May 2026
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Largest Utilities Public Companies in Canada
Benchmark revenue and EBITDA valuation multiples for public comps like
Fortis, Hydro One, Brookfield Infrastructure Partners, Emera and Canadian Utilities.
 | Fortis owns and operates eight utility transmission and distribution subsidiaries in Canada and the United States, serving roughly 3.5 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. Subsidiary ITC operates electric transmission in seven US states, with more than 16,000 miles of high-voltage transmission lines in operation. | $55 | +15% | $28B | $54B | 6.0x | 12.8x | ||
| Hydro One operates regulated transmission and distribution assets in Ontario. The area's largest electricity provider serves nearly 1.5 million customers. Transmission accounts for roughly 60% of the company's rate base, with distribution accounting for the remainder. Hydro One operates a small telecom business with annual revenue contributing less than 1% to consolidated results. The province of Ontario holds an approximate 47.5% common equity stake. | $40 | +13% | $24B | $38B | 5.7x | 15.5x | ||
| Brookfield Infrastructure Partners LP is a Bermuda exempted limited partnership that owns and operates quality, long-life assets that generate stable cash flows, by virtue of barriers to entry or other characteristics that tend to appreciate in value over time. It focuses on acquiring infrastructure assets that have low maintenance capital costs and high barriers to entry. The company's segments consist of Utilities, Transport, Midstream, and Data. Geographically, it generates maximum revenue from USA and also has a presence in Australia, Colombia, United Kingdom, Brazil, United States of America, Chile, Peru, and other countries. | $39 | +17% | $18B | $80B | 3.4x | 7.5x | ||
| Emera is a geographically diverse energy and services company investing in electricity generation, transmission, and distribution as well as gas transmission and utility energy services. Emera has operations throughout North America and the Caribbean countries. | $51 | +13% | $16B | $32B | 5.0x | 12.8x | ||
| Canadian Utilities Ltd, a subsidiary of holding company Atco, offers gas and electricity services. The company is engaged in segments that include ATCO Energy Systems, ATCO EnPower, ATCO Australia, and Corporate & Other. Headquartered in Calgary, Alberta, the firm mainly operates in Canada, Australia, and others. The company generates maximum revenue from Canada. Canadian Utilities launched a large venture called Atco Energy, which provides low-cost and sustainable energy solutions for Alberta. | $36 | +30% | $10B | $19B | 7.1x | 13.2x | ||
| Capital Power Corp is a North American power producer whose principal activities are developing, acquiring, and operating power plants. Through its subsidiary, Capital Power owns and operates a portfolio of natural gas, coal, wind, solar, and solid fuel energy generating facilities. These are located throughout Western and Central Canada and the U.S. Capital Power's natural gas and coal facilities, specifically its Genesee and Shepard sites, account for its electric capacity and cash flow production. The company generates the vast majority of its revenue from sale of electricity and natural gas. The company's customers include a variety of industrial and commercial consumers, independent transmission system operators, and government-owned entities. | $52 | +30% | $8B | $13B | 4.8x | 11.3x | ||
| Atco Ltd is a Canada-based diversified company. The company’s Structures & Logistics segment offers workforce and residential housing, modular facilities, construction, site support services, workforce lodging services, facility operations, and maintenance, defense operations services, and disaster and emergency management services. The Neltume Ports segment includes the equity interest in Neltume Ports S.A., a port operator and developer based in South America. The Retail Energy segment provides electricity and natural gas retail sales, and home maintenance solutions. Its Canadian Utilities Limited segment includes ATCO Energy Systems, ATCO EnPower, and ATCO Australia. It generates maximum revenue from the ATCO Energy Systems segment. | $50 | +35% | $5B | $14B | 3.6x | 8.1x | ||
| Algonquin Power & Utilities Corp is a Canada-based diversified international generation, transmission, and distribution company. The company's operations are organized across two business units consisting of the Regulated Services Group, which owns and operates a portfolio of regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations in the United States, Canada, Bermuda, and Chile; and the Hydro Group, which consists of hydroelectric-generating facilities located in Canada. It generates the majority of its revenue from the Regulated Services Group segment. | $6 | +4% | $5B | $11B | 4.7x | 11.3x | ||
| Northland Power develops, constructs, and operates maintainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore), solar, and supplying energy through a regulated utility. Offshore wind is expected to remain the company's largest segment over the long term. Northland’s growth opportunities are global and span North America, Europe, Latin America, and Asia. | $17 | +11% | $5B | $9B | 5.0x | 9.6x | ||
| TransAlta Corp is an independent power producer based in Alberta, Canada. The company operates a diverse and growing fleet of electrical power generation assets in Canada, the United States, and Australia. The company has six reportable segments namely, Hydro, Wind & Solar, Energy Marketing, Gas, Energy Transition segment and Corporate Segment. The company generates the majority of its revenue from the gas segment. | $14 | +34% | $4B | $8B | 4.6x | 15.7x | ||
| Superior Plus Corp is a Canadian-based company that distributes energy and specialty chemicals. The company is organized into three business segments: U.S. Propane Distribution, Canadian Propane Distribution and Compressed natural gas distribution (CNG)out of which the majority is from the U.S. Propane segment. The products & services offered by the company include wholesale procurement, distribution, related services for propane and other refined fuels, and supply of chemicals required by industries. The U.S. Propane segment distributes propane gas & liquid fuels along the Eastern U.S. & into the Midwest and California. | $6 | +8% | $1B | $3B | 1.3x | 6.5x | ||
| PowerBank Corp is an independent renewable and clean energy project developer, power producer, and asset operator in Canada and the United States, with the majority of its revenue coming from the United States. The Company operates through two reportable segments: Development and EPC, which involves the development and construction of solar photovoltaic power projects, and IPP Production, which includes the operation of solar power and battery energy storage systems. Corporate and other activities cover operation, maintenance, and repairs. The majority of revenue is generated from the Development and EPC segment. | $1 | -2% | $69M | $118M | 3.9x | (77.1x) | ||
| Median | $37 | +14% | $7B | $13B | 4.7x | 11.3x |
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