Water is life. We recognise the value of water and its role in our day-to-day activities. Religions have recognised the role water plays in our well being. In developed societies, due to past investments in water infrastructure we have come to expect that water will be available 365 days of the year. We have being brought up with the notion that as long as we pay for it we have the right to consume as much as we want. Since there is no substitute to water, water prices have not reflected its intrinsic value and traditionally is subsidised. Consequently water is cheap relative to other resource costs
