U.S. Utilities Potentially Undervalued Companies

Essential Utilities

Market Cap: US$10.5b

Through its subsidiaries, operates regulated utilities that provide water, wastewater, and natural gas services in the United States.

Engie Brasil Energia

Market Cap: US$33.9b

Generates, sells, and trades in electrical energy in Brazil.

AES

Market Cap: US$9.0b

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

Equatorial

Market Cap: US$43.0b

Through its subsidiaries, engages in the electricity generation, distribution, and transmission operations in Brazil.

Capital Power

Market Cap: US$8.9b

Develops, acquires, owns, and operates renewable and thermal power generation facilities in Canada and the United States.

Rubis

Market Cap: US$3.0b

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

Companhia Paranaense de Energia - COPEL

Market Cap: US$34.4b

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

ENN Energy Holdings

Market Cap: US$70.2b

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

Fortum Oyj

Market Cap: US$13.9b

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.

ATCO

Market Cap: US$5.6b

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

Companhia Paranaense de Energia - COPEL

Market Cap: US$34.4b

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

Exelon

Market Cap: US$43.9b

A utility services holding company, engages in the energy distribution and transmission businesses.

Hawaiian Electric Industries

Market Cap: US$1.8b

Engages in the electric utility business in the United States.

Kunlun Energy

Market Cap: US$66.9b

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.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: US$76.3b

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

Pinnacle West Capital

Market Cap: US$10.9b

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

Korea Electric Power

Market Cap: US$23.8t

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

China Resources Gas Group

Market Cap: US$47.5b

An investment holding company, engages in the sale of natural and liquefied gas and connection of gas pipelines.

Oceanic Wind Energy

Market Cap: US$5.2m

Operates as a renewable energy company in Canada.

Tenaga Nasional Berhad

Market Cap: US$81.4b

Engages in the generation, transmission, distribution, and sale of electricity in Malaysia, the United Kingdom, Kuwait, the Republic of Ireland, Australia, and internationally.

American Electric Power Company

Market Cap: US$56.3b

An electric public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States.

Evergy

Market Cap: US$15.9b

Engages in the generation, transmission, distribution, and sale of electricity in the United States.

Ferrellgas Partners

Market Cap: US$52.7m

Distributes and retails propane and related equipment and supplies.

Drax Group

Market Cap: US$2.4b

Engages in renewable power generation in the United Kingdom.

China Resources Power Holdings

Market Cap: US$100.0b

An investment holding company, invests in, develops, operates, and manages power plants and coal mines in the People’s Republic of China.

Datang International Power Generation

Market Cap: US$58.9b

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

Origin Energy

Market Cap: US$20.2b

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.

Kyushu Electric Power Company

Market Cap: US$637.2b

Engages in the power generation, transmission, distribution, and sales in Japan and internationally.

China Resources Power Holdings

Market Cap: US$104.6b

An investment holding company, invests in, develops, operates, and manages power plants and coal mines in the People’s Republic of China.

Aboitiz Power

Market Cap: US$295.1b

Through its subsidiaries, engages in the power generation and distribution, and electricity retail businesses in the Philippines.

China Gas Holdings

Market Cap: US$42.7b

An investment holding company, operates as a gas operator and service provider in the People’s Republic of China.

Caribbean Utilities Company

Market Cap: US$540.9m

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

Brookfield Infrastructure

Market Cap: US$4.9b

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

UGI

Market Cap: US$7.6b

Engages in the distribution, storage, transportation, and marketing of energy products and related services in the United States and internationally.

H2O America

Market Cap: US$1.7b

Through its subsidiaries, provides water utility and other related services in the United States.

Neoenergia

Market Cap: US$29.4b

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