Power transactions and trends Q2 2019

Power transactions
and trends
Q2 2019

Contents
Overview
Technology investment trends
Americas
Europe
Asia-Pacific
Africa and the Middle East
Appendix

Power transactions and trends Q2 2019
Overview
US$26.8
US$9.6b
Integrated
US$13.1b
Americas
Global deal value
Largest segment
Largest region
135Total deals
Q2
Page 3
Note: All transaction information is EY analysis with data sourced from Mergermarket and S&P Global Market Intelligence.
0
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40
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80
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120
140
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20
40
60
80
100
120
Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019
Dealvolume(numberofdeals)
Dealvalue(US$b)
Generation Energy services Integrated utility Renewables Gas utility Water and wastewater Volume
0
20
40
60
80
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140
0
20
40
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Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019
Dealvalue(US$b) Americas Asia-Pacific Europe Africa and Middle East Volume
Chart 2: Global P&U deal value and volume by region
(announced asset and corporate-level deals, Q2 2017–Q2 2019)
Chart 1: Global P&U deal value by segment
YTD
US$47.4b
US$19.6b
Renewables
US$22.2b
Americas
262

Investors seek stability of integrated assets
Overview
Financial investors drive Q2 investment
Deal value in the integrated segment totaled US$9.6b, representing a 3.5x increase compared with Q1
2019. The Americas led the deal activity with US$5.8b or 60% of total deal value in the integrated
segment, much of this contributed by the El Paso Electric deal. Investors are trying to balance portfolios by
investing in regulated assets, which have less volatility, predictable earnings and a stable cash flow
stream.
Regulatory uncertainty unsettles investors
Shifting regulations create a tense environment for investors and push back investments. In the UK, the Labour Party has raised the possibility of renationalizing the UK’s electric and gas networks, which could force
current operators to transfer assets at below-market prices. Meanwhile, Australia’s lack of energy coherence at a federal level is limiting investment by financial investors. In Africa and the Middle East, regulatory
uncertainty is also disrupting sector investment. Lebanon’s plans to cut state electricity subsidies to reduce debt is being challenged in court. South Africa’s reforms to the capitalization structure of Eskom, the largest
African utility, are moving slowly. And, in India, the state of Andhra Pradesh has announced that it will renegotiate renewable power purchase agreements (PPAs) signed by the previous government in a move that has
upset investors.
Rise in renewables drives interest in battery storage
Battery storage is an increasingly important tool to support the intermittency of renewables and improve
grid reliability. In the UK, Statkraft and Statera Energy have announced plans to set up 1 GW of storage
with a backup gas generator to provide balancing services in the energy market. New York State
Department of Public Service has identified 275 MW of peaking units as potential targets for replacement
with six‐hour energy storage in a bid to achieve the state’s clean energy targets and boost grid
resiliency.
Utilities are continuing investment in new technologies
Dubai Electricity and Water Authority will partner with Canadian smart grid solutions company Enbala to
build the region’s first virtual power plant to manage frequency regulation and create a smarter grid. In
Japan, Toyota Motor Corporation, along with the University of Tokyo and renewable energy supplier
TRENDE, will test peer-to-peer electricity trading using blockchain technology.
Page 4
Financial investors dominate deal value in every region
Financial investors conducted US$13.9b of deals globally, with US$7.8b of activity in the Americas alone.
Financial investors were responsible for the largest transactions in each region:
• Americas — infrastructure Investments Fund’s acquisition of El Paso Electric Co.
• Europe — a consortium managed by Macquarie Infrastructure and Real Assets acquired the
remainder of Innogy Grid Holding
• Asia-Pacific — IndiGrid’s acquisition of India transmission assets from
Sterlite Power

Quarterly investment profile
Americas Europe Asia-Pacific Africa and the Middle East
US$13.1b deal value, 44% increase from
US$9.1b in Q1 2019.
US$5.8b deal value in the integrated segment.
US$6.8b in Q1 2019.
US$3.0b deal value in the integrated segment.
US$4.1b in Q1 2019.
US$1.9b deal value in renewable assets.
Investments in Africa target
off-grid solutions to enhance low electrification
rates.
Interest in grid modernization rises as solar and
wind projects receive increased funding.
Q2 2019 at a glance
Financial sponsors invest heavily in integrated
assets.
Transactions in integrated assets lift deal value. Renewables continue to be the focus.
Overview
Page 5

Q2 2019 at a glance (continued)
Overview
Page 6
Capital outlook
Americas Europe Asia-Pacific Africa and the Middle East
New tenders in South America will attract
increased investment in renewables.
It is expected that there will be more interest in
offshore wind as the US market continues to
pick up.
Decarbonization plans will drive investment in
renewables across Italy, Norway and Spain.
Utilities will ramp up investments in energy
storage with plans from Statkraft and Statera
Energy to build 1 GW of storage in the UK.
Investment in offshore wind will pick up in India,
Japan and China.
Investments in renewables will boost uptake of
energy storage across China, India and
Australia.
Improving economics will drive microgrid
deployment, with Nigeria leading the region.
Renewables will continue to gain traction on the
back of investments from utilities and
governments.
Battery storage will expand in the US energy
system as state regulators turn to batteries to
help meet ambitious clean energy targets.
Investment in EVs will increase, driven by tighter
CO2 emission caps and planned investments by
utilities.
More smart meter rollouts are planned across
the region.

Global capital flows – Q2 2019
Investment activity globally by country, Q2 2019 (US$b)
Targetcountry
• The US was the top global
investment destination in Q2 led by
the US$4.3b El Paso Electric
transaction.
• China continues to be the leading
investment destination in Asia-
Pacific, but Q2 saw increase in
investment in India.
• In Europe, investment continues to
be spread across the region.
Global capital flows – Q2
2019
Overview
0–5 5–10 10–20 20–30
Page 7
Note: Numbers may not add to total due to rounding.
Investor country
US Canada Greater China Czech Republic Switzerland India France Brazil Rest of the
world
Total receipts
US 7.0 1.3 0.6 8.9
Canada 0.8 2.2 3.0
Greater China 2.2 0.5 2.7
Czech Republic 2.5 2.5
Switzerland 1.6 1.6
India 0.1 1.0 0.4 1.5
France 0.9 0.9
Brazil 0.8 0.8
Rest of the world 0.3 0.5 0.1 0.5 3.5 4.9
Total investments 9.0 4.1 2.2 0.0 1.6 1.1 0.5 0.8 7.5 26.8

