U.S. Utilities Potentially Undervalued Companies

Brookfield Infrastructure

Market Cap: US$5.5b

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

Hallador Energy

Market Cap: US$823.6m

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

Capital Power

Market Cap: US$11.0b

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

Carnegie Clean Energy

Market Cap: US$34.7m

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.

Drax Group

Market Cap: US$2.5b

Engages in renewable power generation in the United Kingdom.

Neoenergia

Market Cap: US$34.1b

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

Admie Holding

Market Cap: US$755.6m

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

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.

TTW

Market Cap: US$34.5b

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

ReVolve Renewable Power

Market Cap: US$12.9m

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

Origin Energy

Market Cap: US$21.3b

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.

Clearway Energy

Market Cap: US$6.0b

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

E.ON

Market Cap: US$42.1b

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

Tenaga Nasional Berhad

Market Cap: US$76.2b

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

Centrica

Market Cap: US$8.1b

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

Fluence

Market Cap: US$80.5m

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

Brookfield Infrastructure Partners

Market Cap: US$16.0b

Engages in the utilities, transport, midstream, and data businesses.

YTL Corporation Berhad

Market Cap: US$28.9b

Operates as an integrated infrastructure developer.

CLP Holdings

Market Cap: US$166.2b

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

Beijing Enterprises Water Group

Market Cap: US$23.4b

An investment holding company, provides water treatment services.

Towngas Smart Energy

Market Cap: US$15.3b

An investment holding company, sells piped gas, renewable energy, and other types of energy in the People’s Republic of China.

Aivita Group

Market Cap: US$1.2m

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

Kenon Holdings

Market Cap: US$8.3b

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

Ørsted

Market Cap: US$155.8b

Owns, develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage and renewable hydrogen facilities, and bioenergy plants.

ATCO

Market Cap: US$6.1b

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

Huadian Power International

Market Cap: US$58.8b

Engages in the sale of power fand thermal products in the People’s Republic of China.

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.

China Longyuan Power Group

Market Cap: US$121.6b

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

China Gas Holdings

Market Cap: US$44.0b

An investment holding company, operates as an energy supplier and service provider 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.

ACEA

Market Cap: US$4.1b

Operates as a multi-utility company in Italy.

TTW

Market Cap: US$33.9b

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

Magnora

Market Cap: US$1.5b

Operates as a renewable energy development company in Norway, Sweden, South Africa and the United Kingdom.

Beijing Enterprises Holdings

Market Cap: US$42.5b

Through its subsidiaries, engages in the gas, water, environmental, brewery, and other businesses in Mainland China, Germany, and internationally.

Electricity Generating

Market Cap: US$60.8b

Generates and sells electricity to government sector and industrial users primarily in Thailand, Laos, the Philippines, Indonesia, Australia, South Korea, Taiwan, and the United States.

Guangdong Investment

Market Cap: US$47.3b

An investment holding company, engages in water resources, property investment and development, department store operation, hotel ownership, energy project operation and management, and road and bridge operation businesses.