U.S. Utilities Potentially Undervalued Companies

Tenaga Nasional Berhad

Market Cap: US$77.1b

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

Veolia Environnement

Market Cap: US$21.1b

Designs and provides water, waste, and energy management solutions.

National Fuel Gas

Market Cap: US$7.0b

Operates as a diversified energy company.

Clearway Energy

Market Cap: US$6.9b

Operates in the clean energy generation assets business in the United States.

Polaris Renewable Energy

Market Cap: US$264.8m

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

China Longyuan Power Group

Market Cap: US$121.3b

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

Engie Brasil Energia

Market Cap: US$35.0b

Engages in the generation, commercialization, trading, and transmission of electricity in Brazil.

AES

Market Cap: US$10.1b

Operates as a power generation and utility company 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.

Edison International

Market Cap: US$21.8b

Through its subsidiaries, engages in the generation and distribution of electric power.

ENN Energy Holdings

Market Cap: US$76.3b

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

Clearway Energy

Market Cap: US$6.9b

Operates in the clean energy generation assets business in the United States.

Companhia Energética de Minas Gerais - CEMIG

Market Cap: US$36.0b

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

Companhia Energética de Minas Gerais - CEMIG

Market Cap: US$36.0b

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

Centrica

Market Cap: US$8.1b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: US$93.2b

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

Light

Market Cap: US$2.2b

Engages in the generation, transmission, distribution, and sale of electric power in Brazil.

Veolia Environnement

Market Cap: US$21.1b

Designs and provides water, waste, and energy management solutions.

Korea Electric Power

Market Cap: US$28.3t

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

Westbridge Renewable Energy

Market Cap: US$57.1m

Engages in the acquisition and development of solar photovoltaic (PV) projects in Canada, the United States, the United Kingdom, and Italy.

CGN Power

Market Cap: US$208.2b

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

Ferrellgas Partners

Market Cap: US$87.4m

Ferrellgas Partners, L.P. retail distribution of propane, related equipment and supplies.

Acciona

Market Cap: US$10.6b

Engages in the energy, infrastructure, and other businesses in Spain and internationally.

Origin Energy

Market Cap: US$20.5b

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.

Drax Group

Market Cap: US$2.5b

Engages in renewable power generation in the United Kingdom.

Oceanic Wind Energy

Market Cap: US$6.1m

Operates as a renewable energy company in Canada.

China Resources Power Holdings

Market Cap: US$99.8b

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$66.8b

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

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 Gas Holdings

Market Cap: US$43.6b

An investment holding company, operates as an energy supplier and service provider in the People’s Republic of China.

Tianjin Development Holdings

Market Cap: US$2.8b

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

Capital Power

Market Cap: US$10.6b

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

Carnegie Clean Energy

Market Cap: US$30.6m

Engages in the development of the CETO Wave Energy Technology, a submerged point absorber type wave energy converter which converts ocean waves into zero-emission electricity internationally.

Brookfield Infrastructure

Market Cap: US$5.5b

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

Hallador Energy

Market Cap: US$879.1m

Through its subsidiaries, engages in the production of steam coal for the electric power generation industry in Indiana.

Southern

Market Cap: US$100.1b

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