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Public Comps and Valuation Multiples for Utilities

Benchmark revenue and EBITDA valuation multiples for public comps like
NextEra Energy, Iberdrola, Enel, Southern Company and Constellation Energy.

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Utilities

Viewing 50 of 420 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
NextEra Energy	$198B	$300B	$29B	10.5x	18.1x
Iberdrola	$155B	$218B	$54B	4.0x	11.2x
Enel	$113B	$184B	$94B	2.0x	6.9x
Southern Company	$105B	$180B	$30B	6.0x	13.3x
Constellation Energy	$99B	$121B	$28B	4.4x	19.1x
Duke Energy	$97B	$187B	$33B	5.7x	11.9x
National Grid	$86B	$143B	$26B	5.4x	12.9x
Engie	$81B	$127B	$87B	1.5x	7.3x
TAQA	$70B	$86B	$15B	5.7x	15.9x
American Electric Power	$70B	$121B	$22B	5.4x	13.2x
Sempra	$60B	$96B	$14B	6.9x	16.2x
E.ON	$56B	$51B	$93B	0.5x	4.5x
Dominion Energy	$55B	$108B	$17B	6.3x	13.8x
Entergy	$51B	$82B	$13B	6.2x	14.1x
Xcel Energy	$50B	$87B	$15B	5.8x	13.9x
RWE	$49B	$53B	$22B	2.4x	8.7x
Vistra	$48B	$70B	$20B	3.5x	10.9x
Exelon	$45B	$96B	$25B	3.9x	10.5x
Endesa	$44B	$55B	$25B	2.2x	8.1x
Adani Power	$43B	$48B	$6B	8.2x	22.3x
SSE	$40B	$54B	$14B	3.9x	12.0x
NTPC	$40B	$63B	$20B	3.1x	10.4x
Consolidated Edison	$39B	$66B	$17B	3.9x	11.7x
PSEG	$38B	$62B	$12B	5.1x	13.2x
Dubai Electricity and Water Authority	$38B	$45B	$9B	4.9x	9.5x
ACWA Power	$38B	$44B	$2B	21.0x	34.4x
PG&E	$37B	$100B	$26B	3.9x	9.5x
WEC Energy Group	$37B	$59B	$10B	5.9x	14.2x
Ørsted	$34B	$37B	$12B	3.1x	9.2x
CEZ Group	$32B	$42B	$16B	2.7x	6.9x
Cheniere Energy Partners	$30B	$44B	$11B	4.0x	11.9x
Ameren	$30B	$51B	$9B	5.8x	13.2x
Atmos Energy	$30B	$40B	$5B	7.8x	15.7x
Naturgy Energy Group	$30B	$44B	$23B	1.9x	7.0x
DTE Energy	$30B	$56B	$16B	3.6x	12.6x
Power Grid Corporation of India	$29B	$42B	$5B	8.2x	9.7x
Fortis	$29B	$55B	$9B	6.0x	12.7x
China National Nuclear	$28B	$93B	$12B	7.7x	12.3x
NRG Energy	$28B	$51B	$32B	1.6x	11.1x
CenterPoint Energy	$28B	$51B	$10B	5.3x	12.8x
Edison International	$27B	$70B	$19B	3.6x	7.4x
PPL Corp.	$27B	$46B	$9B	4.9x	12.2x
EnBW	$26B	$39B	—	—	—
Hydro One	$26B	$39B	$7B	5.9x	15.8x
Eversource Energy	$26B	$56B	$13B	4.1x	10.4x
FirstEnergy	$26B	$54B	$15B	3.5x	11.5x
Snam	$25B	$46B	$5B	10.0x	13.1x
American Water Works	$25B	$40B	$5B	7.7x	13.7x
Verbund	$25B	$25B	$9B	2.7x	8.3x
CLP Group	$25B	$32B	$11B	2.8x	10.3x
Barito Renewables	$24B		—
Terna	$23B		$5B
NiSource	$23B		$7B
CMS Energy	$22B		$9B
Tenaga Nasional	$22B		$17B
EDP Group	$21B		$18B
Fortum	$21B		$6B
Uniper	$21B		$70B
Sabesp	$21B		$5B
CK Infrastructure Holdings	$21B		$583M
IndianOil	$21B		$80B
Azrieli Group	$21B		$1B
Evergy	$19B		$6B
Alliant Energy	$19B		$4B
Brookfield Infrastructure Partners	$18B		$19B
Power Assets Holdings	$18B		$102M
KEPCO	$18B		$68B
Towngas	$17B		$7B
EDP Renovaveis	$17B		$3B
Elia Group	$17B		$6B
