German Utilities Potentially Undervalued Companies

China Longyuan Power Group

Market Cap: €116.7b

Generates and sells wind, coal, and photovoltaic (PV) power in the Chinese Mainland, Canada, South Africa, and Ukraine.

Towngas Smart Energy

Market Cap: €14.3b

An investment holding company, sells piped gas, renewable energy, and other types of energy in the People’s Republic of China.

Perusahaan Gas Negara

Market Cap: €42.2t

Engages in the transmission and distribution of natural gas in Indonesia.

Cikarang Listrindo

Market Cap: €11.2t

Operates power generating facilities in Indonesia.

Companhia Energética de Minas Gerais - CEMIG

Market Cap: €35.1b

Through its subsidiaries, engages in the generation, transmission, distribution, and sale of energy in Brazil.

Edison International

Market Cap: €21.4b

Through its subsidiaries, engages in the generation and distribution of electric power.

ENN Energy Holdings

Market Cap: €75.2b

An investment holding company, engages in the investment, construction, operation, and management of gas pipeline infrastructure in the People’s Republic of China.

Elmera Group

Market Cap: €3.6b

Engages in the purchase, sale, and portfolio management of electrical power to households, private and public companies, and municipalities in Norway, Sweden, and Finland.

New Jersey Resources

Market Cap: €4.5b

An energy services holding company, distributes natural gas.

Acciona

Market Cap: €10.5b

Engages in the energy, infrastructure, and other businesses in Spain and internationally.

TTW

Market Cap: €36.1b

Engages in the production and sale of treated water in Thailand.

China Water Affairs Group

Market Cap: €10.2b

An investment holding company, engages in the water supply, environmental protection, and property businesses in the People’s Republic of China.

Veolia Environnement

Market Cap: €21.0b

Designs and provides water, waste, and energy management solutions.

Centrais Elétricas Brasileiras - Eletrobrás

Market Cap: €125.9b

Through its subsidiaries, engages in the generation, transmission, and commercialization of electricity in Brazil.

Pennon Group

Market Cap: €1.4b

Provides water and wastewater services in the United Kingdom.

Alerion Clean Power

Market Cap: €1.1b

Engages in electricity production from wind and solar power in Italy, Spain, Bulgaria, and Romania.

Engie

Market Cap: €49.2b

Operates as an energy company, engages in the renewables and decentralized, low-carbon energy networks, and energy services businesses in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally.

Mainova

Market Cap: €2.3b

Operates as an energy service provider in Germany.

Kenon Holdings

Market Cap: €8.9b

Through its subsidiaries, operates as an owner, developer, and operator of power generation facilities in Israel and the United States.

Tianjin Development Holdings

Market Cap: €2.8b

Through its subsidiaries, supplies water, heat, thermal power, and electricity to industrial, commercial, and residential customers in the People’s Republic of China.

Caribbean Utilities Company

Market Cap: €557.2m

Engages in the generation, transmission, and distribution of electricity in Grand Cayman.

Datang International Power Generation

Market Cap: €63.9b

Engages in power generation business in the People’s Republic of China.

Engie

Market Cap: €49.2b

Operates as an energy company, engages in the renewables and decentralized, low-carbon energy networks, and energy services businesses in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally.

Ratch Group

Market Cap: €60.4b

An energy and infrastructure company, engages in the generation and sale of electricity and steam in Thailand, Australia, Singapore, Indonesia, and internationally.

Centrais Elétricas Brasileiras - Eletrobrás

Market Cap: €125.9b

Through its subsidiaries, engages in the generation, transmission, and commercialization of electricity in Brazil.

Rivco Australia

Market Cap: €228.9m

Provides water supply solutions to Australian irrigators.

MPC Energy Solutions

Market Cap: €202.9m

An independent power producer, develops, builds, owns, and operates renewable energy assets in Latin America and the Caribbean.

SDIC Power Holdings

Market Cap: €114.9b

Engages in the electricity generation business in China.

China Gas Holdings

Market Cap: €43.5b

An investment holding company, operates as an energy supplier and service provider in the People’s Republic of China.

AS Infortar

Market Cap: €838.2m

Together with its subsidiaries operates in the maritime transportation, energy, and real estate sectors in Estonia, Finland, Lithuania, Latvia, rest of European Union, and internationally.

UGI

Market Cap: €7.2b

Engages in the distribution, storage, transportation, and marketing of energy products and related services in the United States and internationally.

Huadian Power International

Market Cap: €60.7b

Engages in the sale of power fand thermal products in the People’s Republic of China.

AGL Energy

Market Cap: €6.2b

Supplies energy and other essential services in Australia.

Veolia Environnement

Market Cap: €21.0b

Designs and provides water, waste, and energy management solutions.

SIIC Environment Holdings

Market Cap: €461.0m

An investment holding company, engages in the wastewater treatment, water supply, sludge treatment, solid waste incineration, and other environment related businesses primarily in the People's Republic of China.

Zespól Elektrocieplowni Wroclawskich KOGENERACJA

Market Cap: €931.3m

Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A.