German Utilities Potentially Undervalued Companies

Zheneng Jinjiang Environment Holding

Market Cap: €803.1m

Engages in the generation and sale of electricity and steam in the People’s Republic of China.

Premier Energy

Market Cap: €7.6b

Operates as an integrated energy and power infrastructure company in Romania, Moldova, Hungary, and Serbia.

NRG Energy

Market Cap: €29.8b

Operates as an energy and home services company in the United States and Canada.

Kong Sun Holdings

Market Cap: €239.4m

An investment holding company, engages in the operation of solar power plants in the People’s Republic of China.

Guangdong Investment

Market Cap: €53.3b

An investment holding company, engages in water resources, property investment and development, department store operation, hotel ownership, energy project operation and management, and road and bridge operation businesses.

Shandong Hi-Speed Holdings Group

Market Cap: €2.8b

An investment holding company, operates photovoltaic and wind power plants in the People’s Republic of China.

Tianjin Development Holdings

Market Cap: €2.3b

Through its subsidiaries, supplies water, heat, thermal power, and electricity in China and Hong Kong.

Caribbean Utilities Company

Market Cap: €608.6m

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

eREXLtd

Market Cap: €68.9b

Engages in the electric power business in Japan and internationally.

China Gas Holdings

Market Cap: €31.9b

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

Guangdong Investment

Market Cap: €53.3b

An investment holding company, engages in water resources, property investment and development, department store operation, hotel ownership, energy project operation and management, and road and bridge operation businesses.

Companhia Paranaense de Energia - COPEL

Market Cap: €43.2b

Engages in the research, study, planning, construction, production, transformation, transportation, distribution, and commercialization of electricity in Brazil.

Centrica

Market Cap: €7.2b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

AS Infortar

Market Cap: €1.1b

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.

Datang International Power Generation

Market Cap: €104.6b

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

clearvise

Market Cap: €89.3m

Operates as an independent electricity producer from renewable energies in Europe.

clearvise

Market Cap: €89.3m

Operates as an independent electricity producer from renewable energies in Europe.

AB Ignitis grupe

Market Cap: €1.6b

Engages in the generation and distribution of electricity and heat in Lithuania, Poland, Latvia, Finland, Estonia, and internationally.

SIIC Environment Holdings

Market Cap: €419.8m

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

clearvise

Market Cap: €89.3m

Operates as an independent electricity producer from renewable energies in Europe.

clearvise

Market Cap: €85.9m

Operates as an independent electricity producer from renewable energies in Europe.

Societatea Energetica Electrica

Market Cap: €17.2b

Engages in the operation, construction, and maintenance of electricity distribution networks in Romania.

Huadian Power International

Market Cap: €52.4b

Engages in the power generation, heat supply, coal sales, and other related businesses in the People’s Republic of China.

S.N. Nuclearelectrica

Market Cap: €21.0b

Engages in the production and transmission of electricity and thermal energy in Romania.

7C Solarparken

Market Cap: €130.9m

Engages in the production and sale of electricity in Germany and Belgium.

Zespól Elektrocieplowni Wroclawskich KOGENERACJA

Market Cap: €1.0b

Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A.

7C Solarparken

Market Cap: €130.9m

Engages in the production and sale of electricity in Germany and Belgium.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: €99.5b

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

Pampa Energía

Market Cap: €7.4t

Operates as an integrated power company in Argentina.

Tokyo GasLtd

Market Cap: €2.1t

Engages in the production, supply, and sale of city gas and LNG in Japan.

ELL Environmental Holdings

Market Cap: €125.1m

An investment holding company, designs, constructs, operates, and maintains wastewater treatment facilities in the People’s Republic of China and Indonesia.

Kangda International Environmental

Market Cap: €1.7b

An investment holding company, designs, constructs, operates, and maintains wastewater treatment plants, reclaimed water treatment plants, water distribution plants, sludge treatment plants, and other municipal infrastructure in China.

Eversource Energy

Market Cap: €28.2b

A public utility holding company, engages in the energy delivery business.

NRG Energy

Market Cap: €29.8b

Operates as an energy and home services company in the United States and Canada.

China Power International Development

Market Cap: €33.6b

An investment holding company, develops, constructs, owns, operates, and manages power plants in the People’s Republic of China and internationally.

Telecom Plus

Market Cap: €666.6m

Provides utility services in the United Kingdom.