Huaneng Power	$17B		$33B
Kansai Electric Power	$17B		$26B
Longyuan Power	$16B		$4B
Datang International	$16B		$18B
Emera	$16B		$6B
Talen Energy	$16B		$3B
Origin Energy	$14B		$12B
Osaka Gas	$14B		$13B
Tokyo Gas	$14B		$18B
United Utilities	$14B		$4B
China Resources Power	$14B		$13B
OPC Energy	$13B		—
Chubu Electric Power	$13B		$22B
Severn Trent	$13B		$4B
Enlight Renewable Energy	$13B		—
Centrica	$12B		$30B
Italgas	$12B		$3B
Oklo	$12B		$761K
Pinnacle West Capital	$12B		$5B
Zheneng Electric	$12B		$12B
Edison	$12B		—
Manila Electric	$12B		—
GAIL (India)	$11B		$15B
Chuantou Energy	$11B		$249M
CPFL Energia	$11B		$8B
Essential Utilities	$11B		$3B
Equatorial Energia	$10B		$9B
Eneva	$10B		$3B
AES	$10B		$12B
BKW	$10B		$6B
APA Group	$10B		$2B
OGE Energy	$10B		$3B
Canadian Utilities	$10B		$3B
JSW Energy	$9B		$2B
Redeia	$9B		$2B
Meridian Energy	$9B		$2B
Copel	$9B		$5B
Petronas Gas	$9B		$2B
YTL Power International	$9B		$6B
Enel Americas	$9B		$14B
Huadian Power	$9B		$18B
Sembcorp	$9B		$5B
Public Power Corporation	$9B		$12B
A2A	$9B		$16B
ENN Energy	$8B		$16B
Neoenergia	$8B		—
NHPC	$8B		$1B
Interconexion Electrica	$8B		$4B
Idacorp	$8B		$2B
Torrent Power	$8B		$3B
CEMIG	$8B		$8B
Shanghai Electric Power	$8B		—
Capital Power	$7B		$3B
HK Electric	$7B		$2B
UGI Utilities	$7B		$7B
Guangdong Investment	$7B		$2B
Adani Total Gas	$7B		—
Grupo Energía Bogotá	$7B		$2B
Shenergy Group	$7B		$4B
Hera	$7B		$15B
Grupa PGE	$7B		$13B
YTL Corp	$7B		$8B
TXNM Energy	$7B		$2B
Grupo Ultra	$7B		$29B
Southwest Gas Holdings	$6B		$2B
Tokyo Electric Power	$6B		$41B
Kurita Water	$6B		$3B
Doral Group Renewable	$6B		—
Enel Chile	$6B		$5B
EVN	$6B		$4B
Mercury NZ	$6B		$2B
ACEA	$6B		$4B
New Jersey Resources	$6B		$2B
China Power	$6B		$7B
Black Hills	$6B		$2B
Portland General Electric	$6B		$4B
China Resources Gas	$6B		$13B
Organo	$5B		$1B
Kyushu Electric Power	$5B		$14B
ONE Gas	$5B		$2B
China Gas	$5B		$10B
Energisa	$5B		$6B
Aboitiz Power	$5B		—
Enagas	$5B		$1B
Atco	$5B		$4B
Spire	$5B		$3B
Brookfield Infrastructure	$5B		$4B
Kenon Holdings	$5B		—
Nuclearelectrica	$5B		$1B
Pampa Energia	$5B		$2B
TAQA Morocco	$5B		$1B
Riyadh Cables	$5B		—
J-Power	$5B		$8B
TAURON	$5B		$9B
Algonquin Power & Utilities	$5B		$2B
AGL Energy	$5B		$10B
Northland Power	$4B		$2B
Margun Enerji	$4B		—
NorthWestern Energy	$4B		$2B
Empower	$4B		$955M
Fujian Funeng	$4B		$2B
Rubis	$4B		$8B
COPASA	$4B		$2B
Iren Group	$4B		$8B
TransAlta	$4B		—
SNTGN Transgaz	$4B		$677M
Otter Tail	$4B		$1B
Meshek Energy Renewable	$4B		—
Tohoku Electric Power	$3B		$15B
Avista	$3B		$2B
Pennon Group	$3B		$2B
Comgás	$3B		—
Global Power Synergy	$3B		$3B
Rede Energia	$3B		—
Centuri Holdings	$3B		$3B
Mainova	$3B		—
Enea S.A.	$3B		$8B
Vector	$3B		$689M
Enerjisa	$3B		$6B
American States Water	$3B		$674M
Chesapeake Utilities	$3B		$962M
