So if I build a plant today to produce water at 22 cents per cubic meter, somebody could come along next year and build another plant that produces water for 15

So if I build a plant today to produce water at 22 cents per cubic meter, somebody could come along next year and build another plant that produces water for 15 cents and put me out of business. Then the year after that, another plant produces water for 10 cents, etc. You need 20-year contracts to sell water at a fixed price to make this work.