Neenah Water
What Neenah Water filed with PSC about the water it produced and the water it billed for, 2016–2025 — and what the filing does and does not let anyone verify.
- Non-revenue water, FY2025
- 24.7% Computed from filed system input and billed consumption.
- system input volume 1,342 sheet Sheet1, cell H351 · thousands of gallons, declared in the column header, divided by 1,000 · net of water sold to wholesale customers, which is the volume entering this utility's own distribution system
- billed authorized consumption 1,010 sheet Sheet1, cell I351 · thousands of gallons, declared in the column header, divided by 1,000
- Recoverable annually
- — Not estimable from what PSC publishes. A loss percentage cannot be priced without the volume it is a share of.
- Balance check
- inapplicable PSC derives water losses from system input minus authorized consumption, so this decomposition holds by construction.
2026-09-08-5ef7d6e2fdbd.csvSheet1 H351
Where this figure comes from
(system input − billed authorized) ÷ system input × 100
From data/archive/wi-psc-water-audit/2026-09-08-5ef7d6e2fdbd.csv (SHA-256 5ef7d6e2fdbdac2b), retrieved 2026-09-08 from the published source.
What the record shows
24.7% non-revenue water in FY2025, higher than 74% of the 562 Wisconsin systems that filed that year.
- The figure is getting worse across the record.
Debt outstanding, and what covers the interest
No bonds outstanding at the end of 2025. This is principal outstanding on the water utility's own balance sheet, on the Commission's own test: it files no electric operating report.
No bond balance is not the same as no debt. 2,310 of the 5,921 utility-years in this extract file no bonds, and many of those utilities pay interest anyway on an advance from their own municipality, which the Commission files under account 430 rather than as a bond.
| Year | Debt outstanding | Issues | Net revenue | Interest | Coverage |
|---|---|---|---|---|---|
| 2025 | $0 | 0 | $3.8M | $52,663 | 71.57 |
| 2024 | $593,139 | 1 | $4.1M | $89,110 | 46.30 |
| 2023 | $2.6M | 3 | $3.7M | $130,884 | 28.27 |
| 2022 | $4.3M | 3 | $3.9M | $116,925 | 33.74 |
| 2021 | $6.0M | 5 | $4.4M | $169,325 | 26.22 |
| 2020 | $8.2M | 5 | $4.0M | $221,764 | 17.83 |
| 2019 | $10.4M | 5 | $4.3M | $270,810 | 15.81 |
| 2018 | $12.5M | 5 | $4.2M | $319,632 | 13.27 |
| 2017 | $14.6M | 5 | $4.0M | $414,345 | 9.75 |
| 2016 | $17.4M | 6 | $3.8M | $471,080 | 8.10 |
71.57 — what Neenah Water's net revenue was against its interest in 2025. A figure this large means the utility pays very little interest, not that it is unusually strong — the two figures it is computed from are in the table above.
Net revenue over interest: the Commission's account 400 (operating revenue), less 401–402 (operation and maintenance), less 408 (taxes), divided by 427 plus 430 plus 431 (interest on long-term debt, on municipal advances, and other). Depreciation is filed under 403 and is not deducted, because what pays interest is cash.
This is not a debt service coverage ratio and must not be read as one. Debt service is principal repaid plus interest, and the principal repaid in a year is not filed anywhere in this source. A covenant ratio is defined in the bond documents, which set out their own revenues, their own operating expenses and their own exclusions. Two utilities with identical filed figures can have different covenant ratios.
Figures are as filed with the Commission under Wis. Admin. Code ch. PSC 185 and are not audited as presented. Nothing here is a credit opinion, an implied rating, or a judgement that any figure is sufficient. Source: Public Service Commission of Wisconsin, annual report financial schedules, 2016–2025, retrieved 2026-09-12.
PSC derives water losses from system input minus authorized consumption, so these parts sum to the whole on every filing. What a filing can get wrong is which of these numbers were measured.
Where these volumes come from
- System input 1,342 MG sheet Sheet1, cell H351 · thousands of gallons, declared in the column header, divided by 1,000 · net of water sold to wholesale customers, which is the volume entering this utility's own distribution system
- Billed authorized 1,010 MG sheet Sheet1, cell I351 · thousands of gallons, declared in the column header, divided by 1,000
- Unbilled authorized 60.1 MG sheet Sheet1, cell O351 · thousands of gallons, declared in the column header, divided by 1,000
- Apparent loss 6.81 MG sheet Sheet1, cell R351 · thousands of gallons, declared in the column header, divided by 1,000
- Real loss 264.2 MG sheet Sheet1, cell U351 · thousands of gallons, declared in the column header, divided by 1,000
From data/archive/wi-psc-water-audit/2026-09-08-5ef7d6e2fdbd.csv (SHA-256 5ef7d6e2fdbdac2b), retrieved 2026-09-08 from the published source.
| Year | NRW | Input (MG) |
|---|---|---|
| 2025 | 24.7% | 1,342 |
| 2024 | 22.3% | 1,220 |
| 2023 | 17.3% | 1,188 |
| 2022 | 20.1% | 1,166 |
| 2021 | 19.4% | 1,165 |
| 2020 | 15.5% | 1,075 |
| 2019 | 14.4% | 1,043 |
| 2018 | 16.1% | 1,085 |
| 2017 | 13.8% | 1,033 |
| 2016 | 17.2% | 1,069 |
Other Wisconsin systems
PSC publishes no county or connection count for these systems, so they cannot be ranked against this one. These are other filers, not comparables.
- Waukesha Water
- Waunakee Water And Light Commission
- Bluffview Sanitary District
- Waunona Sanitary District Number Two
- Waupaca Water
- Waupun Public
- Bonduel Water And Sewer
- Wausau Water
Where is it going?
This page says how much. It cannot say which accounts, which zones, or which meters. That takes your billing history, your meter reads, and your production data reconciled against each other.
Our Water Loss Recovery Snapshot is three weeks, one flat fee, and the deliverable is a ranked list of specific accounts and zones with dollars and a confidence on each.
See what the Snapshot delivers Email us about Neenah WaterSources and corrections. Every figure above is either filed by the utility or computed from filed figures, and each one says which. If a number here is wrong, it is either wrong in the filing or wrong in our reading of it — tell us which and we will correct the page and say what changed.
- Public Service Commission of Wisconsin, municipal annual report Schedule W-15. Retrieved 2026-09-08 from data/archive/wi-psc-water-audit/2026-09-08-5ef7d6e2fdbd.csv. https://apps.psc.wi.gov/ARS/WEGSqueries/default.aspx