RTE Valuation, Funding & Investors

SSEN Transmission, the trading name of Scottish Hydro Electric Transmission plc, owns and operates the high-voltage electricity transmission network in the north of Scotland. Headquartered in Perth, with offices in Aberdeen, Inverness and Glasgow, it runs 132kV, 220kV, 275kV and 400kV overhead lines, underground and subsea cables, substations and HVDC converter stations across more than a quarter of the UK's land mass. The network carries power from onshore and offshore wind, hydro and other generation in the north of Scotland to demand centres further south. It is a regulated network business whose revenues are set under Ofgem price controls, and SSE forecast its gross regulatory asset value at GBP 6.5 to 7 billion by 2026 and more than GBP 12 billion by 2031. The licensed entity was established in 2000 within SSE's networks business. SSE plc owns 75 percent and retains operational control, while Ontario Teachers' Pension Plan bought the other 25 percent for GBP 1.465 billion in a deal completed in November 2022.

GAIL (India) Ltd is an Indian natural gas processing and distribution company of which the Government of India owns a majority of shares. GAIL India's core business is the sale and transmission of both natural gas and a variety of LPGs, or liquefied petroleum gases. The company segments its operations into Transmission services; Natural Gas Marketing; Petrochemicals; LPG and Other Liquid Hydrocarbon; and Other Segments, which includes City Gas Distribution (CGD), Exploration and Production (E&P), Compressed Bio Gas (CBG) & Power Generation. The company generates key revenue from Natural Gas Marketing.

Torrent Power Ltd is an Indian utility company engaged in the business of power generation, transmission, and distribution. Both by itself and through its subsidiaries, Torrent Power operates a portfolio of gas, combined cycle, coal, wind, and solar power plants. The group's reportable segments are: Generation, Transmission and Distribution, and Renewables. The majority of its revenue is generated from the Transmission and Distribution segment, which comprises transmission and distribution business (licensed and franchisee) and related ancillary services. The Generation segment includes the generation of power from thermal sources (gas and coal) and trading of Regassified Liquified Natural Gas, and the Renewables segment includes generation of power from renewable energy sources.

Northern Indiana Public Service Company is a Merrillville-headquartered utility and the largest natural gas distributor and second-largest electric distributor in Indiana. It serves the northern third of the state as part of NiSource Inc., maintaining distribution networks across 32 counties for residential and commercial customers.

GNDB is a Barcelona-headquartered natural gas distributor operating Spain's extensive pipeline network. The company manages 53,000 kilometers of mains supplying 5.3 million connection points across 1,100 municipalities. GNDB handles metering, maintenance, and expansion for residential, commercial, and industrial customers primarily in Catalonia and eastern Spain. As a Naturgy subsidiary, it integrates with national transmission systems for reliable delivery. Established in 1992, GNDB invests in smart grid upgrades and biogas blending initiatives.

The Faraday Grid is a smart grid technology company rearchitecting electricity networks for decentralized energy markets. Founded in 2016 and headquartered in Sydney, Australia, it develops the Faraday Exagon, a software-defined grid controller enabling prosumers, EVs, and renewables to participate in real-time trading. Deployed in pilots across Australia and Europe, the system replaces century-old infrastructure to handle variable solar and wind inputs while ensuring grid stability.

Energie Steiermark is one of Austria's largest regional energy distribution and services companies, based in the province of Styria. It operates a 31,300-kilometre electricity grid and a 4,200-kilometre gas network, supplies district heating, and generates power from hydro, wind, solar and biomass, with activities extending into Slovenia, the Czech Republic, France and Germany. Revenue comes from regulated network tariffs, energy sales and energy services.

Brookfield Renewable is a globally diversified, multitechnology owner and operator of clean energy assets. The company's portfolio consists of hydroelectric, wind, solar, and storage facilities in North America, South America, Europe, and Asia and totals over 40 gigawatts of installed capacity. Brookfield Renewable invests in assets directly, as well as with institutional partners, joint venture partners, and through other arrangements. The company offers two separate listings for investors: Brookfield Renewable Partners and Brookfield Renewable Corp.

Idacorp Inc is a holding company that, through its subsidiaries, acts as an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity. The companys only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. The company serves commercial and industrial customers, which involved in food processing, electronics and general manufacturing, agriculture, health care, government, and education.

