This article aims to examine the potential transformation of practices triggered by the introduction of performance indicators in the water utilities in France in the late 2000s. We show that the transformative dynamic that, on the face of it, is brought about by this new governance tool is put into question by the multitude of brakes (political, economic, social and environmental) impeding its deployment. The article analyses the limits of the system by applying Foucault’s governmentality approach, defined by the analytical framework of the management tools as reformulated by Lascoumes and Le Galès.