Quarter-to-date TSR Year-to-date TSR
TSR in % (from 1 April 2019
to 30 June 2019)
TSR in % (from 1 January 2019
to 30 June 2019)
S&P Global 1200 3.6% 16.3%
EY Global Utilities Index 2.9% 13.4%
Global returns
1The EY Global Utilities Index benchmarks the returns of 229 utilities globally using data sourced from S&P Capital IQ and other publicly available information. For a comprehensive list of utilities contained within the analysis, please refer to the appendix.
• The global market rally in Q2 continued, in line with Q1 returns. The S&P Global 1200 gained 3.6% this
quarter, with 16.3% year-to-date returns.
• The EY Global Utilities Index1 underperformed the market, returning 2.9%. This was due mostly to the
below-market performance of utilities in Asia-Pacific.
Utilities gain value but slightly underperform the market
Overview
Page 8
Total shareholder return – global comparison
90%
95%
100%
105%
110%
115%
120%
1/1/2019 1/31/2019 3/2/2019 4/1/2019 5/1/2019 5/31/2019 6/30/2019
Chart 3: Total shareholder return – global comparison
S&P Global 1200 TSR (%) EY Global Utilities Index TSR (%)

Regional TSR
Quarter-to-date TSR Year-to-date TSR
TSR in % (from 1 April 2019
to 30 June 2019)
TSR in % (from 1 January 2019 to 30
June 2019)
Americas
S&P 500 3.7% 17.7%
EY Americas Utilities Index 7.8% 21.5%
Europe
STOXX Europe 600 3.3% 14.4%
EY Europe Utilities Index 5.8% 15.3%
Asia-Pacific
Nikkei 225 0.8% 2.0%
EY Asia-Pacific Utilities Index -3.7% 13.4%
Americas
The quarter-to-date (QTD) return of the
EY Americas Utilities Index2 was 7.8%,
which is higher than the regional market
(as benchmarked by the S&P 500
index), which returned a quarterly total
shareholder return (TSR) of 3.7%. The
EY Americas Utilities Index
outperformed Europe and Asia-Pacific
(QTD TSR of 5.8% and -3.7%,
respectively).
Valuations
The QTD TSR of the EY Europe Utilities
Index3 was 5.8%, which is higher than
the QTD TSR for the European
benchmark index STOXX Europe 600,
which returned 3.3% for the quarter.
The EY Asia-Pacific Utilities Index4
performed lower than the Nikkei 225, the
Asia-Pacific regional benchmark index.
Asia-Pacific utilities returned -3.7% QTD
compared with the market at 0.8%. The
QTD returns of the EY Asia-Pacific
Utilities Index were the lowest of all
regional EY utilities indices.
2EY analysis is based on data sourced from S&P Capital IQ and other publicly available data. The EY Americas Utilities Index benchmarks the returns of 124 utilities headquartered in the Americas, the EY
Europe Utilities Index benchmarks the returns of 73 utilities headquartered in Europe, and the EY Asia-Pacific Utilities Index benchmarks the returns of 122 utilities headquartered in Asia-Pacific. For a
comprehensive list of utilities contained within the analysis, please refer to the appendix.
3Ibid.
4Ibid.
American utilities performed much better than global peers
Europe Asia-Pacific
Page 9
Overview
80%
85%
90%
95%
100%
105%
110%
115%
120%
125%
1/1/2019 1/31/2019 3/2/2019 4/1/2019 5/1/2019 5/31/2019 6/30/2019
Chart 4: Total shareholder return – regional comparison
S&P 500 TR (total return) % EY Americas Utilities Index TSR (%)
Stoxx Europe 600 TR (total return) % EY Europe Utilities Index TSR (%)
Nikkei 225 TR (total return) % EY Asia-Pacific Utilities Index TSR (%)
STOXX Europe 600 TR (total return) %

3.1%
3.9%
3.1%
14.0%
9.9%
6.4%
5.8%
-3.4%
9.8%
13.0%
19.8%
23.8%
12.4%
13.4%
-4.6%
-2.8%
-6.2%
-3.0%
-0.8%
-6.1%
-3.7%
13.2%
11.0%
15.9%
20.3%
27.9%
13.6%
15.3%
5.3%
7.5%
5.7%
-0.2%
14.1%
15.0%
7.8%
15.0%
19.6%
22.1%
15.3%
36.3%
25.7%
21.5%
TSR and valuations segment dashboard
Americas
• Water and wastewater’s TSR was the highest-performing in the region, and this
segment outperformed the broader market. Generation assets TSR performed the
worst, dropping from 10.1% returns in Q1.
• The Americas utilities EV/FY2 EBITDA sector traded at 10.5x. Water and
wastewater assets were valued at the highest multiple at 12.9x for Q2, while
generation assets were the lowest at 8.2x.
Europe
• The generation QTD TSR was the highest-performing segment in the region (14%
TSR QTD), and the only region where this segment delivered positive returns.
• The large market capitalization integrated and gas utility segment TSR performed
the worst (3.1% TSR QTD).
• The European utilities sector was valued at the lowest EV/FY2 EBITDA multiple
during Q2 across all regions. Gas utility assets were valued at the highest multiple
at 9.4x for Q2, while generation assets were the lowest at the lowest at 5.2x.
Asia-Pacific
• The overall sector performed poorly with negative returns. This is in stark contrast to
positive performance in Q1 (15.7% QTD TSR).
• The gas utility segment performed the worst with QTD TSR of
-6.2% across the sector and all the regions.
• The Asia-Pacific utilities sector EV/FY2 EBITDA traded at 10.9x. Generation assets
traded at 15.0x EV/FY2 EBITDA, the highest across all regional segments.
Note: EY analysis is based on data sourced from S&P Capital IQ. Please see the appendix for the detailed definitions, the company segment definitions and the company tagging for the valuations analysis.
Large market capitalization integrated
Medium and small market capitalization integrated
Gas utility
Generation
Renewables
Water and wastewater
Gas utility
Generation
Renewables
EY Europe Utilities Index
Gas utility
Generation
Renewables
EY Asia-Pacific Utilities Index
Year-to-date TSR
(from 1 January 2019 to 30
June 2019)
Overview
Page 10
TSR performance >20% lower than the regional sector average; EV/FY2 EBITDA >20% premium compared with the regional sector average
TSR 0% to 20% lower than the regional sector average; EV/FY2 EBITDA between a 0% to 20% premium compared with the regional sector average
TSR 0% to 20% higher than the regional sector average; EV/FY2 EBITDA between a 0% to 20% discount compared with the regional sector average
TSR >20% higher than the regional sector average; EV/FY2 EBITDA >20% discount compared with the regional sector average
Q2
Quarter-to-date TSR
(from 1 April 2019 to 30
June 2019)
10.5x
12.9x
10.8x
8.2x
11.3x
9.5x
11.0x
7.0x
8.4x
8.0x
5.2x
9.4x
5.7x
7.9x
10.9x
8.8x
12.8x
15.0x
9.0x
10.0x
8.6x
EV/FY2 EBITDA
(at 30 June 2019)*
*The market capitalization weighted average of the current enterprise value (EV) (at June 30
2019)/two-year forward (at 30 June 2019) adjusted earnings before interest, tax, depreciation and
amortization (EBITDA)

