation options
  • Base-case design, including Capex and Opex estimations
  • Strategic plan definition for the target company
  • Post merger planning and strategy definition


- 70+ Client Municipalities
- Aggregation of Municipal services into
large regional Utilities
- Advisory to the Regulator, ERSAR
- Technical Assistance to Public Companies
- Establishing and reforming Public and
Private Utilities
- Improve utilities operations


- Technical Assistance for the establishment
of 7 Provincial Water and Sanitation Utilities, DNA
- Support to Water Sector Reform through a
PPP in Cabinda, Angola
- WASH Public Financing Bottleneck Analysis
- Procurement and Financial Management
of the project components related to the EIB
parallel financing within WSIDP-2 (Goods, Works,
Consulting and Non-Consulting Services for the
Lunda Norte, Moxico and Nabime PWSU)


- AURA, Mozambican Regulator: Tariff Model Study and Mechanism of cross
subsidies for poor Sustainability and Strategic Plan 2020-2024
- AIAS, Water and Sanitation Administration:
Transaction Advisory for PPP Model of 130 small towns,
Small Towns Water Infrastructure Fund Feasibility Study
- Tariff model study (structure and mechanism of cross subsidies
for poor and sustainability of connections fees subsidy)         
- Public-private cooperation strategy for water concession, distribution
and collection
- Specialized technical assistance to water and sanitation the regulator
- Design of the regulatory frameworks and sanctioning regime applicable
to commercial companies in the water supply and sanitation services


Gaborone WWTP and reuse PPP
tariff structure, Botswana


Program for Regionalization and Professionalization
of Water Supply and Sanitation Services in Moldova


Advisory in investment planning
and financing capacity to inform
decision-making PPPs, SEDAPAL, Peru


Feasibility analyses for a Mutual for
Caribbean water utility companies,
CWUIC, to insure natural disasters
related risks


Crisis Response Management Plan,
for four Regional Water Establishments,


Advisory for the design of the
World Bank operation to support
the Albanian Government WSS
modernisation program

Policy guidelines to support  the
government to develop new financing
instruments to Regional Water Utilities


Support the World Bank and the Romanian
Government to outline the National WSS
Strategic Plan and compliance with EU UWWTD

East Europe

Institutional and Governance Advisory
of Portugal WSS experience

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