Lechwerke	$3B		—
Equatorial Energia Pará	$3B		—
Toho Gas	$3B		$4B
Taesa	$3B		$507M
MGE Energy	$3B		$757M
Redes Energéticas Nacionais	$3B		$1B
Marafiq	$3B		$2B
Aboitiz Equity Ventures	$3B		—
Gujarat Gas	$3B		$2B
California Water Service	$3B		$1B
Orygen Peru	$3B		—
COELBA	$3B		—
Colbun	$3B		$2B
MVV Energie	$2B		—
H2O America	$2B		$831M
Indraprastha Gas	$2B		$2B
Hawaiian Electric Industries	$2B		$3B
Central Puerto	$2B		$910M
Aksa Enerji	$2B		$1B
Societatea Energetica	$2B		$2B
Alupar Investimento	$2B		$712M
Renewables Infrastructure Group	$2B		$488M
Aguas Andinas	$2B		$801M
Korea Gas	$2B		$25B
Energa	$2B		—
Gelsenwasser	$2B		—
Engie Energia Chile	$2B		$2B
Northwest Natural Holdings	$2B		$1B
Chugoku Electric Power	$2B		$9B
Geregu Power	$2B		—
Tabreed	$2B		$683M
Energisa Mato Grosso	$2B		—
Ratch Group	$2B		$980M
Shikoku Electric Power	$2B		$5B
Electricite De Strasbourg	$2B		—
Promigas	$2B		—
Electricity Generating	$2B		$1B
Celsia Colombia	$2B		—
Nippon Gas	$2B		$1B
Petrolimex	$2B		$13B
Ignitis	$2B		$3B
Elektro Eletricidade	$2B		—
Empresa Eléctrica Pehuenche	$2B		—
Gas Malaysia	$2B		$2B
Luz Del Sur	$2B		—
Enerya	$2B		—
Genesis Energy New Zealand	$2B		$2B
Romande Energie	$2B		$960M
Naturgy Brasil	$2B		—
PetroVietnam Power	$2B		$2B
SK Gas	$2B		$5B
Premier Energy	$2B		—
Gujarat State Petronet	$2B		$124M
Transcorp Power	$1B		—
Transelectrica	$1B		—
Naturenergie	$1B		—
CASAN	$1B		—
Naturgy Chile	$1B		—
Aygaz	$1B		$2B
Athens Water Supply	$1B		$464M
Transportadora de Gas del Norte	$1B		—
Transener	$1B		—
Grupo Cox	$1B		$2B
Hokuriku Electric Power	$1B		$5B
Reliance Power	$1B		—
Superior Plus	$1B		$2B
Pluz Energía	$1B		—
Telecom Plus	$1B		$3B
Thai Tap Water	$1B		$166M
Malakoff Corp.	$1B		$2B
Edenor	$1B		$2B
Alkhorayef Water & Power	$1B		—
Celesc	$1B		—
XPLR Infrastructure	$1B		$1B
Banpu Power	$1B		—
B.Grimm Power	$1B		$2B
Mahanagar Gas	$1B		$883M
Polenergia	$1B		$1B
Hunan Energy Group	$1B		—
Equatorial	$1B		—
Inversiones Aguas Metropolitanas	$1B		$833M
Middlesex Water	$971M		$202M
Unitil	$916M		$556M
Sociedad Transmisora Metropolitana	$883M		—
Enel Distribuição Rio	$822M		—
Ascopiave	$792M		$297M
Rio Paranapanema Energia	$772M		—
Audax Renovables	$733M		$2B
MetroGas	$730M		—
Miahona	$671M		—
Lydia Yeşil Enerji	$667M		—
Caribbean Utilities Company	$639M		—
Shizuoka Gas Co	$628M		$1B
Akfen Yenilenebilir Enerji	$620M		—
Litgrid	$616M		—
İzdemir Enerji	$604M		—
Enel Ceará	$589M		—
Esval	$573M		—
Enel Distribucion Chile	$567M		—
JEPCO	$543M		—
Compañía General de Electricidad	$538M		—
Camuzzi Gas	$532M		—
Acinque	$505M		—
Consolidated Water	$480M		$130M
Naturgy BAN	$479M		—
York Water	$479M		$80M
Cloudberry Clean Energy	$474M		$71M
KenGen	$473M		—
IC Enterra	$449M		$110M
Companhia Energética de Brasília	$444M		—
Light SA	$441M		$3B