0
5
10
15
20
25
30
35
40
-
200
400
600
800
1,000
1,200
1,400
1,600
Asia-Pacific Americas Europe
#oftransactions
Dealvalue(US$m)
Deal value Number of deals
Transportation electrification leads the way in venture capital (VC) funding
Asia-Pacific attracted most investment
5Transport = transportation, digital = digital and analytics, EFF/man = efficiency and manufacturing, BTM = Behind the meter, WTE = waste to energy and biofuels.
Miles Huq,
EY Global P&U TAS Leader
As traditional power and utilities companies come to
the realization that new technology adoption is not only
important for their growth but also for their survival, we
expect to see an influx of investors in the venture capital
space trying to get an edge on the competition.
“
Page 11
Chart 5: Global deal value in new technology5
(announced deals, Q2 2019)
Chart 6: Global deal value in new technology, by region
(announced deals, Q2 2019)
US$2.1b
early-to-late stage venture capital investment
in P&U in Q2
0
2
4
6
8
10
12
14
16
18
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Transport Digital Eff/man BTM WTE Other
#oftransactions
Dealvalue(US$m)
Deal value Number of deals
As the power and utilities sector reaches an inflection point, emerging
technology is playing a significant role in shaping industry strategy. This
quarter, we are initiating coverage on venture capital investment in the sector
to identify trends and themes relevant to market participants.

Q2 2019 at glance
Americas Asia-Pacific Europe
The Americas led all regions in the total number of
technology-focused deals — 36.9% of these transactions
(US$568m) took place in the US.
Transportation was the focus of Americas deals, totaling
US$187m this quarter. Most of this was contributed by the
US$170m funding announced by Sila Nanotechnologies, a
battery manufacturer technology company, with much of this
investment from German automaker Daimler.
Asia-Pacific was the region that attracted the most
technology-focused investment in Q2 at US$1.4b. Most deals
(83%) focused on China.
Electric vehicle (EV) investment is an investment hotspot in the
region and accounted for the three largest capital raises across
the globe in Q2:
• CHJ Automotive — US$500m
• Hozon — US$438m
• Bordrin — US$365m
Investment in EVs is down compared with 2018 (where
US$7.7b was raised in the segment over the year) due, in part,
to Chinese Government plans to reduce EV subsidies.
Activity in Europe was led by investment in digital and
analytics (five deals worth US$67m) and behind the meter
(five deals worth US$47m).
The UK was the region’s most attractive investment
destination, accounting for seven deals and US$60m. This
was led by a US$26m capital raise by off-grid solar system
company, Azuri Technologies, with most funding contributed
by Japanese conglomerate Marubeni Corporation.
Q2 also saw the return of fusion technology. Startup
company Commonwealth Fusion Systems announced a
US$115m Series A financing round.
eSmart Systems, a provider of AI-based analytics for
infrastructure inspection and asset health monitoring, raised
US$34m this quarter. The company attracted investment
from Energy Impact Partners, innogy Ventures, Equinor
Energy Ventures, Nysnø Climate Investments and
Kongsberg Digital.
Quarterly investment profile by region
Page 12

EY Global P&U TAS Leader EY Global P&U TAS Sector Resident EY Global P&U TAS Sector Resident EY Global P&U Analyst
EY Global Transaction Advisory Services P&U contacts
Miles Huq Sara Richardson Mike C Morse Anjushi Joshi
+1 410 783 3735
miles.huq@ey.com
@MilesHuq
+61 7 3243 3758
sara.richardson@au.ey.com
@sararichardson2
+1 410 234 4330
michael.c.morse@ey.com
+91 124 619 2734
anjushi.joshi@gds.ey.com
@anjushi_joshi
Overview
Page 13

Americas
Financial sponsors drive M&A
activity

Americas
El Paso Electric will
become the fund’s
‘flagship investment’
in the US. The deal
speaks to the core of
the fund’s strategy,
providing essential
services.6
Landy Gilbert,
Managing Director, J.P. Morgan Asset
Management
deal value, 44% increase from Q1
US$13.1b
US$5.8b
value of integrated asset deals, led by two multimillion-dollar transactions
Transaction highlights
Financial sponsors deploy dry powder
• Infrastructure Investment Fund, an investment vehicle advised by J.P.
Morgan, agreed to acquire US-based El Paso Electric (EPE) for
US$4.3b, which represents a premium of 17% to EPE’s closing share
price on its last trading day. Overall this quarter, financial investors
conducted US$5.6b of deals in integrated assets, compared with
US$0.2b by corporate investors.
Swiss and Canadian infrastructure funds acquire Canada’s longest
transmission lines
• In a US$1.3b deal, a consortium including Greystone Asset
Management and IST3 Infrastruktur Global (IST3 IG) entered into a
definitive agreement to jointly acquire up to 100% of Alberta PowerLine.
Utilities divest renewable assets to raise cash
• Driven by an aim to increase future growth capital plans while reducing
future debt issuance needs, Duke Energy sold a minority stake in its
commercial renewable portfolio to John Hancock Infrastructure Fund
and John Hancock Life Insurance Company. The US$1.3b deal saw the
organizations acquire 49% of 37 operating wind, solar and battery
storage assets and 33% of 11 operating solar assets.
Chart 7: Americas deal value and volume by segment
“
Page 15
0
10
20
30
40
0
10
20
30
40
50
60
Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019
Dealvalue(US$b)
Generation Energy services Integrated Renewables
Gas utility Water and wastewater Volume
6Bloomberg, 3 June 2019.

