NEE
Nextera Energy
$185.08Bn
88.26
-0.20%
+7.45%
The company operates Florida Power & Light (FPL), which is described as the largest electric utility in the U.S., serving over six million customer accounts under tariffs set by the Florida Public Service Commission. FPL generates, transmits, and distributes electricity, earning a regulated return on equity.
SO
Southern
$107.35Bn
93.32
+0.20%
+2.09%
Southern Company operates three vertically integrated utilities (Alabama Power, Georgia Power, and Mississippi Power) that provide electric service to approximately 4.6 million retail customers under regulated tariffs.
EQNR
2nd
Equinor Asa
$106.21Bn
42.48
-0.75%
+78.41%
The company develops and operates offshore wind farms and other renewable energy projects, selling electricity under power purchase agreements or government-subsidized schemes.
ENB
2nd
Enbridge
$105.03Bn
48.09
-1.41%
+3.29%
The company operates rate-regulated natural gas utility operations in Ontario, Quebec, Ohio, North Carolina, Utah, Wyoming, and Idaho, delivering gas to residential, commercial, and industrial customers.
DUK
Duke Energy
$101.59Bn
130.24
+0.46%
+5.23%
Duke Energy operates regulated public utilities (Duke Energy Carolinas, Progress, Florida, Indiana, and Ohio) that provide retail electric service to approximately 8.7 million customers under tariffs set by state utility commissions.
NGG
National Grid
$89.31Bn
85.89
+0.77%
+13.96%
National Grid operates regulated electricity distribution franchises in the UK (serving 20 million people) and the US (New York and New England segments), earning regulated returns on rate-base assets.
CEG
Constellation Energy
$85.08Bn
239.65
-2.47%
-34.03%
Constellation Energy is described as the largest nuclear energy company in the U.S., utilizing a nuclear fleet for baseload generation across segments like the Midwest and New York. It earns revenue from energy sales, capacity payments, and state-sponsored Zero-Emission Credit (ZEC) programs for its nuclear output.
SU
2nd
Suncor Energy
$82.41Bn
69.05
-4.23%
+67.52%
The company operates an electricity generation business using cogeneration facilities and renewable projects to sell power to the Alberta provincial grid and industrial consumers.
SBS
Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp
$77.76Bn
4.55
-1.30%
-10.96%
Sabesp generates the bulk of its revenue from the sale of water and sewage services to residential, commercial, industrial, and governmental customers. It operates as a regulated utility under the state regulator ARSESP, managing water supply and wastewater systems across 371 municipalities.
AEP
American Electric Power
$69.03Bn
126.77
-1.91%
+5.85%
American Electric Power operates as a public utility holding company with vertically integrated subsidiaries that provide electricity to residential, commercial, and industrial customers under cost-based rates approved by state utility commissions. Its core business model centers on providing electric service via regulated distribution franchises across eleven states.
TRP
2nd
Tc Energy
$65.14Bn
62.58
-0.13%
+24.29%
The company operates a material power generation business that includes nuclear power plants, selling electricity under long-term contracts or market-based pricing.
D
Dominion Energy
$61.31Bn
69.67
-0.13%
+16.72%
Dominion Energy operates regulated electric distribution franchises in Virginia, North Carolina, and South Carolina, serving approximately 4.1 million retail customers. The profile explicitly states that regulated electric utility operations are expected to contribute approximately 90% of earnings.
ETR
Entergy
$52.78Bn
110.46
-1.25%
+14.73%
Entergy operates regulated electricity distribution and transmission franchises serving approximately 3 million residential, commercial, and industrial customers under tariffs approved by state utility commissions. Its primary revenue comes from regulated per-kilowatt-hour rates and fixed connection charges.
SRE
Sempra
$52.22Bn
79.87
-3.71%
-13.55%
Sempra's principal businesses are regulated utilities, specifically SDG&E and its equity interest in Oncor, which provide electric distribution and transmission services to residential, commercial, and industrial customers under regulated tariffs.
XEL
Xcel Energy
$51.04Bn
80.37
-0.16%
-1.01%
Xcel Energy is a regulated electric delivery company serving 3.9 million electric customers through subsidiaries like NSP and PSCo, earning revenues from electric sales volume of 109,401 million kilowatt hours.
EXC
Exelon
$48.02Bn
46.53
+0.63%
+0.82%
Exelon operates several regulated electric distribution franchises, including ComEd, Pepco, and ACE, serving approximately 10 million customers under commission-approved rate mechanisms. Its core business is the purchase and regulated retail sale of electricity to residential, commercial, and industrial end-users.
ED
Consolidated Edison
$44.95Bn
121.54
+1.01%
+26.46%
Consolidated Edison operates regulated electric distribution franchises through CECONY and O&R, serving approximately 4 million electric customers in New York and New Jersey under regulated tariffs.
