U.S. Utilities Potentially Undervalued Companies

Northwest Natural Holding

Market Cap: US$1.7b

Through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, and industrial customers in the United States.

Northland Power

Market Cap: US$5.9b

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

OGE Energy

Market Cap: US$9.0b

Through its subsidiary, operates as an energy services provider in the United States.

Fortis

Market Cap: US$32.3b

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

Magnora

Market Cap: US$1.6b

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

TransAlta

Market Cap: US$4.3b

Engages in the development, production, and sale of electric energy.

Guangdong Investment

Market Cap: US$42.3b

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.

Huadian Power International

Market Cap: US$63.9b

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

Huaneng Power International

Market Cap: US$112.1b

Generates and sells electric power to the regional or provincial grid companies in the People’s Republic of China and internationally.

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.

ACEA

Market Cap: US$4.3b

Operates as a multi-utility company in Italy.

TTW

Market Cap: US$34.5b

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

Electricity Generating

Market Cap: US$53.7b

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.

Beijing Enterprises Holdings

Market Cap: US$41.0b

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

China Oil And Gas Group

Market Cap: US$764.3m

An investment holding company, engages in natural gas and energy-related businesses in Hong Kong, China, and Canada.

TTW

Market Cap: US$35.7b

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

Rojana Industrial Park

Market Cap: US$13.5b

Engages in the manufacture and sale of electricity from solar cell system in Thailand.

Ferrellgas Partners

Market Cap: US$50.8m

Distributes and retails propane and related equipment and supplies.

China Everbright Water

Market Cap: US$686.6m

Engages in the water environment management business in Mainland China and Germany.

Light

Market Cap: US$2.5b

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

Engie

Market Cap: US$48.1b

Operates as an energy company, engages in the renewables and decentralized, low-carbon energy networks, and energy services businesses in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally.

Westbridge Renewable Energy

Market Cap: US$62.7m

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

Guangdong Investment

Market Cap: US$42.3b

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.

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.

Veolia Environnement

Market Cap: US$22.3b

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

Engie

Market Cap: US$48.1b

Operates as an energy company, engages in the renewables and decentralized, low-carbon energy networks, and energy services businesses in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally.

PG&E

Market Cap: US$30.6b

Through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States.

Perusahaan Gas Negara

Market Cap: US$38.9t

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

American Electric Power Company

Market Cap: US$40.8b

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.

Kansai Electric Power Company

Market Cap: US$2.0t

Engages in electricity, gas and heat supply, and telecommunication businesses in Japan.

ONE Gas

Market Cap: US$4.4b

Operates as a regulated natural gas distribution utility company in the United States.

Snam

Market Cap: US$17.0b

Engages in the operation of natural gas transport and storage infrastructure.

Portland General Electric

Market Cap: US$4.5b

An integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon.

China Longyuan Power Group

Market Cap: US$116.6b

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

Manila Electric

Market Cap: US$603.0b

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

Duke Energy

Market Cap: US$91.2b

Through its subsidiaries, operates as an energy company in the United States.