Re: England as well
"When the water companies got privatised they went asset stripping mental. In my locale alone they filled in four reservoirs and sold them for housing development."
Speaking from my own experience, smaller raw water reservoirs were shut down for a range of good reasons - some had dams that simply weren't safe, and reconstructing them would cost ludicrous amounts of money and make no difference to the total resource position, some collected water that couldn't be viably treated to the incoming EU water quality standards. The problem with smaller reservoirs is also that they simply don't store enough water to make a difference to the overall storage position. Taking the water company I used to work for, their total reservoir storage is 250 Gl. Closing a few of the very old, small reservoirs won't be a rounding error on that sort of number. Let's take an example - you might recall the near-collapse of the dam at Toddbrook a few years back , with Chinooks flying in ballast to stabilise the thing. That owned by the Canals & Rivers Trust so not a raw water source, but is representative of the smaller reservoirs that the water companies closed. That held 1.2 megalitres, or 0.001 Gl. If you closed 100 of those it'd still make no material difference. Reservoirs for seasonal storage need to be BIG.
As for "asset stripping", there were and still are very strict controls on the sale of operational land taken over from the water, so that the proceeds were effectively used to reduce customer bills. If the water company used land and developed it, then the value of the undeveloped land was used to discount bills, the value of development would be a profit or loss item for the company (because customers hadn't provided the capital or taken any development risk).
So "asset stripping"? Nope. The assets inherited from the predecessor water authorities were often a sorry bag of grot that needed several billion spending to bring them up to safe standard that met the relevant quality standards. Even the newer stuff that the public sector built wasn't up too much - when the publicly owned water authority built a dam at Carsington, they'd almost completed it, and it collapsed in 1984 due to poor design. They were even warned beforehand by an engineering consultancy that the design was vulnerable to collapse and they pooh-poohed the warning. Had it lasted a bit longer, they'd have filled it, and then it would have collapsed and washed away about a third of the town of Ashbourne.
There's many people who believe the water industry should be back in public ownership. What they don't remember is that when it was, governments of both colours deliberately allowed the assets to deteriorate, treated effluent quality was much worse, there were many more discharges of untreated sewage, and the quality of drinking water, whilst bacterially safe was very patchy for chemical content. And on top of that, the water authorities were over-manned, inefficient, and not in the slightest bit interested in innovative approaches to anything.