FER
2nd
Ferrovial
$42.68Bn
59.23
+0.47%
-8.28%
The Energy segment develops and operates utility-scale renewable electricity generation, specifically solar photovoltaic plants in Texas, Spain, and Poland, selling power via PPAs and wholesale markets.
WEC
Wec Energy
$38.93Bn
118.33
+0.16%
+5.79%
WEC Energy Group operates several regulated electric utility subsidiaries, such as WE and WPS, providing electricity generation and distribution to retail customers in Wisconsin and Michigan under regulated tariffs.
VST
Vistra
$37.95Bn
112.95
-6.05%
-40.36%
Vistra is an integrated retail electricity and power generation company that sells electricity and natural gas to approximately 5 million customers and into wholesale markets. It operates as a competitive provider in deregulated markets like ERCOT, PJM, and CAISO, earning revenue from retail supply margins and wholesale energy sales rather than regulated tariffs.
PEG
Public Service Enterprise
$36.44Bn
73.10
-0.15%
-8.46%
The company operates PSE&G, which provides regulated electricity transmission and distribution to approximately 1.9 million customers in New Jersey under rate-regulated tariffs set by the New Jersey Board of Public Utilities.
AEE
Ameren
$31.23Bn
112.83
-0.24%
+11.40%
Ameren operates regulated electric distribution franchises in Missouri and Illinois, delivering power to residential, commercial, and industrial customers under tariffs set by the Missouri Public Service Commission and the Illinois Commerce Commission.
FTS
Fortis
$31.06Bn
61.23
+0.48%
+21.25%
Fortis is a diversified regulated electric utility holding company serving 3.5 million customers through subsidiaries like FortisAlberta, FortisBC Electric, and Newfoundland Power. It earns a regulated return on rate-base assets for delivering electricity to residential, commercial, and industrial users.
AWK
American Water Works Company
$30.35Bn
152.44
+1.87%
+16.39%
American Water is a water and wastewater utility that provides drinking water and sewage services to approximately 14 million people. Its primary revenue comes from regulated per-kilowatt-hour rates and fixed connection charges through its Regulated Businesses segment, which accounts for 92% of total operating revenues.
ATO
Atmos Energy
$29.58Bn
175.05
-0.86%
+1.43%
Atmos Energy is a natural gas distributor serving approximately 3,400,000 residential, commercial, and industrial customers under rates set by state regulatory authorities. Its Distribution segment is its core business, providing regulated natural gas sales and delivery.
PCG
Pg&E
$29.12Bn
13.22
-1.20%
-18.75%
PG&E operates a regulated electric distribution franchise in Northern and Central California, serving 5.5 million accounts under rates approved by the California Public Utilities Commission. Its Electric segment encompasses the full integrated chain of generation, transmission, and distribution.
DTE
Dte Energy
$28.07Bn
134.90
-1.93%
+0.67%
DTE Energy's primary business is the operation of DTE Electric, a regulated electric utility that generates, transmits, and distributes electricity to residential, commercial, and industrial customers in Michigan under regulated tariffs.
FE
Firstenergy
$27.27Bn
47.10
-0.19%
+3.09%
FirstEnergy operates one of the nation's largest investor-owned electric systems, serving over 6 million residential, commercial, and industrial customers through a regulated retail franchise. Its Distribution segment earns revenues from delivering power to end-use customers under regulated tariffs.
PPL
Ppl
$27.11Bn
36.03
+0.87%
-0.93%
PPL operates regulated electricity distribution franchises in Pennsylvania, Kentucky, Virginia, and Rhode Island, delivering power to residential, commercial, and industrial customers under tariffs approved by state public utility commissions.
ES
Eversource Energy
$27.09Bn
71.93
+2.06%
-1.34%
Eversource operates regulated electric distribution franchises (CL&P, NSTAR Electric, and PSNH) serving millions of retail customers in Connecticut, Massachusetts, and New Hampshire under rates approved by state public utility commissions.
CNP
Centerpoint Energy
$26.49Bn
39.96
-2.63%
+2.83%
CenterPoint Energy operates regulated electricity distribution franchises through subsidiaries like Houston Electric and CERC, serving approximately 3,006,945 metered electric customers. Its revenue is derived from regulated per-kilowatt-hour rates and fixed charges established by the Public Utility Commission of Texas.
AXIAY
AXIA Energia
$24.53Bn
8.64
+0.12%
—
AXIA Energia is primarily a power generator with 100% of its capacity from low-emission sources, specifically hydroelectric (97.1% of output), wind, and solar. It sells this electricity through bilateral contracts, auctions, and to Free Market clients.
HRNNF
Hydro One
$24.50Bn
40.84
+0.00%
+11.28%
Hydro One operates a regulated electricity distribution franchise serving approximately 1.5 million customers in Ontario under tariffs approved by the Ontario Energy Board. Its Distribution Business segment delivers electricity to residential, commercial, and industrial end users through 126,000 circuit kilometres of low-voltage lines.
