German Utilities Potentially Undervalued Companies

Huadian Power International

Market Cap: €58.3b

Engages in the generation and sale of electricity, heat, and coal to power grid companies in the People’s Republic of China.

Northland Power

Market Cap: €4.8b

Operates as a power producer in Canada, the Netherlands, Germany, Colombia, Spain, the United States, and internationally.

SSE

Market Cap: €18.0b

Engages in the generation, transmission, distribution, and supply of electricity.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: €74.1b

Provides basic and environmental sanitation services in the São Paulo State, Brazil.

7C Solarparken

Market Cap: €162.6m

Owns and operates PV farms in Germany and Belgium.

Korea Electric Power

Market Cap: €15.5t

An integrated electric utility company, engages in the generation, transmission, and distribution of electricity in South Korea and internationally.

Drax Group

Market Cap: €2.1b

Engages in renewable power generation in the United Kingdom.

ENN Energy Holdings

Market Cap: €66.7b

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

TTW

Market Cap: €34.9b

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

Alerion Clean Power

Market Cap: €765.6m

Engages in the production of electricity through solar and wind power in Italy, Spain, the United Kingdom, Bulgaria, and Romania.

Huaneng Power International

Market Cap: €105.0b

Generates and sells electric power to the regional or provincial grid companies in the People’s Republic of China and internationally.

Enefit Green

Market Cap: €889.3m

Engages in the production of renewable energy.

Italgas

Market Cap: €5.6b

Engages in the distribution of natural gas in Italy, Greece, and Other European Union countries.

Fortum Oyj

Market Cap: €12.2b

Engages in the generation and sale of electricity and heat in Finland, Sweden, the Netherlands, Ireland, Denmark, Belgium, the United Kingdom, Switzerland, Spain, France, Germany, Norway, and internationally.

Engie

Market Cap: €45.4b

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.

Pertamina Geothermal Energy

Market Cap: €34.7t

Engages in the development of geothermal energy in the upstream and downstream sectors in Indonesia and internationally.

Electricity Generating

Market Cap: €50.4b

Generates and sells electricity to government sector and industrial users primarily in Thailand, Laos, the Philippines, Indonesia, Australia, South Korea, Taiwan, and the United States.

AB Ignitis grupe

Market Cap: €1.5b

Engages in the generation and distribution of electricity and heat.

China Longyuan Power Group

Market Cap: €110.3b

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

GAIL (India)

Market Cap: €1.2t

Operates as a natural gas processing and distribution company in India and internationally.

CGN Power

Market Cap: €181.3b

Generates and sells nuclear power in the People’s Republic of China.

ABO Energy GmbH KGaA

Market Cap: €370.7m

Develops renewable energy projects in Germany and internationally.

Perusahaan Gas Negara

Market Cap: €40.5t

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

Cikarang Listrindo

Market Cap: €10.6t

Operates power generating facilities in Indonesia.

ENN Energy Holdings

Market Cap: €66.7b

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

Companhia Energética de Minas Gerais - CEMIG

Market Cap: €33.5b

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

Towngas Smart Energy

Market Cap: €11.9b

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

HK Electric Investments and HK Electric Investments

Market Cap: €46.3b

An investment holding company, engages in the generation, transmission, distribution, and supply of electricity in Hong Kong Island and Lamma Island.

China Gas Holdings

Market Cap: €36.9b

An investment holding company, operates as a gas operator and service provider in the People’s Republic of China.

Companhia Energética de Minas Gerais - CEMIG

Market Cap: €33.5b

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

China Longyuan Power Group

Market Cap: €110.3b

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

China Everbright Water

Market Cap: €686.6m

Engages in the water environment management business in Mainland China and Germany.

Centrais Elétricas Brasileiras - Eletrobrás

Market Cap: €73.8b

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

Luzhou Xinglu Water (Group)

Market Cap: €507.2m

Operates as an integrated municipal water service provider in the People’s Republic of China.

Naturgy Energy Group

Market Cap: €24.3b

Engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of gas.

MVV Energie

Market Cap: €2.0b

Provides electricity, heat, gas, water, and waste treatment and disposal products primarily in Germany.