U.S. Utilities Potentially Undervalued Companies

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.

Edison International

Market Cap: US$20.2b

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

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.

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.

TTW

Market Cap: US$34.5b

Engages in the production and sale of treated water in Thailand.

naturenergie holding

Market Cap: US$1.1b

Through its subsidiaries, engages in the production, distribution, and sale of electricity under the naturenergie brand in Switzerland and internationally.

AltaGas

Market Cap: US$11.5b

Operates as an energy infrastructure company in North America.

E.ON

Market Cap: US$41.5b

Operates as an energy company in Germany, the United Kingdom, Sweden, the Netherlands, rest of Europe, and internationally.

Admie Holding

Market Cap: US$744.0m

Operates, controls, maintains, and develops an electricity transmission system for the supply of electricity in Greece.

ReVolve Renewable Power

Market Cap: US$15.9m

Owns, operates, and develops of renewable energy electricity generation projects in the United States, Mexico, and Canada.

Fluence

Market Cap: US$42.9m

Provides smart water and wastewater treatment solutions for the municipal, commercial, and industrial markets worldwide.

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.

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.

Beijing Enterprises Water Group

Market Cap: US$23.4b

An investment holding company, provides water treatment services.

Huadian Power International

Market Cap: US$58.7b

Engages in the generation and sale of electricity, heat, and coal to power grid companies in the People’s Republic of China.

Puncak Niaga Holdings Berhad

Market Cap: US$118.5m

An investment holding company, provides integrated water, wastewater, and environmental solutions in Malaysia.

ATCO

Market Cap: US$5.7b

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

Spire

Market Cap: US$4.4b

Engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States.

Kenon Holdings

Market Cap: US$7.6b

Through its subsidiaries, operates as an owner, developer, and operator of power generation facilities in Israel and 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.

Centrais Elétricas Brasileiras - Eletrobrás

Market Cap: US$93.3b

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

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.

CLP Holdings

Market Cap: US$167.3b

An investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia.

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.

NorthWestern Energy Group

Market Cap: US$3.2b

NorthWestern Energy Group, Inc., doing business as NorthWestern Energy, provides electricity and natural gas to residential, commercial, and various industrial customers.

Aivita Group

Market Cap: US$2.9m

Owns, operates, and distributes on-site energy systems in the United Kingdom and Europe.

Talen Energy

Market Cap: US$13.0b

An independent power producer and infrastructure company, produces and sells electricity, capacity, and ancillary services into wholesale power markets in the United States.

SIIC Environment Holdings

Market Cap: US$391.5m

An investment holding company, engages in the wastewater treatment, water supply, sludge treatment, solid waste incineration, and other environment related businesses primarily in the People's Republic of China.

EVN

Market Cap: US$3.3b

Provides energy and environmental services in Austria, Bulgaria, North Macedonia, Croatia, Germany, and Albania.

TTW

Market Cap: US$33.9b

Engages in the production and sale of treated water in Thailand.

Beijing Enterprises Water Group

Market Cap: US$24.5b

An investment holding company, provides water treatment services.

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.

Veolia Environnement

Market Cap: US$22.3b

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

Fortis

Market Cap: US$32.3b

Operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries.