U.S. Utilities Potentially Undervalued Companies

AES

Market Cap: US$8.2b

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

Engie Brasil Energia

Market Cap: US$37.8b

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

Essential Utilities

Market Cap: US$10.3b

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

Equatorial

Market Cap: US$45.2b

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

Capital Power

Market Cap: US$8.4b

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

Companhia Paranaense de Energia - COPEL

Market Cap: US$35.7b

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$71.5b

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

Rubis

Market Cap: US$2.9b

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

Fortum Oyj

Market Cap: US$14.0b

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$5.7b

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

Kunlun Energy

Market Cap: US$67.5b

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 Paranaense de Energia - COPEL

Market Cap: US$35.7b

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$1.9b

Engages in the electric utility business in the United States.

Exelon

Market Cap: US$43.5b

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

Korea Electric Power

Market Cap: US$23.7t

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

Pinnacle West Capital

Market Cap: US$10.8b

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

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: US$80.5b

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

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.

American Electric Power Company

Market Cap: US$55.5b

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.

Datang International Power Generation

Market Cap: US$57.9b

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

Origin Energy

Market Cap: US$18.6b

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.

Oceanic Wind Energy

Market Cap: US$5.7m

Operates as a renewable energy company in Canada.

China Resources Power Holdings

Market Cap: US$99.4b

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

Polaris Renewable Energy

Market Cap: US$255.8m

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

Ferrellgas Partners

Market Cap: US$50.8m

Distributes and retails propane and related equipment and supplies.

Evergy

Market Cap: US$16.1b

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

Drax Group

Market Cap: US$2.4b

Engages in renewable power generation in the United Kingdom.

Tenaga Nasional Berhad

Market Cap: US$82.0b

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

Hallador Energy

Market Cap: US$696.2m

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

Drax Group

Market Cap: US$2.4b

Engages in renewable power generation in the United Kingdom.

Perusahaan Gas Negara

Market Cap: US$38.9t

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

Neoenergia

Market Cap: US$31.5b

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

Tianjin Development Holdings

Market Cap: US$2.4b

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

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.