Global Utilities Potentially Undervalued Companies

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.

Ørsted

Market Cap: DKK 108.3b

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

TransAlta

Market Cap: US$3.7b

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

Voltalia

Market Cap: €978.0m

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

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.

Public Power

Market Cap: €4.7b

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

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.

PGE Polska Grupa Energetyczna

Market Cap: zł18.6b

Engages in the production and distribution of electricity and heat in Poland.

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.

Aygaz

Market Cap: ₺28.4b

Aygaz A.S. purchases liquid petroleum gas (LPG) to retailers for distribution to customers in Turkey.

Innergex Renewable Energy

Market Cap: €2.8b

Operates as an independent renewable power producer in Canada, the United States, France, and Chile.

Enagás

Market Cap: US$3.5b

Engages in the transmission, storage, and regasification of natural gas.

S.N.T.G.N. Transgaz

Market Cap: €5.5b

Engages in the transmission of natural gas in Romania and internationally.

Vistra

Market Cap: US$43.9b

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

Pampa Energía

Market Cap: Mex$4.7t

Operates as an integrated power company in Argentina.

Ryazanenergosbyt

Market Cap: ₽3.2b

Joint-Stock Company Ryazanenergosbyt engages in the purchase and sale of electricity in the wholesale and retail markets in the Ryazan Region, Russia.

TNS energo Rostov-on-Don

Market Cap: ₽4.4b

Public Joint Stock Company "TNS energo Rostov-on-Don" supplies electricity in the Rostov region, Russia.

TNS energo Mari El

Market Cap: ₽2.0b

Public Joint-stock Company TNS energo Mari El supplies electricity in the Republic of Mari El.

Territorial Generating Company No. 1

Market Cap: ₽32.6b

Public Joint Stock Company ‘Territorial Generating Company’ No.1 produces electricity and heat in the North-West region of Russia.

Encavis

Market Cap: US$2.1b

An independent power producer, acquires and operates solar and onshore wind parks in Germany, Italy, Spain, France, Denmark, the Netherlands, the United Kingdom, Finland, Sweden, Ireland, and Lithuania.

Aguas Andinas

Market Cap: CL$2.1t

Aguas Andinas S.A., together with its subsidiaries, constructs and operates as a water utility company in Chile.

Guangdong Chant Group

Market Cap: CN¥4.2b

Operates in the environmental thermal energy business in China.

Guangdong Investment

Market Cap: HK$40.9b

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.

CGN Power

Market Cap: HK$175.7b

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

CEZ a. s

Market Cap: Kč592.6b

Engages in the generation, distribution, trade, and sale of electricity and heat in Western, Central, and Southeastern Europe.

Iren

Market Cap: €3.2b

Operates as a multi-utility company in Italy.