EIX
Edison International
$23.43Bn
60.88
-0.96%
+7.22%
Southern California Edison (SCE) operates as a regulated public utility delivering electricity to approximately five million residential, commercial, and industrial customers. Its revenue is derived from rates established by the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC).
CMS
Cms Energy
$22.17Bn
70.68
-0.39%
-2.60%
CMS Energy's primary revenue driver is its Consumers subsidiary, which operates a regulated electric utility franchise in Michigan's Lower Peninsula, generating $5.6 billion in operating revenue from the sale of electricity to residential, commercial, and industrial customers.
NI
Nisource
$21.31Bn
44.44
-1.88%
+3.66%
NiSource operates extensive regulated natural gas distribution networks through its Columbia Operations and NIPSCO Gas segments, serving approximately 3.3 million customers across six states. Its revenue is derived from the sale of natural gas to residential, commercial, and industrial customers under a regulated rate-base model.
EVRG
Evergy
$20.15Bn
87.41
+1.39%
+13.86%
Evergy operates as an integrated, regulated electric utility serving residential, commercial, and industrial customers in Kansas and Missouri under regulated rate frameworks. Its core revenue is derived from retail electricity sales within exclusive service territories granted by state regulatory commissions.
LNT
Alliant Energy
$19.04Bn
73.44
-0.45%
+9.86%
Alliant Energy operates as a regulated monopoly providing electric distribution to approximately 1,010,000 retail customers through its subsidiaries IPL and WPL. It earns revenue from regulated per-kilowatt-hour rates and fixed connection charges for residential, commercial, and industrial customers.
NRG
Nrg Energy
$16.94Bn
80.57
-3.17%
-53.48%
NRG Energy operates as a retail energy provider selling electricity and natural gas to residential, commercial, and industrial customers in competitive markets. Its revenue is derived from the sale of energy to retail and wholesale customers and capacity market payments, rather than a regulated rate base.
EMA
Emera
$15.44Bn
51.18
-0.27%
+7.66%
Emera operates several vertically integrated regulated electric utilities, including Tampa Electric Company and Nova Scotia Power, which deliver power to residential, commercial, and industrial customers under regulated tariffs.
YPF
2nd
Ypf Sociedad Anonima
$15.22Bn
38.69
-7.04%
+4.51%
The company operates a regulated natural gas distribution business through its subsidiary Metrogas, providing distribution services to residential, commercial, and industrial customers.
TLN
Talen Energy
$14.96Bn
316.23
-3.32%
-21.63%
Talen Energy is explicitly described as an independent power producer that sells electricity, capacity, and ancillary services into competitive wholesale markets at market-based rates. Its revenue comes from energy sales and capacity contracts with regional transmission organizations like PJM and MISO rather than regulated tariffs.
BEP
Brookfield Renewable Partners
$14.32Bn
30.66
-0.78%
+0.99%
The company owns and operates a massive portfolio of utility-scale renewable electricity generation, including hydroelectric, wind, and solar assets. It generates revenue primarily through long-term power purchase agreements (PPAs) with customers like Amazon, Microsoft, and Google.
KEP
Korea Electric Power
$14.24Bn
11.09
-2.03%
-27.99%
Korea Electric Power Corporation is an integrated electric utility that owns and operates the transmission and distribution of substantially all electricity in South Korea, selling to residential, commercial, and industrial end users. It functions under government-sanctioned monopoly conditions, delivering power to retail customers across various sectors.
CIG
Energy Co Of Minas Gerais
$13.48Bn
1.82
-0.55%
-16.51%
CEMIG operates a dominant electricity distribution franchise in Minas Gerais, serving approximately 9.6 million residential, commercial, and industrial customers under regulated tariffs. This distribution activity is a core segment of its business and defines its role as a regulated utility.
WTRG
Essential Utilities
$13.18Bn
46.03
+1.97%
+16.00%
The company operates a substantial Regulated Water segment under the Aqua brand, providing water and wastewater services to millions of people. Revenue is generated from metered consumption and rate structures approved by state utility commissions.
PNW
Pinnacle West Capital
$12.59Bn
103.88
-1.54%
+17.43%
Pinnacle West operates as an investor-owned electric utility holding company through its subsidiary Arizona Public Service (APS), which provides regulated electric service to approximately 1.4 million retail customers under a regulated rate base.
AES
Aes
$10.62Bn
14.89
-0.13%
+4.71%
AES operates regulated electric utilities in Indiana, Ohio, and El Salvador, serving approximately 2.7 million residential, commercial, and industrial customers under state-approved tariffs.
OGE
Oge Energy
$10.51Bn
50.83
+0.38%
+15.39%
OGE Energy operates as a vertically integrated electric utility providing electricity to over 913,000 residential, commercial, and industrial customers in Oklahoma and Arkansas. Its rates are regulated by the Oklahoma Corporation Commission and the Arkansas Public Service Commission, earning revenue from regulated retail sales.
