U.S. Utilities Potentially Undervalued Companies

Engie Brasil Energia

Market Cap: US$32.7b

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

AES

Market Cap: US$7.4b

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

Equatorial

Market Cap: US$45.0b

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

Companhia Paranaense de Energia - COPEL

Market Cap: US$35.9b

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

Fortum Oyj

Market Cap: US$14.3b

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.

Rubis

Market Cap: US$2.8b

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

ENN Energy Holdings

Market Cap: US$70.5b

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

Centrais Elétricas Brasileiras - Eletrobrás

Market Cap: US$91.1b

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

Kunlun Energy

Market Cap: US$67.2b

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.

Exelon

Market Cap: US$43.0b

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

Centrais Elétricas Brasileiras - Eletrobrás

Market Cap: US$91.1b

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

Northland Power

Market Cap: US$5.7b

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

Companhia Paranaense de Energia - COPEL

Market Cap: US$35.9b

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

Hawaiian Electric Industries

Market Cap: US$1.8b

Engages in the electric utility business in the United States.

Korea Electric Power

Market Cap: US$18.7t

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

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: US$79.0b

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

Pinnacle West Capital

Market Cap: US$10.6b

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

Origin Energy

Market Cap: US$18.7b

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.

China Resources Gas Group

Market Cap: US$47.8b

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

Datang International Power Generation

Market Cap: US$56.2b

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

Oceanic Wind Energy

Market Cap: US$4.8m

Operates as a renewable energy company in Canada.

Drax Group

Market Cap: US$2.4b

Engages in renewable power generation in the United Kingdom.

American Electric Power Company

Market Cap: US$54.4b

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.

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.

Polaris Renewable Energy

Market Cap: US$253.0m

Engages in the acquisition, exploration, development, and operation of renewable energy projects in Latin America and the Caribbean.

Ferrellgas Partners

Market Cap: US$46.1m

Distributes and retails propane and related equipment and supplies.

Evergy

Market Cap: US$15.5b

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

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.

China Resources Gas Group

Market Cap: US$47.8b

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

Caribbean Utilities Company

Market Cap: US$578.4m

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

China Gas Holdings

Market Cap: US$40.6b

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

Tianjin Development Holdings

Market Cap: US$2.2b

Through its subsidiaries, supplies water, heat, thermal power, and electricity to industrial, commercial, and residential customers in the People’s Republic of China.

China Water Affairs Group

Market Cap: US$10.0b

An investment holding company, engages in the water supply, environmental protection, and property businesses in the People’s Republic of China.

Drax Group

Market Cap: US$2.4b

Engages in renewable power generation in the United Kingdom.

Neoenergia

Market Cap: US$30.3b

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