U.S. Utilities Potentially Undervalued Companies

Concord New Energy Group

Market Cap: US$3.0b

An investment holding company, engages in the generation of power in the People’s Republic of China and internationally.

China Oil And Gas Group

Market Cap: US$980.8m

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

Fortis

Market Cap: US$35.4b

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

Northland Power

Market Cap: US$6.7b

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

Exelon

Market Cap: US$46.6b

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

Vistra

Market Cap: US$63.8b

Operates as an integrated retail electricity and power generation company in the United States.

TransAlta

Market Cap: US$7.3b

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

Kontrol Technologies

Market Cap: US$4.6m

Through its subsidiaries, provides energy compliance and consulting services in Canada and the United States.

TTW

Market Cap: US$36.1b

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

Kunlun Energy

Market Cap: US$61.8b

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.

SIIC Environment Holdings

Market Cap: US$461.0m

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.

ENN Energy Holdings

Market Cap: US$75.2b

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

Guangdong Investment

Market Cap: US$48.6b

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.

Rojana Industrial Park

Market Cap: US$13.5b

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

TTW

Market Cap: US$35.7b

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

Mercury NZ

Market Cap: US$9.2b

Engages in the production, trading, and sale of electricity and related activities in New Zealand.

Engie

Market Cap: US$49.2b

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.

Ferrellgas Partners

Market Cap: US$87.8m

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

National Fuel Gas

Market Cap: US$7.1b

Operates as a diversified energy company.

Centrica

Market Cap: US$8.3b

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

Engie

Market Cap: US$49.2b

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.

New Jersey Resources

Market Cap: US$4.4b

An energy services holding company, distributes natural gas.

Azure Power Global

Market Cap: US$64.2m

Operates as a renewable energy developer and independent renewable power producer in India.

Pinnacle West Capital

Market Cap: US$10.6b

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

Ørsted

Market Cap: US$153.0b

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

PG&E

Market Cap: US$35.1b

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.

Guangdong Investment

Market Cap: US$48.3b

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.

Perusahaan Gas Negara

Market Cap: US$42.2t

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

China Everbright Water

Market Cap: US$743.8m

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

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.

VERBUND

Market Cap: US$22.1b

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 Resources Gas Group

Market Cap: US$48.8b

An investment holding company, engages in the sale of natural and liquefied gas and connection of gas pipelines.

Snam

Market Cap: US$17.9b

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

Essential Utilities

Market Cap: US$10.9b

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

FirstEnergy

Market Cap: US$26.5b

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

Clearway Energy

Market Cap: US$6.3b

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