AA
2nd
Alcoa
$10.12Bn
38.34
-5.52%
+7.27%
The company owns energy assets that generate electricity not only for internal smelting use but also for sale to third parties, contributing to its total revenue.
BIPH
2nd
Brookfield Infrastructure Partners
$9.40Bn
14.88
-1.46%
-12.21%
The company operates regulated electricity and natural gas transmission and distribution franchises in Brazil, India, and South Korea, earning a return on a regulated rate base.
IDA
Idacorp
$8.67Bn
147.21
-0.22%
+14.60%
Idaho Power operates as a regulated electric utility serving approximately 664,000 retail customers in southern Idaho and eastern Oregon under tariffs set by the Idaho and Oregon Public Utility Commissions. Its revenue is primarily derived from residential, commercial, industrial, and irrigation customer classes.
ENLT
Enlight Renewable Energy
$8.54Bn
64.61
-4.49%
+81.90%
Enlight Renewable Energy owns and operates utility-scale renewable energy projects across wind and solar, generating revenue from the sale of electricity under long-term power purchase agreements (PPAs). Specific examples include the Crimson Orchard solar and storage facility in Idaho and the CO Bar complex in Arizona.
UGI
Ugi
$7.99Bn
37.23
-2.33%
+10.47%
The company operates a Utilities segment that provides regulated electric and natural gas distribution services to residential, commercial, and industrial customers in Pennsylvania and neighboring states, earning revenue through rates set by public utility commissions.
ELPC
Energy Co Of Parana
$7.84Bn
10.52
-1.59%
+3.85%
Copel operates a massive regulated electricity distribution franchise under concessions from ANEEL, serving residential, industrial, commercial, and rural customers across 394 municipalities in Paraná.
CWEN
Clearway Energy
$7.41Bn
34.26
-4.11%
-1.15%
Clearway Energy owns and operates a large portfolio of utility-scale renewable assets, including the Alta I-V wind facilities and Luna Valley solar, selling output via power purchase agreements to utilities and corporations.
NFG
2nd
National Fuel Gas
$7.03Bn
74.00
-3.27%
-6.80%
The Utility segment, consisting of National Fuel Gas Distribution Corporation, delivers natural gas to approximately 756,000 residential, commercial, and industrial customers under a regulated cost of service model.
SWX
Southwest Gas Holdings
$6.56Bn
90.50
-2.09%
+14.57%
The company is a holding company primarily engaged in the regulated distribution of natural gas to residential, commercial, and industrial customers in Arizona, Nevada, and California. Its revenue is derived from regulated rates approved by state and federal commissions for gas delivery and infrastructure cost recovery.
TXNM
Txnm Energy
$6.48Bn
58.37
-0.21%
+2.49%
TXNM operates two regulated electric utilities, PNM and TNMP, providing electricity services to approximately 844,000 residential, commercial, and industrial customers. It earns revenue through regulated per-kilowatt-hour rates and tariffs approved by the New Mexico Public Regulation Commission and the Public Utility Commission of Texas.
BKH
Black Hills
$6.48Bn
84.62
+0.50%
+30.69%
The company's core business involves the generation, transmission, and distribution of electricity to residential, commercial, and industrial customers under regulated tariffs approved by state utility commissions. This is explicitly described as its Electric Utilities segment, which serves customers in Colorado, Montana, South Dakota, and Wyoming.
BEPC
Brookfield Renewable
$6.08Bn
31.25
-0.95%
-27.17%
The company's core business is owning and operating a diversified portfolio of utility-scale hydroelectric, wind, and solar power facilities. It generates revenue primarily from the sale of electricity produced by these renewable assets through long-term power purchase agreements with utilities and corporate customers like Google.
ENIC
Enel Chile
$5.96Bn
4.31
-2.05%
+14.32%
Enel Chile operates a regulated electricity distribution franchise serving 2.2 million customers in the Santiago Metropolitan Region, earning revenue through regulated tariffs. This distribution business is a core segment of the company, managing over 18,000 kilometers of medium and low voltage lines.
ORA
Ormat Technologies
$5.73Bn
93.17
-1.26%
-18.18%
Ormat owns and operates utility-scale geothermal and solar PV power plants, selling electricity under long-term power purchase agreements (PPAs) to utilities like NV Energy and Kenya Power and Lighting Co. Ltd.
NJR
New Jersey Resources
$5.55Bn
54.70
-0.67%
+22.56%
The company's principal business is the distribution of natural gas through a regulated utility serving residential and commercial customers in several New Jersey counties, regulated by the New Jersey Board of Public Utilities.
POR
Portland General Electric
$5.47Bn
45.99
-0.02%
-3.32%
Portland General Electric is a vertically integrated electric utility that sells electricity to residential, commercial, and industrial customers under regulated rates approved by the Oregon Public Utility Commission. Its core revenue is derived from these retail sales within its regulated service territory.
