German Utilities Potentially Undervalued Companies

Public Power

Market Cap: €4.7b

Generates, transmits, and distributes electricity in Greece, Romania, Bulgaria, and North Macedonia.

Pinnacle West Capital

Market Cap: €7.9b

Through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona.

Greencoat Renewables

Market Cap: €782.8m

Owns and operates renewable infrastructure in the Republic of Ireland, France, Finland, Germany, Spain, and Sweden.

Kenon Holdings

Market Cap: €5.6b

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

Sichuan Energy Investment Development

Market Cap: €2.8b

A vertically integrated power supplier and service provider, generates, distributes, and sells electricity primarily in Mainland China.

Companhia Energética de Minas Gerais - CEMIG

Market Cap: €35.0b

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

ALLETE

Market Cap: €3.8b

Operates as an energy company.

Hawaiian Electric Industries

Market Cap: €1.8b

Engages in the electric utility business in the United States.

Maxim Power

Market Cap: €247.8m

An independent power producer, develops, owns, and operates power and power related projects in Canada.

Cikarang Listrindo

Market Cap: €11.2t

Operates power generating facilities in Indonesia.

CGN New Energy Holdings

Market Cap: €9.8b

Generates and supplies electricity and steam in the People’s Republic of China and Republic of Korea.

Gelsenwasser

Market Cap: €1.9b

Engages in the water, wastewater, gas supply, and electricity businesses in Germany, the Czech Republic, and Poland.

Pampa Energía

Market Cap: €4.8t

Operates as an integrated power company in Argentina.

Companhia Energética de Minas Gerais - CEMIG

Market Cap: €35.0b

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

RWE

Market Cap: €25.1b

Generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally.

Iren

Market Cap: €3.2b

Operates as a multi-utility company in Italy.

BCPG

Market Cap: €20.7b

A renewable energy company, engages in the solar power, hydropower, wind power, and natural gas businesses in Thailand, Japan, Laos, Taiwan, Vietnam, the Philippines, and the United States.

Rubis

Market Cap: €2.9b

Engages in the operation of bulk liquid storage facilities for commercial and industrial customers in Europe, Africa, and the Caribbean.

Vistra

Market Cap: €43.9b

Operates as an integrated retail electricity and power generation company in the United States.

Snam

Market Cap: €16.8b

Engages in the operation of natural gas transport and storage infrastructure.

Rubis

Market Cap: €2.9b

Engages in the operation of bulk liquid storage facilities for commercial and industrial customers in Europe, Africa, and the Caribbean.

Brookfield Infrastructure

Market Cap: €4.3b

Owns and operates utility investments in Brazil, the United Kingdom, and internationally.

ZE PAK

Market Cap: €965.6m

Produces and sells electricity and heat in Poland.

Snam

Market Cap: €16.8b

Engages in the operation of natural gas transport and storage infrastructure.

A2A

Market Cap: €6.9b

Engages in the production, sale, and distribution of gas and electricity, and district heating in Italy and internationally.

Spire

Market Cap: €4.5b

Engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States.

Enel

Market Cap: €77.6b

Operates as an integrated operator in electricity and gas industries worldwide.

Veolia Environnement

Market Cap: €23.2b

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

Origin Energy

Market Cap: €18.5b

An integrated energy company, engages in the exploration and production of natural gas, electricity generation, wholesale and retail sale of electricity and gas, and sale of liquefied natural gas in Australia and internationally.

Hera

Market Cap: €5.9b

A multi-utility company, engages in the waste management, water services, and energy businesses in Italy.

TransAlta

Market Cap: €3.7b

Engages in the development, production, and sale of electric energy.

MINT Société anonyme

Market Cap: €27.7m

Provides renewable electricity in France.

ATCO

Market Cap: €5.7b

Engages in the energy, logistics and transportation, shelter, and real estate services in Canada, Australia, and internationally.

Tohoku Electric Power Company

Market Cap: €507.4b

Operates as an energy service conglomerate in Japan and internationally.

Tokyo Electric Power Company Holdings

Market Cap: €712.4b

Engages in the generation, transmission, distribution, and retail of electric power in Japan and internationally.

Clearway Energy

Market Cap: €5.8b

Operates in the clean energy generation assets business in the United States.