diff --git a/docs/conf.py b/docs/conf.py
index 8574fc202a..a6ffe745ac 100644
--- a/docs/conf.py
+++ b/docs/conf.py
@@ -23,9 +23,9 @@
 author = 'NAWI'
 
 # The full version, including alpha/beta/rc tags
-release = '0.3.0'
+release = '0.3.1'
 # The short X.Y version
-version = '0.3.0'
+version = '0.3.1'
 # -- General configuration ---------------------------------------------------
 
 
diff --git a/setup.py b/setup.py
index 3449d3ab80..22a82c055d 100644
--- a/setup.py
+++ b/setup.py
@@ -36,7 +36,7 @@
 
 
 SPECIAL_DEPENDENCIES_FOR_RELEASE = [
-    "idaes-pse==1.12.0rc0",  # from PyPI
+    "idaes-pse==1.12.1",  # from PyPI
 ]
 
 SPECIAL_DEPENDENCIES_FOR_PRERELEASE = [
@@ -52,7 +52,7 @@
 setup(
     name="watertap",
     url="https://github.com/watertap-org/watertap",
-    version="0.3.0",
+    version="0.3.1",
     description="WaterTAP modeling library",
     long_description=long_description,
     long_description_content_type="text/plain",