SR
Spire
$5.28Bn
89.27
-1.16%
+2.19%
Spire operates regulated natural gas distribution franchises through subsidiaries like Spire Missouri and Spire Alabama, delivering gas to residential, commercial, and industrial customers under regulated tariffs.
OGS
ONE Gas
$5.14Bn
81.82
-0.50%
+1.60%
ONE Gas operates as a regulated public utility delivering natural gas to residential, commercial, and transportation customers in Oklahoma, Kansas, and Texas. Its revenue is derived from natural gas sales and delivery charges under rate-regulated frameworks overseen by state commissions.
HASI
2nd
HA Sustainable Infrastructure Capital
$5.08Bn
39.74
-1.61%
+37.32%
The company owns and operates utility-scale renewable energy projects, including solar, solar-plus-storage, and wind, selling output via power purchase agreements (PPAs) to utilities and wholesale markets.
RNW
ReNew Energy Global
$5.05Bn
6.93
+0.00%
-7.72%
ReNew Energy Global owns and operates utility-scale wind, solar, and hydro power plants, selling electricity through long-term power purchase agreements to government agencies and commercial consumers. Its core business is defined by its commissioned capacity across these renewable energy assets.
NWE
NorthWestern Energy
$5.05Bn
82.02
+0.02%
+34.44%
NorthWestern Energy operates as a regulated electric utility delivering power to approximately 850,300 customers across Montana, South Dakota, Nebraska, and Yellowstone National Park under regulated tariffs. Its electric utility operations segment involves the generation, purchase, transmission, and distribution of electricity to retail customers.
SCE-PG
Southern California Edison
$5.02Bn
15.39
-0.84%
—
Southern California Edison operates as an investor-owned public utility delivering electricity to homes, businesses, and public facilities under rates set by the California Public Utilities Commission. Its revenue is derived from regulated per-kilowatt-hour rates and fixed charges, earning a regulated return on its rate-base assets.
AQN
Algonquin Power & Utilities
$4.32Bn
5.62
-0.35%
+0.54%
The company operates a diversified portfolio of regulated electricity distribution franchises serving 310,000 electric connections across the US, Canada, Bermuda, and Chile. It earns revenue from regulated per-kilowatt-hour rates and fixed connection charges approved by authorities like the CPUC and NHPUC.
MDU
Mdu Resources
$3.90Bn
18.54
-6.65%
-5.84%
The company operates an Electric segment that generates, transmits, and distributes electricity to retail, commercial, and industrial customers under a regulated rate base. This is presented as a core part of its identity as a regulated energy delivery company.
TAC
Transalta
$3.89Bn
13.12
-1.50%
-22.23%
TransAlta is a power generator that sells electricity to wholesale markets, utilities, and commercial customers, with a significant portion of its revenue coming from merchant assets and energy marketing. Its Gas segment operates 4,834 megawatts of capacity and its Energy Transition segment includes a merchant contract with Puget Sound Energy, fitting the profile of an Independent Power Producer.
OKLO
Oklo
$3.55Bn
19.19
-13.21%
-84.17%
Oklo owns and operates advanced fission power plants (powerhouses) to generate electricity and heat, selling this output under long-term power purchase agreements to customers like Meta Platforms and Switch Ltd. Its core business is defined by its fleet of small modular fast fission reactors.
AWR
American States Water
$3.52Bn
88.82
+0.21%
+19.91%
The company's primary business is providing regulated water purchase, production, distribution, and sale, as well as wastewater collection and treatment services through Golden State Water Company.
PAM
2nd
Pampa Energy
$3.48Bn
64.00
-1.25%
-26.81%
The company operates power generation activities and sells capacity and energy to wholesale and retail customers, with financial performance tied to market prices for electricity.
CPK
Chesapeake Utilities
$3.47Bn
141.79
+0.04%
+8.79%
The company's primary business is the delivery of electricity and natural gas to residential, commercial, and industrial customers under regulated rates set by state public service commissions. This is evidenced by its Regulated Energy segment, which includes subsidiaries like Florida Public Utilities and Delmarva Natural Gas.
AVA
Avista
$3.43Bn
40.93
+1.82%
+2.99%
Avista operates regulated electric distribution and transmission franchises in Washington, Idaho, Oregon, Montana, and Alaska, serving residential, commercial, and industrial customers under regulatory frameworks.
OTTR
Otter Tail
$3.36Bn
80.00
-4.56%
-3.15%
Otter Tail operates a regulated electric utility providing generation, transmission, and distribution services to approximately 134,000 customers in Minnesota, North Dakota, and South Dakota. Revenue is generated from the sale of electricity to residential, commercial, and industrial customers under a regulated rate base.
CWT
California Water Service
$3.19Bn
50.81
+1.74%
+9.25%
The company's principal operation is the ownership and regulation of water utility services, specifically the purchase, treatment, storage, and distribution of potable water. Revenue is derived from the sale of water to residential, commercial, industrial, and public authority customers under rate schedules approved by state public utility commissions.
