U.S. Utilities Potentially Undervalued Companies

Manila Electric

Market Cap: US$609.2b

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

Tokyo GasLtd

Market Cap: US$1.8t

Engages in the production, supply, and sale of city gas and LNG in Japan.

Terna

Market Cap: US$17.9b

Provides electricity transmission and dispatching services in Italy, other Euro-area countries, and internationally.

Southern

Market Cap: US$102.9b

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

Eversource Energy

Market Cap: US$27.4b

A public utility holding company, engages in the energy delivery business.

Edison International

Market Cap: US$21.3b

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

China Water Affairs Group

Market Cap: US$10.2b

An investment holding company, engages in the water supply, environmental protection, and property businesses in the People’s Republic of China.

E.ON

Market Cap: US$42.6b

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

China Resources Gas Group

Market Cap: US$49.0b

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

7C Solarparken

Market Cap: US$265.1m

Owns and operates PV farms in Germany and Belgium.

AltaGas

Market Cap: US$12.5b

Operates as an energy infrastructure company in North America.

Fortum Oyj

Market Cap: US$17.8b

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.

Otter Tail

Market Cap: US$3.2b

Engages in electric utility, manufacturing, and plastic pipe businesses in the United States.

Enel

Market Cap: US$89.3b

Operates as an integrated operator in electricity and gas industries worldwide.

Rubis

Market Cap: US$3.3b

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

Companhia Paranaense de Energia - COPEL

Market Cap: US$39.9b

Engages in the generation, transformation, distribution, and sale of electricity to industrial, residential, commercial, rural, and other customers in Brazil.

Centrica

Market Cap: US$8.3b

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

Sembcorp Industries

Market Cap: US$11.5b

An investment holding company, engages in providing industrial and urban solutions in Singapore, the United Kingdom, China, India, rest of Asia, the Middle East, and internationally.

GAIL (India)

Market Cap: US$1.2t

Operates as a natural gas processing and distribution company in India and internationally.

BKW

Market Cap: US$9.4b

An international energy and infrastructure company, plans, builds, and operates infrastructure to produce and supply energy to businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally.

Redeia Corporación

Market Cap: US$8.8b

Engages in the electricity transmission, and system operation and management of the transmission network for the electricity system in Spain and internationally.

NorthWestern Energy Group

Market Cap: US$3.7b

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

Superior Plus

Market Cap: US$1.8b

Distributes propane, compressed natural gas, and renewable energy and related products and services in the United States and Canada.

Pampa Energía

Market Cap: US$6.7t

Operates as an integrated power company in Argentina.

Enel

Market Cap: US$89.3b

Operates as an integrated operator in electricity and gas industries worldwide.

Power Assets Holdings

Market Cap: US$106.1b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, and internationally.

Boralex

Market Cap: US$2.9b

Engages in the developing, building, and operating power generating and storage facilities in Canada, France, and the United States.

Artesian Resources

Market Cap: US$334.2m

Provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania.

Meridian Energy

Market Cap: US$14.9b

Engages in the generation and retailing of electricity to residential, business, and industrial customers in New Zealand, Australia, and the United Kingdom.

Ratch Group

Market Cap: US$53.9b

An energy and infrastructure company, engages in the generation and sale of electricity and steam in Thailand, Australia, Singapore, Indonesia, and internationally.

Electricity Generating

Market Cap: US$58.7b

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.

Tohoku Electric Power Company

Market Cap: US$527.0b

Operates as an energy service in Japan and internationally.

CK Infrastructure Holdings

Market Cap: US$128.5b

An infrastructure company, invests in, develops, and operates infrastructure businesses in Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand, Canada, and the United States.

Endesa

Market Cap: US$32.8b

Engages in the generation, distribution, and sale of electricity in Spain, Portugal, France, Germany, the United Kingdom, Switzerland, Luxembourg, the Netherlands, Singapore, Italy, Morocco, and internationally.

Avista

Market Cap: US$3.1b

Operates as an electric and natural gas utility company in the United States.

Enagás

Market Cap: US$3.7b

Engages in the transmission, storage, and regasification of natural gas.