Americas
Renewables and new technology attract investments; conventional generation lags
• The third round of Argentina’s RenovAr
auction program attracted bids for 56
energy projects with a total investment of
US$520m. Meanwhile, Brazil’s Agencia
Nacional de Energía Eléctrica A4 tender
contracted 401.6 MW of renewable
capacity, including 211 MW of solar at
record low prices (US$0.0175 kWh).
Tenders launched for new
renewables in South America
Page 16
• Q2 saw Washington state pass legislation
requiring a completely carbon-free grid by
2045. New York, New Jersey and
Colorado are also on the path in joining
California, Nevada, Hawaii, New Mexico,
Washington, DC and Puerto Rico in a
commitment to 100% clean energy.
US state policy boosts clean energy
• Tendril, a venture capital-backed startup
aiming to offer utilities an end-to-end suite
of products to modernize the customer
experience, has acquired EEme, an
energy analytics provider; EnergySavvy, a
developer of customer engagement
solutions; and FirstFuel, a developer of
business customer solutions so far in
2019, highlighting the race to gain market
share in the new energy marketplace.
Emerging technologies
expand
No longer are power plants, poles and wires a utility’s
greatest asset. It’s the customer.7
Adrian Tuck,
CEO, Tendril
“
• General Electric has announced plans to
retire the natural gas-fired Inland Empire
Energy Center and sell the site for
conversion into a battery storage facility.
Rhode Island regulators rejected a permit
for Invenergy’s new 900 MW gas plant,
determining it was not necessary. State
subsidies have also come under fire as the
Ohio Supreme Court rejected a grid
modernization charge that FirstEnergy has
been collecting from customers since
2017. Merchant generators continue to
seek electric retail businesses to hedge
their generation portfolio (such as NRG’s
US$300m deal for Stream Energy in May).
Fossil fuel generation continues to
struggle
7Utility Dive, 21 June 2019.

We are seeing increased activity by
financial investors in the region.
Investment funds are keen to increase
their exposure to renewable assets with
long-term stable returns.
Miles Huq,
68% of total Americas
investment was in the US.
Financial investors
conducted 60%
(US$7.8b) of deals,
mostly in the US and
Canada.
Domestic deals see US remain the top investment target
Americas
“
Page 17
0.8
Brazil
0.8
2.2
0.8
Canada
3.0
0.2
Mexico
0.2
1.3
7
0.1
0.4
0.1
US
8.9
Top investor countries/regions
Note: Percentages may not add to 100% due to rounding.
US Canada UKBrazil Greece Rest of the world
Americas regional capital flows — Q2 2019 (US$b)

Announcement date Target Target country/
bidder country
Bidder Deal
value
(US$b)
Bidder rationale Segment
3 June El Paso Electric Co. US
J.P. Morgan Investment
Management Inc.
4.3
Aligns with J.P. Morgan’s strategy to
invest in utilities with high-growth
potential to increase the value of their
investor funds
Integrated
24 June Alberta PowerLine Limited Canada
Greystone Managed
Investments, Inc.; IST
Investmentstiftung
1.3
Helps bidders secure long-term stable
cash flows
Integrated
24 April Duke Energy Renewables, LLC US
John Hancock Life Insurance
Company, Inc.; John Hancock
Infrastructure Fund, GP
1.3
Supports bidders’ strategy to invest in
renewable energy assets
Renewables
14 May Mesquite Disposals Unlimited, LLC US NGL Energy Partners LP 0.9
Makes NGL the largest water
transportation and disposal company
in the Delaware Basin
Water and
wastewater
29 April Goreway Power Station
Canada
Capital Power Corporation
0.8
Furthers Capital Power’s growth
strategy; Goreway’s location in the
Greater Toronto Area load center also
provides transportation flexibility
Generation
Top five Americas deals – Q2 2019
Note: All deals are announced deals, and the values indicated are disclosed enterprise values comprised of equity and debt components.
Jeff Mouland,
Managing Director and Head of
Infrastructure, Infrastructure
Investments, TD Greystone Asset
Management
The acquisition of Alberta
PowerLine (APL) is a
landmark investment for
the Greystone
Infrastructure Fund. APL is
a core operating asset that
will provide stable,
contracted, long-term
income that strongly aligns
with our client needs. This
is an exciting opportunity
to acquire an essential
infrastructure asset in
Canada, in collaboration
with local indigenous
communities and IST3 IG.8
Americas
“
Page 18
8ISTfunds, 24 June 2019.

Valuations snapshot – Q2 2019
Return over time – from base date
Americas
Page 19
Chart 8: Total shareholder return by segment (1 January 2019 to 30 June 2019)
The EY Americas Utilities Index recorded a total shareholder return
(TSR) of 7.8% for the quarter, overperforming the S&P 500, which
returned 3.7% during the same period. The comparatively higher returns
of the EY Americas Utilities Index were driven by positive returns of
AltaGas Canada Inc. (34.8%), Eletropaulo Metropolitana Eletricidade de
São Paulo S.A. (32.5%) and Pampa Energía S.A. (29.5%).
1
The generation segment underperformed the regional index with TSR of
-0.2%, the lowest in the Americas but still up 15.3% YTD.2
The EV/FY2 EBITDA of the sector was 10.5x, when compared with the
9.3x two-year historic average multiple.3
The water and wastewater segment continues to be the highest valued
segment in the region at 12.9x — 25% higher than the 10.4x two-year
historic average multiple.
4
80%
90%
100%
110%
120%
130%
140%
1/1/2019 1/31/2019 3/2/2019 4/1/2019 5/1/2019 5/31/2019 6/30/2019
S&P 500 TR (total return) % Large market capitalization integrated utility Medium and small capitalization integrated utility
Gas utility Generation Renewables