HTO
H2O America
$3.03Bn
62.63
-0.03%
+32.33%
H2O America owns and operates regulated water and wastewater utilities, including San Jose Water Company and Connecticut Water Company. Its primary revenue is derived from the sale of water and wastewater services to residential, commercial, and industrial customers under regulated tariffs.
KEN
Kenon Holdings
$3.02Bn
57.91
-8.60%
+7.64%
Kenon Holdings operates as a global independent power producer through OPC, owning natural gas-fired plants like Rotem and Fairview and selling electricity into wholesale markets (PJM, NYISO, ISO-NE) and via retail supply to commercial and industrial customers. Its revenue is driven by market prices, bilateral power purchase agreements, and retail supply margins rather than a regulated rate base.
MGEE
Mge Energy
$2.96Bn
78.36
+0.99%
-7.23%
MGE Energy operates a regulated electric utility through its subsidiary Madison Gas and Electric Company, serving approximately 170,000 customers in Dane County. This segment accounts for about 72% of total regulated revenues, delivering power under a regulated framework.
RUN
2nd
Sunrun
$2.38Bn
9.87
+12.29%
-52.06%
Sunrun owns and operates a fleet of deployed solar systems and generates recurring revenue by selling solar electricity to customers via power purchase agreements.
NWN
Northwest Natural Holding
$2.18Bn
51.80
+0.86%
+12.51%
The company's primary operations involve delivering natural gas to residential, commercial, and industrial customers in Oregon, Washington, and Texas through its NW Natural and SiEnergy segments. Revenue is generated through regulated utility rates approved by state public utility commissions.
WELPP
Wisconsin Electric Power
$2.08Bn
62.40
+0.65%
-6.17%
The company is a regulated utility providing electric service to approximately 1.18 million retail and wholesale customers in Wisconsin under a regulated monopoly position. Its revenue is primarily derived from the sale of electricity to these retail customers.
BKV
2nd
Bkv
$1.95Bn
18.10
-5.24%
-26.30%
The company operates a Power Generation segment via a joint venture with two combined cycle plants in the ERCOT North Zone, selling electricity to wholesale markets and retail customers.
CEPU
Central Puerto
$1.48Bn
9.79
-3.17%
-36.72%
Central Puerto is a private electricity generation company that sells power to the wholesale market administered by CAMMESA and through long-term agreements with utilities. Its thermal segment, including combined cycle plants like the Brigadier López expansion, fits the profile of an independent power producer selling electricity outside a regulated retail rate base.
HE
Hawaiian Electric Industries
$1.46Bn
8.43
-0.71%
-27.45%
Hawaiian Electric Industries operates regulated electricity distribution franchises on Oahu, Hawaii, and Maui, serving residential, commercial, and industrial customers. Its revenue is derived from regulated base rates and fuel adjustments approved by regulatory mechanisms.
MSEX
Middlesex Water
$1.14Bn
59.50
+0.51%
+12.12%
Middlesex Water Company owns and operates regulated water and wastewater systems, providing services to approximately 131,000 retail and wholesale customers. Its revenue is generated through the sale of water and wastewater services to residential, commercial, and industrial customers, as well as through municipal contracts for system management.
UTL
Unitil
$1.05Bn
56.65
+0.18%
+18.05%
Unitil operates regulated electricity distribution franchises through Unitil Energy and Fitchburg Gas and Electric Light Company, serving approximately 110,100 customers in New Hampshire and Massachusetts. This segment contributed 44% of the company's total operating revenue.
AMRC
2nd
Ameresco
$1.01Bn
19.14
-9.93%
-48.88%
The company owns and operates small-scale renewable energy assets, including solar and biogas plants, and sells the resulting electricity and renewable natural gas under long-term agreements.
FRMI
2nd
Fermi
$976.32Mn
1.53
-15.93%
-94.22%
The company provides grid-independent energy generation via on-site natural gas-fired generation and battery storage to its tenants. This power is sold as part of the lease structure based on reserved power capacity (dollars per kilowatt per month) outside of a regulated utility rate base.
FCEL
2nd
Fuelcell Energy
$713.99Mn
8.93
-15.28%
+5.18%
The company's Generation segment owns and operates fuel cell power plants that sell electricity to utilities and off-takers under power purchase agreements, such as those with Southern California Edison and the New York Power Authority.
CSIQ
2nd
Canadian Solar
$699.12Mn
10.31
-4.36%
-58.76%
Through its Recurrent Energy segment, the company owns and operates solar and battery storage projects to generate recurring revenue from electricity sales.
XIFR
XPLR Infrastructure
$688.19Mn
7.30
-5.44%
-19.34%
XPLR Infrastructure owns and operates a portfolio of wind and solar projects with ten gigawatts of capacity. It generates revenue by selling electricity and renewable energy attributes to utilities and wholesale customers via long-term power purchase agreements.
