U.S. Utilities Potentially Undervalued Companies

Clearway Energy

Market Cap: US$6.5b

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

Tenaga Nasional Berhad

Market Cap: US$85.1b

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

Origin Energy

Market Cap: US$18.5b

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.

Central Puerto

Market Cap: US$3.6t

Engages in the electric power generation activities in Argentina.

Engie Brasil Energia

Market Cap: US$42.5b

Engages in the generation, commercialization, trading, and transmission activities in Brazil.

AES

Market Cap: US$10.6b

Operates as a power generation and utility company.

Edison International

Market Cap: US$30.3b

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

Tokyo GasLtd

Market Cap: US$2.1t

Engages in the production, supply, and sale of city gas and LNG in Japan.

ENN Energy Holdings

Market Cap: US$52.2b

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

Centrica

Market Cap: US$7.0b

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

Pampa Energía

Market Cap: US$7.4t

Operates as an integrated power company in Argentina.

Companhia Energética de Minas Gerais - CEMIG

Market Cap: US$36.8b

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

Ørsted

Market Cap: US$191.6b

Owns, develops, constructs, and operates offshore and onshore wind farms, solar farms, and energy storage and combined heat and power (CHP) plants.

Companhia Energética de Minas Gerais - CEMIG

Market Cap: US$36.8b

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

NRG Energy

Market Cap: US$28.3b

Operates as an energy and home services company in the United States and Canada.

AXIA Energia

Market Cap: US$149.9b

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

Companhia Paranaense de Energia - COPEL

Market Cap: US$44.2b

Engages in the research, study, planning, construction, production, transformation, transportation, distribution, and commercialization of electricity in Brazil.

Beijing Enterprises Water Group

Market Cap: US$23.2b

An investment holding company, provides water treatment services.

ENN Energy Holdings

Market Cap: US$52.2b

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

Interconexión Eléctrica E.S.P

Market Cap: US$32.2t

Engages in the electric power, roads, and ICT and telecommunications business activities.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: US$96.1b

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

Korea Electric Power

Market Cap: US$22.3t

Engages in the generation, transmission, and distribution of electricity in South Korea and internationally.

Ørsted

Market Cap: US$191.6b

Owns, develops, constructs, and operates offshore and onshore wind farms, solar farms, and energy storage and combined heat and power (CHP) plants.

AGL Energy

Market Cap: US$5.6b

Supplies energy and other essential services in Australia.

Centrica

Market Cap: US$7.0b

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

Perusahaan Gas Negara (Persero)

Market Cap: US$36.4t

Engages in the transmission and distribution of natural gas in Indonesia.

AXIA Energia

Market Cap: US$149.9b

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

AGL Energy

Market Cap: US$5.6b

Supplies energy and other essential services in Australia.

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.

Datang International Power Generation

Market Cap: US$73.6b

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

Spruce Power Holding

Market Cap: US$35.8m

Owns and operates distributed solar energy assets in the United States.

Ferrellgas Partners

Market Cap: US$258.4m

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

China Resources Gas Group

Market Cap: US$38.1b

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

Polaris Renewable Energy

Market Cap: US$313.0m

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

Manila Electric

Market Cap: US$541.0b

Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines.

Dominion Energy

Market Cap: US$61.3b

Provides regulated electricity and natural gas services in the United States.