Global Utilities Low Leverage High Rewards

Lotus Hydro Power

Market Cap: LK₨1.4b

Owns, builds, operates, and maintains power generating facilities in Sri Lanka.

Toho Gas

Market Cap: JP¥387.6b

Engages in the gas, LPG/other energy, electric power, and other businesses in Japan and internationally.

Enel Generación Chile

Market Cap: CL$3.7t

Engages in the generation, transmission, and distribution of energy in Chile.

PTC India

Market Cap: ₹53.2b

Engages in the trading of power in India, Nepal, Bhutan, and Bangladesh.

Shizuoka Gas

Market Cap: JP¥80.5b

Produces, supplies, and sells city gas in Japan.

Shin Hai Gas

Market Cap: NT$9.4b

Engages in the supply of natural gas in Taiwan.

CNTEE Transelectrica

Market Cap: RON 4.0b

CNTEE Transelectrica SA acts as a transmission and system operator of the national power system.

Lechwerke

Market Cap: €2.5b

Operates as an energy supplier in Germany.

ToellLtd

Market Cap: JP¥14.7b

Engages in the production, wholesale, and retail of liquefied petroleum gas (LPG) in Japan and internationally.

GAIL (India)

Market Cap: ₹1.3t

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

E4U

Market Cap: Kč884.9m

Invests in and operates plants that generate energy from renewable sources in the Czech Republic.

BKW

Market Cap: CHF 9.1b

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.

Électricite de Strasbourg Société Anonyme

Market Cap: €1.0b

Engages in the supply of electricity and natural gas to individuals, businesses, and local authorities in France.

Hsin Kao GasLtd

Market Cap: NT$4.1b

Hsin Kao Gas Co.,Ltd., along with its subsidiaries, engages in the transportation of natural gas for domestic and commercial use in Taiwan.

EVN

Market Cap: €4.2b

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

Sichuan Chuantou EnergyLtd

Market Cap: CN¥78.0b

Engages in the clean energy business in China.

Luenmei QuantumLtd

Market Cap: CN¥12.5b

Engages in the generation and supply of heat, power, and steam in China.

Jiangsu Jiangnan Water

Market Cap: CN¥4.9b

Supplies water in China.

ENN Energy Holdings

Market Cap: HK$69.7b

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

Summit Power

Market Cap: ৳15.1b

Engages in the generation and supply of electricity in Bangladesh.

Nuoc Trong Hydro - Power

Market Cap: ₫583.3b

Engages in the production, transmission, and distribution of hydro-electricity in Vietnam.

Vallibel Power Erathna

Market Cap: LK₨10.2b

Engages in the generation and sale of hydroelectric energy to the Ceylon Electricity Board in Sri Lanka.

Inner Mongolia MengDian HuaNeng Thermal Power

Market Cap: CN¥26.7b

Engages in thermal power generation business.

Taliworks Corporation Berhad

Market Cap: RM 1.2b

An investment holding company, engages in the provision of contracting, project, and management services.

PBA Holdings Bhd

Market Cap: RM 645.4m

An investment holding company, operates as a water supplier in Malaysia.

Xinjiang Torch Gas

Market Cap: CN¥2.4b

Operates as a gas service company in China.

AGL Energy

Market Cap: AU$6.6b

Engages in the supply of energy and other essential services to residential, business, and wholesale customers in Australia.

Minera Valparaiso

Market Cap: CL$1.8t

An investment company, engages in the generation and sale of electric power.

Distribuidora de Gas Cuyana

Market Cap: AR$294.4b

Distributes natural gas in the Córdoba, Mendoza, La Rioja, San Luis, Catamarca, and San Juan provinces of Argentina.

Keiyo Gas

Market Cap: JP¥35.4b

Engages in the production, supply, and sale of gas in northwest of Chiba Prefecture, Japan.

Burgenland Holding

Market Cap: €213.0m

Through its investment in Burgenland Energie AG, engages in the generation and sale of electricity in Austria.

Kyungdong City Gas

Market Cap: ₩120.2b

Engages in the manufacture and supply of liquefied natural gas through a network of pipelines.

Tianjin Development Holdings

Market Cap: HK$2.3b

Through its subsidiaries, supplies water, heat, thermal power, and electricity to industrial, commercial, and residential customers in the People’s Republic of China.

Hub Power

Market Cap: PK₨180.2b

Operates as an independent power producer in Pakistan.

Chengdu Gas Group

Market Cap: CN¥8.5b

Engages in the urban gas supply business in China.

VERBUND

Market Cap: €22.7b

Generates, trades, and sells electricity to energy exchange markets, traders, electric utilities and industrial companies, and households and commercial customers.