EDN
Edenor
$641.77Mn
14.16
-4.90%
-57.52%
Edenor holds an exclusive concession to distribute electricity to residential, commercial, and industrial customers in the Buenos Aires area. Its revenue is generated from the sale of electricity under regulated tariffs approved by the national energy regulator.
YORW
York Water
$522.86Mn
32.22
-0.12%
-0.68%
The company's core business is the impounding, purifying, and distributing of water, as well as operating wastewater collection and treatment facilities. It generates revenue from the sale of water and wastewater services to residential, commercial, and industrial customers under a regulatory framework overseen by the Pennsylvania Public Utility Commission.
NRGV
2nd
Energy Vault Holdings
$502.03Mn
2.79
-12.26%
-17.21%
Through its Asset Vault platform, the company develops, owns, and operates energy storage assets, generating revenue from the operation of these assets under power purchase agreements and market participation.
BIPC
Brookfield Infrastructure
$493.18Mn
37.90
-1.25%
-18.41%
The company operates a regulated distribution operation in the United Kingdom providing last-mile electricity connections to residential and commercial customers under regulated tariffs. This activity is a core component of its revenue and operational structure.
HNRG
Hallador Energy
$441.27Mn
9.36
-2.60%
-54.80%
Hallador operates the Merom Power Plant, a 1080 megawatt coal-fired facility, selling wholesale electricity and accredited capacity to utilities and market participants in the MISO region. It operates as an independent power producer selling at market prices and via bilateral contracts rather than under a regulated retail tariff.
CWCO
Consolidated Water
$424.65Mn
26.54
-3.10%
-23.56%
The company operates as a water utility, producing potable water from seawater via reverse osmosis and selling it to residential, commercial, and government customers under an exclusive retail license in the Cayman Islands. It also supplies bulk water to government-owned utilities in The Bahamas and the British Virgin Islands.
FIP
2nd
FTAI Infrastructure
$347.45Mn
2.94
+6.91%
-42.91%
The Power and Gas segment operates a 485-megawatt power plant at the Long Ridge terminal, selling electricity to local electricity markets and traders.
MNTK
2nd
Montauk Renewables
$345.22Mn
2.41
-9.40%
+23.59%
The company operates a Renewable Electricity Generation segment that produces electricity from biogas using engines or turbines. This electricity is sold under long-term power purchase agreements to municipal and investor-owned utilities, such as the City of Anaheim.
ARTNA
Artesian Resources
$314.55Mn
33.30
-1.62%
+2.43%
Artesian Resources is a public water utility that distributes and sells water and provides wastewater collection, treatment, and disposal services to residential, commercial, and industrial customers. Its primary revenue is generated from the sale of these water and wastewater services under regulated franchises.
PCYO
Pure Cycle
$257.84Mn
10.70
-0.65%
-2.73%
Pure Cycle operates as a water and wastewater service provider, supplying wholesale potable and non-potable water and wastewater treatment to municipal, commercial, and industrial customers. Revenue is generated from metered water usage fees, wastewater treatment charges, and tap fees.
RGCO
Rgc Resources
$241.08Mn
23.14
-2.90%
+10.66%
The company's primary operations involve the regulated distribution and sale of natural gas to residential, commercial, and industrial customers through its subsidiary, Roanoke Gas. It operates under exclusive franchises and CPCNs with rates overseen by the State Corporation Commission (SCC).
ELLO
Ellomay Capital
$234.28Mn
17.00
-9.57%
-18.27%
The company's primary revenue is generated from the sale of electricity produced by its operating solar power plants in Spain, Italy, and the USA, as well as its development of a pumped storage hydro power plant in Israel.
GWRS
Global Water Resources
$227.81Mn
7.61
-6.63%
-25.76%
Global Water Resources owns and operates 39 water, wastewater, and recycled water public utility systems. It generates revenue from water sales and wastewater treatment for residential, commercial, and industrial customers under the regulatory authority of the Arizona Corporation Commission.
WAVE
Eco Wave Power Global AB (publ)
$203.69Mn
4.36
-3.33%
-36.90%
The company develops wave energy converter technology to produce clean electricity and intends to operate power stations under a 'Build Own Operate' model, selling electricity via long-term power purchase agreements to utilities like the Israeli Electric Corporation.
DGXX
2nd
Digi Power X
$187.23Mn
1.90
-11.21%
-67.58%
The company owns and operates a 60 MW gas-fired peaker plant in North Tonawanda that provides electrical power to the grid during times of peak demand.
NPWR
Net Power
$170.87Mn
0.76
-9.52%
-78.89%
Net Power owns and operates power generation facilities, such as its 50 megawatt thermal facility, and intends to sell electricity via wholesale markets, merchant sales, and long-term power purchase agreements. Its revenue model is based on selling electricity and capacity outside of a regulated rate base, which aligns with the Independent Power Producer classification.