Valuations and TSR snapshot – Q2 2019
Americas
Page 20
• The generation segment returned a quarterly TSR of -0.2%,
the lowest of all segments in the Americas.
• The two-year forward EV/EBITDA multiple for generation
traded at 8.2x at Q2, which is the lowest of all segments in
the Americas.
Generation
• The gas utility segment returned a quarterly TSR of 5.7%,
below the regional index average of 7.8% for the quarter.
• The two-year forward EV/EBITDA multiple for gas utility
traded at 11.3x, the highest of all gas utility segments
across the globe.
Gas utility
• The renewables segment returned a quarterly TSR of
14.1%. The segment is the best performer YTD with TSR of
36.3%.
• The two-year forward EV/EBITDA multiple for renewables
traded at 10.8x at Q2, which is 14% more than the two-year
historic average multiple of 9.5x.
Renewables
• The water and wastewater segment returned a quarterly
TSR of 15.0%, the best-performing segment across the
globe.
• The two-year forward EV/EBITDA multiple for water and
wastewater traded at 12.9x at Q2, which is the highest
across segments in the Americas.
• The medium and small market capitalization integrated
segment returned a quarterly TSR of 7.5%, marginally less
than the regional index average of 7.8%.
• The two-year forward EV/EBITDA multiple for medium and
small market capitalization integrated traded at 9.5x at Q2,
which is 12% more than the two-year historic average
multiple of 8.5x.
Medium and small market capitalization
integrated
• The large market capitalization integrated segment returned
a quarterly TSR of 5.3%, below the regional index average
of 7.8% for the quarter.
• The two-year forward EV/EBITDA multiple for large market
capitalization integrated traded at 11.0x, the highest of all
large market capitalization segments across the globe.
5.3%
7.5%
5.7%
-0.2%
14.1%
15.0%
7.8%
15.0%
19.6%
22.1%
15.3%
36.3%
25.7%
21.5%
Year-to-date TSR
(from 1 January 2019 to 30
June 2019)
Q2
Quarter-to-date TSR
(from 1 April 2019 to 30
June 2019)
10.5x
12.9x
10.8x
8.2x
11.3x
9.5x
11.0x
EV/FY2 EBITDA
(at 30 June 2019)*
*The market capitalization weighted average of the current enterprise value (EV) (at June 30 2019)/two-year forward (at 30 June 2019) adjusted earnings before interest, tax, depreciation and amortization (EBITDA)
Gas utility
Generation
Renewables

M&A outlook and investment hotspots
Battery storage to expand in US energy system
• The Public Service Commission of Utah has approved three demand-side management projects designed to boost the state’s
storage, electrified transportation and grid management. New York State Department of Public Service has identified 275 MW of
peaking units as potential targets for replacement with six‐hour energy storage to help the state achieve clean energy targets. The
Public Service Company of New Mexico is retiring its coal power plant in 2022, replacing it with 280 MW of natural gas peaking
units, 350 MW of solar capacity and 130 MW of battery storage.
9 GW
new New York offshore
wind target by 2035
New renewable capacity to come online in South America
• Guatemala launched a tender for a 110 MW solar photovoltaic (PV) project, estimated to cost US$120m. Mexico’s Bravos Energia
plans to launch a private renewable energy auction that will enable buyers to obtain a diversified portfolio by pooling resources to
participate in larger projects than they could anchor on their own.
Investments in clean energy
technologies are advancing our
aggressive clean energy goals and
resulting in economic growth across
the state.9
Kathy Hochul,
New York Lieutenant Governor
US offshore market picks up steam
• In June, New Jersey selected Ørsted to construct a 1.1 GW offshore wind project in support of the state’s 2030 offshore wind target
of 3.5 GW. Additional offshore wind tenders are expected to be held in the Northeast as states continue to revaluate their offshore
wind targets. German power company RWE AG is seeking partnerships to develop US offshore wind farms.
Americas
“
Page 21
9Utility Dive, 3 April 2019.

EY Americas Transaction Advisory Services P&U contacts
Miles Huq Stephanie Chesnick Robert A Jozwiak
Global P&U TAS Leader
US East P&U TAS Leader
+1 410 783 3735
miles.huq@ey.com
US P&U TAS Leader
US West P&U TAS Leader
+1 713 750 8192
stephanie.chesnick@ey.com
US Central P&U TAS Leader
+1 312 879 3461
robert.jozwiak@ey.com
Lucio Teixeira Rafael Aguirre Sosa
Latin America South P&U TAS Leader Latin America North P&U TAS Leader
+52 55 5283 8650
rafael.aguirre@mx.ey.com
+55 11 2573 3008
lucio.teixeira@br.ey.com
Bill Armitage
Canada P&U TAS Leader
+1 416 943 2373
william.armitage@ca.ey.com
Americas
Page 22

Europe
Transactions in integrated
assets lift deal value

Europe
GasNet provides an
essential service within the
Czech Republic’s energy
sector. This investment
represents an exciting
opportunity for us to
continue to support
GasNet’s growth with long-
term institutional capital.10
Leigh Harrison,
Head of MIRA Europe, Middle East and Africa
deal value, 25% increase from Q1
US$8.5b
integrated segment deal value, driven by one megadeal
US$3.0b
Chart 9: Europe deal value and volume by segment
Source: EY analysis on publicly disclosed data
“
Page 24
0
10
20
30
40
50
60
70
0
10
20
30
40
50
60
Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019
Dealvalue(US$b)
Generation Integrated Energy services Renewables
Largest deal in gas distribution
• A consortium managed by Macquarie Infrastructure and Real
Assets (MIRA) purchased the remaining 50.05% interest in
Innogy Grid Holding (iGH) for US$2.1b to give the consortium
100% ownership of the asset. iGH is the owner of GasNet, a
regulated gas distribution network in the Czech Republic with
2.3 million connections and a network of approximately
65,000km. The deal highlights a continuing trend of financial
sponsors’ investment in the sector.
Financial investors lead acquisitions
• Financial investors bought assets totaling US$4.6b, while
corporate investors conducted acquisitions worth US$3.9b. In
addition to the MIRA-led deal, a group of institutional investors
led by J.P. Morgan announced the purchase of a US$900m
stake in a 998 MW European wind energy portfolio.
Established players continue to transform
• This quarter, ENGIE acquired ChargePoint Services, a UK-
based company that provides charging equipment for electric
vehicles (EVs), while also divesting over 2,300 MW of coal
generation to private equity firm Riverstone Holdings.
10MIRA, 29 April 2019.

