Global Utilities Low Leverage High Rewards

Gujarat Energy

Market Cap: ₹254.2b

Engages in the distribution of natural gas in India.

Inner Mongolia MengDian HuaNeng Thermal Power

Market Cap: CN¥40.3b

Engages in thermal power generation and heating businesses in China.

PTC India

Market Cap: ₹55.2b

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

Shin Hai Gas

Market Cap: NT$9.0b

Supplies and sells natural gas and related equipment in Taiwan.

Shizuoka Gas

Market Cap: JP¥92.8b

Produces, supplies, and sells city gas in Japan.

Minera Valparaiso

Market Cap: CL$1.4t

An investment company, engages in the production of electrical energy.

ToellLtd

Market Cap: JP¥16.1b

Engages in the energy and water businesses in Japan.

HIROSHIMA GASLtd

Market Cap: JP¥26.9b

Engages in the gas business in Japan.

Mien Trung Power Investment and Development

Market Cap: ₫1.3t

Generates and trades in electricity in Vietnam.

Top Energy CompanyShanxi

Market Cap: CN¥7.1b

Top Energy Company Ltd.Shanxi is mainly engaged in the thermal power generation, power transmission, and distribution business in China.

Mahanagar Gas

Market Cap: ₹120.5b

Operates as a natural gas distribution company in India.

BKW

Market Cap: CHF 7.3b

An 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.

United Power Generation & Distribution

Market Cap: ৳71.6b

United Power Generation & Distribution Company Ltd.

Kunlun Energy

Market Cap: HK$57.1b

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.

Hokkaido Gas

Market Cap: JP¥65.2b

Engages in gas, and heat and power supply businesses in Japan.

Hsin Kao GasLtd

Market Cap: NT$4.2b

Engages in the installation of natural gas for supplying domestic and commercial fuels and related pipelines in Taiwan.

Électricite de Strasbourg Société Anonyme

Market Cap: €1.4b

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

Sichuan Chuantou EnergyLtd

Market Cap: CN¥70.1b

Engages in the clean energy business in China.

ENN Energy Holdings

Market Cap: HK$47.8b

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

Osaka Gas

Market Cap: JP¥2.1t

Provides gas, electricity, and other energy products and services in Japan and internationally.

Xinjiang Torch Gas

Market Cap: CN¥2.9b

Operates as a gas service company in China.

Taliworks Corporation Berhad

Market Cap: RM 695.5m

An investment holding company, operates, manages, and maintains water treatment plants in Malaysia.

Puxing Energy

Market Cap: HK$513.6m

An investment holding company, develops, operates, and manages natural gas-fired power plants in the People’s Republic of China.

Romande Energie Holding

Market Cap: CHF 1.2b

Engages in the production, distribution, and marketing of electrical and thermal energy in Switzerland.

Transnational

Market Cap: ₦437.0b

Together with the subsidiaries, engages in the power, oil and gas, and hospitality businesses in Nigeria.

Thac Mo Hydro Power

Market Cap: ₫3.2t

Produces and sells hydropower electricity in Vietnam.

Tianjin Development Holdings

Market Cap: HK$2.3b

Through its subsidiaries, supplies water, heat, thermal power, and electricity in China and Hong Kong.

Acinque

Market Cap: €430.2m

Operates as a multi-utility company in Italy.

Burgenland Holding

Market Cap: €246.0m

Through its investment in Burgenland Energie AG, engaged in the generation, distribution, and sale of electricity and natural gas.

Hub Power

Market Cap: PK₨300.7b

Engages in the development, ownership, operation, and maintenance of power stations in Pakistan.

Khulna Power

Market Cap: ৳4.3b

Operates as an independent power producer in Bangladesh.

GAIL (India)

Market Cap: ₹1.1t

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

Guangdong Investment

Market Cap: HK$50.9b

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.

Chengdu Gas Group

Market Cap: CN¥7.8b

Engages in the transmission, distribution, and sale of urban gas in China.

Kenya Electricity Generating

Market Cap: KSh62.5b

Operates as an electric power generating company in Kenya.

Lechwerke

Market Cap: €2.3b

Operates as an energy supplier in Germany.