ANNA
2nd
AleAnna
$130.52Mn
1.95
-5.80%
-40.00%
The company currently generates and sells electricity from its anaerobic digester sites to the state-owned utility Gestore dei Servizi Energetici SpA while those assets are being upgraded to biomethane production.
ALCE
Aedis Energy
$108.70Mn
150.00
+0.00%
—
The company owns and operates utility-scale renewable electricity generation, specifically wind-solar-storage hybrid microgrids, and sells the output via long-term Power Purchase Agreements (PPAs) and Energy-as-a-Service (EaaS) contracts. Its revenue is directly tied to the volume of energy produced in megawatt-hours from these renewable sources.
ACRG
2nd
American Clean Resources
$98.71Mn
7.00
-30.00%
+248.26%
The company plans to develop the ACRG Greenway to Power Renewable Energy Industrial Park, which includes a 2 GW solar farm intended to generate revenue through energy sales.
FISN
2nd
Deep Fission
$89.67Mn
1.50
-32.13%
—
The company intends to maintain project-level equity ownership of its Gravity Reactor facilities to receive cash flows from electricity sales under long-term power purchase agreements, effectively operating as a nuclear power producer.
TGEN
2nd
Tecogen
$45.57Mn
1.51
-11.70%
-82.88%
Through its Energy Production segment, the company owns and operates distributed generation systems at customer sites and sells electricity, heat, and cooling under long-term contracts at competitive market-based prices.
SPRU
Spruce Power Holding
$24.25Mn
1.26
-9.35%
-52.63%
Spruce Power owns and operates a portfolio of distributed solar energy assets with a combined capacity of 509 MWdc. It generates revenue through the sale of electricity to homeowners via power purchase agreements (PPAs) and the sale of solar renewable energy credits (SRECs).
NFE
2nd
New Fortress Energy
$21.99Mn
3.85
-5.64%
+158.39%
The company provides power generation services under long-term power purchase agreements and manages thermal generation assets, such as those operated for the Puerto Rico Electric Power Authority.
BESS
Bimergen Energy
$18.74Mn
2.64
-4.69%
-70.67%
Bimergen Energy is a developer of utility-scale solar energy projects and battery energy storage systems. It intends to generate revenue through power purchase agreements and the sale of stored energy to utilities and commercial customers.
VIP
2nd
Vulcan Infrastructure & Power
$18.20Mn
1.01
-10.62%
-37.65%
The company owns and operates a 106 megawatt natural gas power generation facility that sells electricity, capacity, and ancillary services into the wholesale market via the New York Independent System Operator (NYISO).
BGDE
2nd
Big Digital Energy
$14.91Mn
2.64
-6.05%
-88.91%
The company operates an energy management business that participates in demand response and grid stability programs in the PJM market, earning payments from grid operators for adjusting power usage.
GEBRF
2nd
Greenbriar Sustainable Living
$12.26Mn
0.30
+0.00%
+7.14%
The company develops and operates solar and battery photovoltaic facilities, such as the Montalva Solar Project. It generates revenue by selling electricity under long-term power purchase agreements with the Puerto Rico Electric Power Authority.
PBK
Powerbank
$6.68Mn
0.14
-12.50%
-91.46%
PowerBank operates as an independent power producer that owns and operates solar power plants, generating revenue from electricity sales under power purchase agreements and other offtake arrangements.
QWTR
2nd
Quest Water Global
$3.96Mn
0.03
+0.00%
-50.00%
The company operates under a 'build own operate' model where it retains ownership of installed AQUAtap™ systems and sells the purified water directly to end users and community programs, functioning as a water utility provider.
NXXT
Nextnrg
$3.91Mn
2.33
-8.27%
+39.52%
NextNRG owns and operates solar plus battery storage microgrids and sells the produced electricity through power purchase agreements to commercial, institutional, and government customers, such as Sunnyside Nursing and Post-Acute Care Center.
BRNX
2nd
Brenx
$11.22K
0.47
+9.30%
-99.85%
The company operates an 'Energy as a Service' model where it installs, operates, and maintains systems to sell produced energy, such as steam or hot air, under long-term contracts to users like power utilities.
CBDW
2nd
1606
$0.00
0.00
—
—
The company is pursuing the acquisition of a 55 megawatt power generation facility in Texas and anticipates future income from electricity sales.
CPWR
Ocean Thermal Energy
$0.00
0.00
—
—
The company develops utility-scale renewable energy systems (OTEC) to generate clean baseload electricity for sale via long-term power purchase agreements. Its core business is the generation of electricity from a renewable ocean thermal source.
MMEX
2nd
MMEX Resources
$0.00
0.00
—
—
The Trans Permian H2Hub segment involves a natural gas to power project that will sell electricity to data centers and the ERCOT wholesale market, operating as a merchant power producer.