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Buying and Selling Water in Montana
Chris Corbin
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water resource
management
montana water trust
chairmanbitterroot
water forum
MBAwr
specialist
consultant, freelance marketer, entrepreneur
Chris Corbin
moose drool
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business acumen
water ingenuity
Differentiation
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Working and Not Working
What is…
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Every shovel has two sides.
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1. Clearly defined water rights
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Not Working
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dynamic
surface and groundwater
simultaneous
interdependencie
s
Physical Challenges
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Water is Complex
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Never trust a water right.
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Adjudication decrees flow rates and themarket trades volumes.
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Historical water user has passed away or…
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moved away or..
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aren’t measuring their water use.
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Market opportunities will lead to greater water stewardship.
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Standards will create market efficiency.
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2. Physical supply and demand
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Working
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“The West is the fastest growing part of the country. It is also the driest.”
- National Geographic Magazine
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Steve Running (2009)
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Steve Running (2009)
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water market demand
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Agricultural
Urban & IndustrialEnvironmental
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Ravalli County
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Agricultural
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Environmental
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Urban
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Gallatin County
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Agricultural
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Environmental
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Urban
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Missoula County
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Agricultural
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Environmental
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Urban
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169,886 irrigated acres
USDA, Economic Research Service (2009)
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297 miles of blue and red ribbon streams226 miles of dewatered streams
Montana FWP, 2009
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59% growth since 1990
Montana Cenus” US Census Montana Census. (2009) 6 April 2009 http://www.census.gov/
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Agricultural
Urban & IndustrialEnvironmental
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3. Regulatory Structure
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Working
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last best place market
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private leasing law
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21
Brokered over 25,000 acre-feet
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Basin Closure and Mitigation
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more valid water right claims than water is available . . .
over appropriated
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Mitigation and Aquifer recharge
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Future water demand will be met or mitigated by existing water rights.
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private water marketing law?
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Instream flow transactions 1987-2007
Scarborough, Brandon. Environmental Water Markets Restoring Streams Through Trade. Publication. Vol. 46. Bozeman, MT: PERC, 2010. Print. PERC Policy Ser.
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Private involvement drive water markets.
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4. Transferability of rights
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Not Working
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Transferability is critical to reallocate water rights to meet new and growing demands.
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regulatory uncertainty
Barriers to trade
costly transfer process
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3 of 45 applications approved HB831 applications approved as of 01/14/10.
Data provided by Terri McLaughlin, DNRC
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22 approvals
2-10 month turn
14 correct and complete upon receipt
HB 40 applications 7/09 - 7/10
Data provided by Terri McLaughlin, DNRC
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Transparency is good.
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5. Enforcement of rights
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Not Working
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6.Easy flow of information
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Not Working
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Average Lease Prices 2003-2008
0
5
10
15
20
25
30
35
40
45
2002 2003 2004 2005 2006 2007 2008 2009
Year
Price ($/AF)
All prices based on Lotic LLC’s comparable sales database.
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Lease Prices 2008
$0.41
$64.16
All prices based on Lotic LLC’s comparable sales database.
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Sale Prices 2003-2008
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2002 2003 2004 2005 2006 2007 2008 2009
Year
Price ($/AF)
All prices based on Lotic LLC’s comparable sales database.
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Sale Prices 2008
$133
$7,000
All prices based on Lotic LLC’s comparable sales database.
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7. Market Expertise (Education)
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Not Working
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Water runs with the land?
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First documented Montana Water Rights Transfer: 1895
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8. Water Market
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Working
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Big Sky Brewing Company
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water restoration certificates
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Photo courtesy of the Montana Water Trust
Dewatered stream
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Photo courtesy of the Montana Water Trust
Restored stream flow
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Water in Beer = Water in Stream
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4 million gallons of water restored
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Grass Valley French Ditch CompanyRoots
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Missoula: 1901
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Missoula: Now
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Missoula
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Urban
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Grass Valley French Ditch Co.
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Grass Valley French Ditch Co.
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20% reduction in revenue
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A SharesB Shares
Restructured Shares
20%
80%
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A SharesB Shares
Current Purpose of Use
irrigation and stock
?
![Page 97: Buying and Selling Water Rights in Montana: What's Working and What's Not?](https://reader033.vdocuments.us/reader033/viewer/2022051209/5486e459b4af9fca3b8b46bf/html5/thumbnails/97.jpg)
A SharesB Shares
Current Purpose of Use: Irrigation and Stock
irrigation and stock
?
![Page 98: Buying and Selling Water Rights in Montana: What's Working and What's Not?](https://reader033.vdocuments.us/reader033/viewer/2022051209/5486e459b4af9fca3b8b46bf/html5/thumbnails/98.jpg)
A SharesB Shares
Future Purpose of Use: Marketing
irrigation and stock
mitigation
![Page 99: Buying and Selling Water Rights in Montana: What's Working and What's Not?](https://reader033.vdocuments.us/reader033/viewer/2022051209/5486e459b4af9fca3b8b46bf/html5/thumbnails/99.jpg)
Reinvest in irrigation infrastructure
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Grass Valley French Ditch CompanyRoots