Aydem Yenilenebilir Enerji	$416M		$313M
Yu Group	$405M		$1B
Cadiz	$393M		$17M
Elmera Group	$374M		$183M
Genie Energy	$369M		$487M
Enel Generacion Piura	$367M		—
Zorlu Enerji	$360M		—
Kogeneracja	$339M		—
Cox Energy	$306M		—
Artesian Resources	$306M		$113M
Reliance Infrastructure	$304M		—
Essbio	$289M		—
Beijing Energy	$287M		—
Burgenland Holding	$285M		—
Gasco	$284M		—
Pure Cycle	$269M		—
CGE Transmision	$264M		—
Amber Grid	$260M		—
Tallinna Vesi	$259M		—
Ze Pak	$257M		$283M
ALTEO Energy Services	$256M		—
Magnora	$249M		$11M
RGC Resources	$242M		$95M
Distribuidora De Gas Cuyana	$242M		—
Kenya Power & Lighting Company	$239M		—
eVISO	$232M		$382M
Enel Generacion Costanera	$231M		—
Montauk Renewables	$216M		$189M
New Fortress Energy	$213M		—
Global Water Resources	$192M		$58M
Jersey Electricity	$189M		$201M
Thessaloniki Water Supply	$182M		—
Rivco Australia	$176M		$11M
Enda Enerji	$165M		—
Dala Energi	$165M		—
CelgPAR	$162M		—
Esenboğa Elektrik	$160M		—
Fintel Energija	$157M		—
Seri Industrial	$155M		—
CEEE Grupo Equatorial Energia	$136M		—
EEMS Italia	$124M		—
Energoaqua	$117M		—
Edisun Power	$103M		—
Kauno Energija	$100M		—
Neoenergia	$95M		—
Ekopak	$92M		$68M
Renova Energia	$79M		—
Iniziative Bresciane	$76M		$29M
Distribuzione Elettrica Adriatica	$76M		—
Energy Solar Tech	$72M		—
Columbus Energy	$70M		—
Ecosuntek	$65M		—
Hydrogen de France	$65M		$1M
Concord Enviro	$63M		—
OPAL Fuels	$61M		$358M
Inversiones Tricahue	$54M		—
Fernheizwerk Neukoelln	$52M		—
Energia Latina	$48M		—
NAP	$44M		—
Celsia	$44M		—
Aqua SA	$43M		—
Raen	$40M		—
Toplofikacia Pleven	$39M		—
MINT	$35M		—
PowerBank	$32M		$41M
MPC Energy Solutions	$32M		—
Holaluz	$31M		—
Cavendish Hydrogen	$31M		—
Eqva	$29M		—
Compañia Eléctrica del Litoral	$29M		—
Skandia GreenPower	$27M		—
Sociedad Eléctrica de Sur Oeste	$26M		—
Haffner Energy	$25M		—
Minesto	$23M		—
Charwood Energy	$22M		$11M
Innovatec	$21M		$36M
Faveos	$20M		—
Climeon	$19M		—
ECB	$19M		—
Agripower France	$17M		—
EDESA Holding	$17M		—
MDI Energia	$15M		—
Frendy Energy	$14M		—
Hidrandina	$14M		—
Peruana de Energia	$11M		—
E-Pango	$9M		—
Wodkan SA	$9M		—
Ocean Sun	$8M		—
Compagnie des Eaux de Royan	$8M		—
AHT Syngas Technology	$8M		—
Methanor	$7M		—
Vas	$7M		—
ENEFI Asset Management	$7M		—
New Sources Energy	$7M		—
Cogefeed	$7M		—
Tesgas	$6M		—
BRAS	$6M		—
Dlaboratory Sweden	$4M		—
EAM Solar	$4M		—
DWK Deutsche Wasserkraft	$4M		—
OZE Capital	$4M		—
Groupe Okwind	$4M		$28M
Electro Sur Este	$4M		—
Aker Horizons	$4M		—
Energia de Casablanca	$3M		—
SENS	$3M		—
Litoral Transmision	$2M		—
Cortus Energy	$2M		—
Aleia Holding	$2M		—
Zeneris Projekty	$2M		—
Weya	$1M		—
EDESAL Holding	$1M		—
Alternus Energy Group	$921K		—
Global Bioenergies	$412K		—
EMDERSA	$352K		—
Etrion	$200K		—
Vergnet	$173K		—
Copperbelt Energy	—		—