Renewables top investment agenda
EU’s Clean Energy Package gets a formal go-ahead
Investment in renewables continues
• In May, a total of 1 GW of wind capacity was tendered to Turkish company Enerjisa and
German firm ENERCON in Turkey’s second Renewable Energy Resource Zone (YEKA)
auction.
• The Croatian arm of Germany’s wpd — wpd Adria — announced plans to invest US$1.7b in
setting up 900 MW of wind projects in Bosnia and 300 MW wind capacity in Croatia.
• Portuguese utility EDP and French energy group ENGIE have announced plans to form a
joint venture that will combine their offshore wind businesses. The companies plan to have 5
GW to 7 GW in operation and construction by 2025.
• Iberdrola announced plans to invest €300b (approximately US$335b) in building Europe’s
largest solar photovoltaic (PV) farm totaling 590 MW.
• The EU Clean Energy Package — under discussion for two years — was finally adopted in
May, paving the way for a new market design that will incorporate five elements: energy
efficiency, renewables, better governance of targets, more consumer rights and an efficient
electricity market.
Regulatory uncertainty in the UK
• The UK Labour Party has raised the possibility of renationalizing the UK’s electric and gas
networks, prompting concern that current operators would be forced to transfer their assets
at below-market prices. The policy calls for the creation of a National Energy Agency to own
and run the high-voltage transmission network, set regional decarbonization targets and plan
national skills and workforce training. Some 14 regional energy agencies would own power
and gas distribution networks and be responsible for decarbonizing heat and power and
setting regional industrial strategy.
Europe
Page 25
This is the most ambitious set of energy proposals ever presented by
the European Commission. It has been adopted in record time with
impressive support from the European Parliament and Council.
With its completion, we have made the EU’s Energy Union – one of
the 10 political priorities of the Juncker Commission – a reality. I
truly believe it will accelerate the clean energy transition and give all
Europeans access to secure, competitive and sustainable energy.11
Miguel Arias Cañete,
European Commissioner, Climate Action and Energy
“
11European Commission, 22 May 2019.

0.2
0.2
0.1
Italy
0.5
0.9
France
0.9
Europe
59% of deal value
was concentrated in
three countries —
Czech Republic,
Switzerland and
France.
63% of deals were
cross-border
transactions, with the
most conducted by
financial investors.
Europe regional capital flows — Q2 2019 (US$b)
Investment spread across Europe
Page 26
Financial investors took the lead in
driving activity in Q2. With significant
amounts of capital to deploy, we expect
financial sponsors to continue looking
for regulated and renewable
investments.
Miles Huq,
“
0.4
0.1
0.5
UK
1.0
Top investor countries
Note: Percentages may not add to total 100% due to rounding.
UKSwitzerlandAustralia US Canada Rest of the world
2.1
0.4
Czech
Republic
2.5
1.6
Switzerland
1.6

Announcement
date
Target
Target country/bidder
country
Bidder
Deal value
(US$b)
29 April
innogy Grid Holding
(50.04% stake)
Czech Republic/Australia
Consortium led by
Macquarie
Infrastructure and Real
Assets
2.1
Gives bidders 100% ownership
of the asset
Gas distribution
5 April
Alpiq Holding Ltd.
(37.12% stake) Switzerland/Switzerland
Consortium led by CSA
Energy Infrastructure
Switzerland
1.6
Aligns with bidder’s strategy of growth
while ensuring stable and diversified
power supply to its customers
Integrated
23 April
EDP Renovaveis,
S.A. (23 onshore
wind farms in France,
Spain, Belgium and
Portugal)
(51% stake)
France/US
J.P. Morgan Asset
Management
0.9
Enables J.P. Morgan to deliver stable risk-
adjusted returns to investors while
continuing to grow its renewable energy
portfolio
Renewables
3 June
Ascendant
Group Limited
Bermuda (UK)
Algonquin Power &
Utilities Corp.
0.5
Supports Algonquin’s international
expansion strategy to grow via investing in
regulated businesses
Integrated
20 June
CEZ Bulgaria
EAD
Bulgaria/Bulgaria Eurohold Bulgaria AD 0.4
Part of Eurohold’s long-term strategy to
penetrate new regulated business
segments that provide large opportunities
for growth
Integrated
Europe
Top five Europe deals – Q2 2019
Page 27
Q2 highlighted investor
interest in integrated
power and utility assets.
This signals investor
confidence that the
utility has a role to play
in the grid of the future.
Miles Huq,
“

Europe
Return over time — from base date
The EY Europe Utilities Index recorded a total shareholder
return (TSR) of 5.8% for the quarter, overperforming the
STOXX Europe 600, which returned 3.3% during the same
period. The comparatively higher returns of the EY Europe
P&U Utilities Index were driven by positive returns of Rosseti,
Public Joint Stock Company (42%), Public Joint Stock
Company Territorial Generating Company No. 1 (29%) and
Public Joint Stock Company Inter RAO UES (26%).
1
The generation segment was the leading segment in the region
with TSR of 14.0%, the best of all generation segments
globally.
2
The EV/FY2 EBITDA of the region was 7.0x, the lowest of all
regions.3
The gas utility segment traded at the highest valuation in the
region, 9.4x EV/FY2 EBITDA.4
Page 28
Chart 10: Total shareholder return by segment (1 January 2019 to 30 June 2019)
75%
85%
95%
105%
115%
125%
135%
1/1/2019 1/31/2019 3/2/2019 4/1/2019 5/1/2019 5/31/2019 6/30/2019
STOXX Europe 600 TR (total return) % Large market capitalization integrated utility Medium and small capitalization integrated utility

13.2%
11.0%
15.9%
20.3%
27.9%
13.6%
15.3%
3.1%
3.9%
3.1%
14.0%
9.9%
6.4%
5.8% 7.0x
8.4x
8.0x
5.2x
9.4x
5.7x
7.9x
Europe
Page 29
segment returned a quarterly TSR of 3.9%, below the
regional index average of 5.8% for the quarter.
small market capitalization integrated traded at 5.7x at Q2,
significantly lower than around the globe (10.0x in Asia-
Pacific and 9.5x in the Americas).
integrated
a quarterly TSR of 3.1%, below the regional index average
capitalization integrated traded at 7.9x at Q2, which is 7%
more than the two-year historic average multiple of 7.4x.
• The generation segment returned a quarterly TSR of 14.0%,
above the regional index average of 5.8% for the quarter.
traded at 5.2x at Q2, the lowest of all segments across the
globe.
Generation
• The gas utility segment returned a quarterly TSR of 3.1%,
underperforming the regional index average of 5.8% for the
quarter.
traded at 9.4x at Q2, 4% more than the two-year historic
average multiple of 9.0x.
Gas utility
• The renewables segment returned a quarterly TSR of 9.9%,
above the regional index average of 5.8% for the quarter.
traded at 8.0x at Q2, which is 9% more than the two-year
historic average multiple of 7.3x.
Renewables
TSR of 6.4%, which was above the regional index average
wastewater traded at 8.4x at Q2, which is 5% more than the
two-year historic average multiple of 8.0x.
Gas utility
Generation
Renewables
Year-to-date TSR
(from 1 January 2019 to
30 June 2019)
Q2
Quarter-to-date TSR
(from 1 April 2019 to
30 June 2019)
EV/FY2 EBITDA
(at 30 June 2019)*

