Global Utilities Potentially Undervalued Companies

Chongqing Gas Group

Market Cap: CN¥8.5b

Engages in the natural gas operation business in China and internationally.

Gigasun

Market Cap: SEK 163.0m

Engages in the financing, owning, and operating of roof-mounted solar energy installations in Sweden and China.

China Datang Corporation Renewable Power

Market Cap: HK$15.8b

Engages in the development, investment, construction, and management of wind, solar, and biomass power sources the People's Republic of China.

ZE PAK

Market Cap: zł965.6m

Produces and sells electricity and heat in Poland.

Iren

Market Cap: €3.2b

Operates as a multi-utility company in Italy.

Italgas

Market Cap: €5.8b

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

A2A

Market Cap: €6.9b

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

Solaria Energía y Medio Ambiente

Market Cap: €842.9m

Generates solar photovoltaic energy.

Ørsted

Market Cap: €108.3b

Owns, develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage and renewable hydrogen facilities, and bioenergy plants.

Snam

Market Cap: €16.8b

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

Enel

Market Cap: €77.6b

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

Solaria Energía y Medio Ambiente

Market Cap: €842.9m

Generates solar photovoltaic energy.

Audax Renovables

Market Cap: €685.0m

Engages in the generation and supplying of renewable electricity and gas in Spain, Portugal, Italy, Poland, Germany, Netherlands, France, Panama, and Hungary.

CK Power

Market Cap: ฿21.9b

Through its subsidiaries, generates and sells electricity and steam in Thailand and Lao People’s Democratic Republic.

Electricity Generating

Market Cap: US$58.7b

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.

Spruce Power Holding

Market Cap: €50.4m

Owns and operates distributed solar energy assets in the United States.

Companhia Paranaense de Energia - COPEL

Market Cap: US$26.6b

Engages in the generation, transformation, distribution, and sale of electricity to industrial, residential, commercial, rural, and other customers in Brazil.

Audax Renovables

Market Cap: €758.4m

Engages in the generation and supplying of renewable electricity and gas in Spain, Portugal, Italy, Poland, Germany, Netherlands, France, Panama, and Hungary.

Societatea Energetica Electrica

Market Cap: €4.5b

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

Avista

Market Cap: US$3.3b

Operates as an electric and natural gas utility company in the United States.

Fortum Oyj

Market Cap: €13.1b

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.

Boralex

Market Cap: €3.2b

Engages in the developing, building, and operating power generating and storage facilities in Canada, France, and the United States.

Endesa

Market Cap: US$27.8b

Engages in the generation, distribution, and sale of electricity in Spain, Portugal, France, Germany, the United Kingdom, Switzerland, Luxembourg, the Netherlands, Singapore, Italy, Morocco, and internationally.

Snam

Market Cap: €16.8b

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

Fortis

Market Cap: US$33.7b

Operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries.

TransAlta

Market Cap: US$3.7b

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

Binhai Investment

Market Cap: €1.5b

An investment holding company, operates in gas business in the People’s Republic of China.

Pertamina Geothermal Energy

Market Cap: €39.0t

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

Hera

Market Cap: €5.9b

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

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.

Solaria Energía y Medio Ambiente

Market Cap: €842.9m

Generates solar photovoltaic energy.

Mercury NZ

Market Cap: €8.0b

Engages in the production, trading, and sale of electricity and related activities in New Zealand.

Northwest Natural Holding

Market Cap: US$1.8b

Through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, and industrial customers in the United States.

Enel

Market Cap: €77.6b

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

Voltalia

Market Cap: €978.0m

Engages in the production and sale of energy generated by the wind, solar, hydropower, biomass, and storage plants.

Gigasun

Market Cap: €163.0m

Engages in the financing, owning, and operating of roof-mounted solar energy installations in Sweden and China.