Global Utilities Potentially Undervalued Companies

China Longyuan Power Group

Market Cap: HK$118.5b

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

Banpu Power

Market Cap: ฿25.8b

Engages in the generation and distribution of thermal and renewable power in Thailand, Laos, China, Japan, Vietnam, Indonesia, Australia, and the United States.

Beijing Capital Eco-Environment Protection Group

Market Cap: CN¥23.8b

Beijing Capital Eco-Environment Protection Group Co., Ltd.

AB Ignitis grupe

Market Cap: €1.5b

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

CK Power

Market Cap: ฿24.4b

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

Alkhorayef Water and Power Technologies

Market Cap: ر.س4.5b

Designs, constructs, operates, maintains, and manages water and wastewater projects in Saudi Arabia.

CGN Power

Market Cap: CN¥191.2b

Operates and manages nuclear power stations, sells electricity generated by these stations, and provides related technical services in the People’s Republic of China.

Binhai Investment

Market Cap: HK$1.6b

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

Zhejiang Zheneng Electric Power

Market Cap: CN¥68.3b

Zhejiang Zheneng Electric Power Co., Ltd.

Kunlun Energy

Market Cap: HK$64.2b

An investment holding company, engages in the exploration, development, production, and sale of crude oil and natural gas in the Republic of Kazakhstan, the Sultanate of Oman, and the Kingdom of Thailand.

Huaneng Power International

Market Cap: CN¥118.9b

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

Korea Electric Power

Market Cap: ₩23.6t

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

Ørsted

Market Cap: €80.3b

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

Centrais Elétricas Brasileiras - Eletrobrás

Market Cap: US$108.1b

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

AES

Market Cap: €9.3b

Operates as a power generation and utility company in the United States and internationally.

Concord New Energy Group

Market Cap: €3.2b

An investment holding company, engages in the generation of power in the People’s Republic of China and internationally.

Companhia Energética de Minas Gerais - CEMIG

Market Cap: US$35.4b

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

Companhia Energética de Minas Gerais - CEMIG

Market Cap: US$35.4b

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

ACEA

Market Cap: €4.1b

Operates as a multi-utility company in Italy.

China Everbright Greentech

Market Cap: €2.3b

An investment holding company, engages in the design, construction, operation, and maintenance of integrated biomass and waste-to-energy projects in China.

Brookfield Infrastructure Partners

Market Cap: CA$14.4b

Engages in the utilities, transport, midstream, and data businesses.

Huaneng Power International

Market Cap: €119.0b

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

Ørsted

Market Cap: US$80.3b

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

ATCO

Market Cap: US$5.5b

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

Greencoat Renewables

Market Cap: €801.6m

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

Ørsted

Market Cap: DKK 80.3b

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

Neoenergia

Market Cap: €35.2b

Generates, transmits, distributes, trades in, and commercializes electric energy in Brazil.

CLP Holdings

Market Cap: US$166.0b

An investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia.

ENN Energy Holdings

Market Cap: €72.9b

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

Drax Group

Market Cap: UK£2.4b

Engages in renewable power generation in the United Kingdom.

naturenergie holding

Market Cap: CHF 1.1b

Through its subsidiaries, engages in the production, distribution, and sale of electricity under the naturenergie brand in Switzerland and internationally.

Korea Electric Power

Market Cap: €23.6t

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

MPC Energy Solutions

Market Cap: NOK 198.5m

An independent power producer, develops, builds, owns, and operates renewable energy assets in Latin America and the Caribbean.

Northland Power

Market Cap: CA$6.0b

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

Beijing Capital Eco-Environment Protection Group

Market Cap: CN¥23.8b

Beijing Capital Eco-Environment Protection Group Co., Ltd.

Tonking New Energy Group Holdings

Market Cap: HK$196.3m

An investment holding company, engages in the renewable energy business in the People’s Republic of China.