Wind and solar projects remain attractive
• The EU approved Italy’s €5.4b (approximately US$6.05b) renewables auction program, which will see the awarding of 5,500 MW of
wind and solar PV projects. Italy aims to achieve 30% renewable energy by 2030.
• By the end of 2019, the Norwegian Government plans to open two areas in the North Sea for offshore wind development with a
combined capacity of up to 3.5 GW.
• Spain plans to launch auctions for 3 GW of annual wind and solar capacity through 2030.
• Svenska Cellulosa Aktiebolaget (SCA), Europe’s largest forest owner, and renewables firm OX2 have entered into an agreement to
develop nearly 1 GW of wind capacity in Sweden by 2024.
More investment in energy storage
• ScottishPower plans to build a 50 MW battery by 2020 to store Scotland’s excess wind power.
• In the UK, Statkraft and Statera Energy will build 1 GW of storage, with a backup gas generator to provide balancing services in the
energy market.
Utilities to continue investment in e-mobility value chain
• ENGIE and Enel X have signed a deal with Fiat Chrysler Automobiles to set up public and private EV chargers in Italy.
• Iberdrola has announced plans to acquire a stake in EV charging company Wallbox as part of its Sustainable Mobility Plan and
innovation strategy.
800 MW
renewable energy capacity to be built by
Repsol in Spain12
We know that renewable energy
generation needs to quadruple and
we know that onshore wind is the
cheapest form of green energy. By
integrating storage technologies with
onshore wind, we are blowing away
one of the myths about renewable
generation not being available when
you need it.13
Keith Anderson,
Chief Executive Officer, ScottishPower
Europe
“
Page 30
12Bloomberg New Energy Finance.
13ScottishPower, 11 June 2019.

Europe
EY Europe Transaction Advisory Services P&U contacts
Miles Huq Arnaud De Giovanni John Curtin Grigory Arutunyan
Global P&U TAS Leader
+1 410 783 3735
miles.huq@ey.com
EMEIA P&U TAS Leader UK & Ireland (UKI) P&U TAS Leader Central, Eastern and Southeastern Europe and
Central Asia (CESA) Region P&U TAS Leader
+33 1 55 61 04 18
arnaud.de.giovanni@fr.ey.com
+44 20 7951 6257
jcurtin@uk.ey.com
+7 495 641 2941
grigory.s.arutunyan@ru.ey.com
Giacomo Chiavari Andreas Siebel Bruno Swildens Michael Bruhn
Mediterranean P&U TAS Leader Germany, Switzerland and Austria (GSA)
P&U TAS Leader
Western Europe and Maghreb (WEM)
P&U TAS Leader
Nordics P&U TAS Leader
+39 027 2212 3090
giacomo.chiavari@it.ey.com
+49 211 9352 18523
andreas.siebel@de.ey.com
+31 88 40 78776
bruno.jelgerhuis.swildens@nl.ey.com
+45 2529 3135
michael.bruhn@dk.ey.com
Page 31

Asia-Pacific
Renewables push deal value

Asia-Pacific
China continues to be
the engine driving
M&A activity in Asia-
Pacific; however, Q2
saw significant interest
in Indian power and
utility assets.
Mile Huq,
US$5.2b
total deal value, a 27% increase from Q1 2019
US$1.9b
renewables deal value
Chart 11: Asia-Pacific deal value and volume by segment
“
Page 33
Largest deal in integrated segment
• Q2’s biggest transaction was led by IndiGrid, a portfolio
company of US-based private equity firms GIC Private
Limited and Kohlberg Kravis Roberts & Co. L.P, in a
deal that acquired US$0.8b of transmission assets from
Sterlite Power.
Sector convergence continues
• In a US$0.4b deal, Malaysian oil and gas company
Petroliam Nasional Berhad (PETRONAS) acquired
India’s Amplus Energy Solutions Private Limited, which
owns and operates distributed rooftop solar power
projects.
Transactions in generation continue
• Seven deals in generation (gas and coal) contributed a
disclosed deal value of US$0.8b. All but one of these
deals were done by utilities in China, India, Australia and
Kazakhstan.
0
10
20
30
40
50
60
0
5
10
15
20
25
Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019
Dealvalue(US$b)
Generation Integrated utility Energy services Renewables

