U.S. Utilities Potentially Undervalued Companies

Northland Power

Market Cap: US$6.6b

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

National Fuel Gas

Market Cap: US$7.2b

Operates as a diversified energy company.

Clearway Energy

Market Cap: US$7.1b

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

China Longyuan Power Group

Market Cap: US$120.9b

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

Tenaga Nasional Berhad

Market Cap: US$78.7b

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

Polaris Renewable Energy

Market Cap: US$256.4m

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

AES

Market Cap: US$10.0b

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

Engie Brasil Energia

Market Cap: US$36.2b

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

Edison International

Market Cap: US$22.6b

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

Capital Power

Market Cap: US$10.3b

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

H2O America

Market Cap: US$1.7b

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

Clearway Energy

Market Cap: US$7.1b

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

ENN Energy Holdings

Market Cap: US$79.5b

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

Companhia Paranaense de Energia - COPEL

Market Cap: US$41.6b

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

Companhia Energética de Minas Gerais - CEMIG

Market Cap: US$37.3b

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

ATCO

Market Cap: US$6.4b

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

Companhia Energética de Minas Gerais - CEMIG

Market Cap: US$37.3b

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

VERBUND

Market Cap: US$22.3b

Generates, trades in, and sells electricity to energy exchange markets, traders, electric utilities and industrial companies, and household and commercial customers in Austria and internationally.

Companhia Paranaense de Energia - COPEL

Market Cap: US$41.6b

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

Veolia Environnement

Market Cap: US$21.7b

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

Light

Market Cap: US$2.2b

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

Korea Electric Power

Market Cap: US$31.6t

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$54.6m

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

Veolia Environnement

Market Cap: US$21.7b

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

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: US$96.7b

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

Centrica

Market Cap: US$7.8b

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

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.

Drax Group

Market Cap: US$2.6b

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.

Datang International Power Generation

Market Cap: US$65.4b

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

Ferrellgas Partners

Market Cap: US$87.9m

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

Origin Energy

Market Cap: US$20.8b

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.

Acciona

Market Cap: US$10.8b

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