Enel Americas SA has electricity generation, transmission, and distribution businesses in Argentina, Brazil, Colombia, Peru, Guatemala, Panama, and Costa Rica. As of December 31, 2021, company had 15,926 MW of net installed generation capacity and approximately 26.2 million distribution customers. The net installed generation capacity is comprised of 248 generation units, of which 42.3% are hydroelectric, 31.4% are thermal, 14.4% are wind, and 11.9% are solar power plants. As of and for the year ended December 31, 2021, company had consolidated assets of U.S$ 34,959 million and operating revenues of U.S$ 16,192 million.

Grupo Energia Bogota SA ESP is involved in the generation, transmission, distribution, and commercialization of energy, including gas and liquid fuels of all forms. Currently, it is focused on its electricity transmission business and has a portfolio of investments in the energy sector. The group's operating segments are: Electric energy transmission, Electric energy distribution, Natural gas transportation, and Natural gas distribution. Maximum revenue is generated from its Natural gas distribution segment, which is engaged in supplying natural gas to each user, covering household, commercial, industrial, and vehicle markets. Geographically, the group generates maximum revenue from Peru, followed by Colombia, Guatemala, and other regions.

Huadian Power International Corp Ltd is engaged in the generation of electricity and heat, sale of coal, and other relevant businesses in the PRC.

Hyundai Oilbank is a Seoul-headquartered petroleum refiner in South Korea. The company operates the Daesan refinery complex, producing gasoline, diesel, jet fuel, lubricants, and petrochemicals like benzene and paraxylene. It supplies fuel to domestic automotive, aviation, and industrial sectors while exporting refined products to Asia and the United States. Hyundai Oilbank invests in clean fuel technologies, including low-sulfur marine fuels and renewable diesel blends.

Petronas Gas Bhd is a Malaysian gas infrastructure and utilities company of which Malaysia's nationalized oil corporation, PETRONAS, holds a majority interest. Petronas Gas segments its primary operations into Gas Processing, Gas Transportation, Utilities, and Regasification businesses. While each of these contributes significantly to the company's total revenue, its Utilities and Gas Processing units combine to generate the majority. In Gas Processing, Petronas Gas receives processing fees under multi-year contracts by processing natural gas piped offshore for its parent company, PETRONAS. The Gas Transportation business encompasses the transmission of offshore natural gas through pipelines to customers in Malaysia and Singapore under multi-year agreements with PETRONAS.

A2A is an Italian multi-utility group, formed on 1 January 2008, that operates in energy, environment and network infrastructure and is listed on Borsa Italiana, where it is a member of the FTSE MIB index. Its activities cover electricity generation with a growing renewable share, electricity and gas distribution, district heating, water, waste collection and treatment, energy retail and energy efficiency services. The group is led by chief executive Renato Mazzoncini, and its industrial plan targets 5.7 GW of installed renewable capacity by 2035. In 2025 it reported capex of 1,681 million euros and adjusted EBITDA of 2,243 million euros, and guides to adjusted EBITDA of 2.21 to 2.25 billion euros for 2026. It has grown through acquisitions in Italy, among them Consul System, Rieco-Resmal, the Duereti electricity network from Enel and stakes in photovoltaic projects. It also sells assets to focus on electricity networks, and in October 2026 agreed to sell its stake in the gas transport company Retragas.

CPFL Energia SA is the holding company of the CPFL Group, operating in Brazil’s electricity sector, implementing and operating projects and concessions in the energy distribution, generation, transmission, and trading segments and related activities through its subsidiaries and affiliate companies. The Group’s operating segments are electric energy distribution, electric energy generation, electric energy commercialization, and services rendered activities.

UGI Corp is an American holding company that, through its subsidiaries, is involved in the transport and marketing of energy and related services. Its segments include AmeriGas Propane, UGI International, Midstream & Marketing, and Utilities. The AmeriGas Propane segment consists of the propane distribution business. The UGI International segment consists of LPG distribution businesses. The Midstream & Marketing segment consists of energy-related businesses. The Utilities segment consists of the regulated natural gas and electric distribution. The company derives a majority of its revenue from the UGI International segment.

Meridian Energy is one of New Zealand’s leading utilities. It is the largest electricity producer in the nation, with a third of the market, and the fourth-largest energy retailer, with about 15% of the market by customer numbers. It generates 100% renewable electricity, mainly from large hydroelectric schemes in the South Island. It also owns a geographically diversified portfolio of wind farms.