Asia-Pacific
Investment in new technology drives the capital agenda
• The Government of South Australia plans to
build a 500 MW solar farm with a 250 MW
battery, requiring investment of US$1.2b.
• Europe’s Scatec Solar partnered with
Vietnamese company MT Energy to develop
three power plants totaling 485 MW in
Vietnam.
• Indian solar energy developer Avaada Energy
raised US$144m from the Asian Development
Bank, the German Development Finance
Institution (DEG) and Dutch development
finance company FMO to finance its 2.4 GW
solar energy portfolio.
More solar investment Innovation in charging solutions
boost EV progress
• The Bureau of Indian Standards (BIS) and
the Department of Science & Technology
(DST) have agreed to develop an
indigenous EV charging standard that will
reduce the cost of establishing charging
stations in India.
• Japanese utility TEPCO will use its poles to
install EV charging stations in Tokyo, an
innovation that will cut the costs and space
needed for next-generation infrastructure.
• Evie Networks, an Australia-based
developer of EV charging stations, and EV
Connect, a US-based provider of EV
charging solutions, are collaborating to build
an ultrafast highway charging network in
Australia, with more than 80 charging
stations across 42 sites.
• Japan, in partnership with California’s
AutoGrid, plans to develop the world’s largest
virtual power plant by aggregating 10,000
distributed energy assets.
• Toyota Motor Corporation is working with the
University of Tokyo and Japanese renewable
energy supplier TRENDE to test peer-to-peer
electricity trading using blockchain. Toshiba
Energy Systems & Solutions, in collaboration
with Tohoku Electric Power, is also exploring
use of the technology in peer-to-peer energy
trading.
Japan trials new technology
We take a global view, and in Australia we haven’t had investments in large-scale renewables for some time. We like
the energy sector and we are very experienced in it, but we do not see opportunities here that offer adequate
risk-adjusted returns.14
Michael Cummings,
Head of Australian and New Zealand Infrastructure Equity Funds, AMP Capital
“
Page 34
14Infrastructure Investor, 1 July 2019.
Energy policy paralysis in Australia
post elections
• Australia’s federal energy incoherence
continues to deter financial investors. The
recent re-election of the coalition
government may indicate the continuation of
the country’s business-as-usual scenario,
even as Australia is challenged by the
“trilemma” of balancing the affordability,
reliability and sustainability of its energy
supply.
UDAY 2.0 aims to improve health of
India’s discoms
• The second version of India’s Ujjwal
DISCOM Assurance Yojana (UDAY) aims to
improve the financial health of the state
electricity distribution companies (discoms).
Its focus will be on improving grid efficiency
and deploying new technologies. UDAY
2.0’s introduction comes as the state of
Andhra Pradesh announces that it will
negotiate tariff reductions with solar and
wind developers that had won contracts
through capacity auctions due to discoms’
poor financial health.

China was the region’s top
investment destination, with 19
deals totaling US$2.7b.
80% — US$4.3b — of deals were
domestic, and 83% of these
involved corporate investors.
Domestic deals dominate in a China-led quarter
Miles Huq,
Renewables continue to drive Asia-Pacific deal activity,
with China leading the way. Cross-border investments were
slow to pick up this quarter, but we expect transaction
activity within China to continue.
Asia-Pacific regional capital flows – Q2 2019 (US$b)
“
Page 35
Asia-Pacific
0.2
Japan
0.2
2.7
China
2.7
1.0
0.5
India
1.5
China Japan
Top investor countries
India Rest of the world
0.10.1
Australia
0.2
0.3
Thailand
0.3

Asia-Pacific
Top five Asia-Pacific deals – Q2 2019
Announcement
date
Target Target country/
bidder country
Bidder Deal value
(US$b)
28 March
China Power Clean
Energy Development
Co. Ltd. (73.58%
stake)
Greater China/
Greater China
China Power
International Holding
Limited
2.9
Aligns with bidder’s
strategy to expand its
renewables portfolio
and delist the target
company from the Hong
Kong Stock Exchange
Renewable
s
1 March
Ayana Renewable
Power Private Limited
India/UK
CDC Group plc;
National Investment and
Infrastructure Fund
(NIIF); EverSource
Capital Group
0.3
Furthers bidders’
strategy to expand into
India’s renewable energy
market
Renewable
s
22 February
Youngduk Wind
Power Co., Ltd.;
Yeong Yang Wind
Power Corporation
South Korea/South
Korea
SAMTAN Co., Ltd.;
Shinhan Alternative
Investment
Management Inc.
0.2
Supports investors’ plans
to expand into wind
energy
Renewable
s
7 March
Qinhuangdao Qinre
Electric Power Co.,
Ltd. (40% stake);
Hebei Zhanghewan
Storage Power
Generation Co., Ltd.
(45% stake)
Greater China/
Greater China
Jointo Energy
Investment Co., Ltd.
Hebei
0.2
Enables bidder to
consolidate market share
and enhance power
generation capacity
Generation
20 March
TBEA Xinjiang New
Energy Co., Ltd.
(15.02% stake)
Greater China/
Greater China
Bank of
Communications
Financial Asset
Investment Co., Ltd.
0.1
Improves the financing
capacities of Xinjiang
and supports the
development and
operation of wind and
solar projects
Renewable
s
Page 36
Harsh Shah,
CEO, IndiGrid
With these acquisitions,
IndiGrid’s assets under
management (AUM) have
increased close to three
times, from approximately
INR 3,800 crores to
approximately INR 10,660
crores, in a span of two
years since listing. With the
recent capital raise anchored
by KKR and GIC and the
framework agreement with
Sterlite Power, we will be
able to reach INR 17,000
crores of AUM and remain
well on our way to achieving
INR 30,000 crores of AUM
by 2022, while providing
predictable and growing
distributions to our
investors.15
“
15Business Wire, 9 May 2019.

Asia-Pacific
Note: Please see the appendix for information on the company assignment to each sub-segment.
The EY Asia-Pacific Utilities Index recorded a total
shareholder return (TSR) of -3.7% for the quarter,
underperforming the Nikkei 225, which slowed to 0.8%
during the same period.
1
Renewables was the best-performing segment in the
region, down just -0.8% and up significantly (23.8%) on a
year-to date (YTD) basis.
2
Gas utility was the worst-performing segment of the quarter,
with TSR of -6.2%. This was the lowest-performing segment
across all regions.
3
The EV/FY2 EBITDA of the sector was 10.9x, when
compared with the 10.8x two-year historic EV/FY2 EBITDA
multiple. On an EY/FY2 EBITDA basis, Asia-Pacific stocks
were the highest valued across all regions.
4
Page 37
Return over time — from base date
Chart 12: Total shareholder return by sub-segment
(1 January 2019 to 30 June 2019)
Generation and renewable assets traded at a premium
compared with the other segments in the region (15.0x and
12.8x EV/FY2 EBITDA, respectively).
5
70%
80%
90%
100%
110%
120%
130%
140%
150%
1/1/2019 1/31/2019 3/2/2019 4/1/2019 5/1/2019 5/31/2019 6/30/2019
Nikkei 225 TR (total return) % Large market capitalization integrated utility Medium and small capitalization integrated utility

Asia-Pacific
Page 38
segment returned a quarterly TSR of -2.8%, outperforming
the regional index average.
small market capitalization integrated traded at 10.0x, 5%
more than the two-year historic average multiple of 9.5x.
integrated
a quarterly TSR of -4.6%, marginally underperforming the
regional index average of -3.7%.
capitalization integrated traded at 8.6x, 9% more than the
Gas utility
Generation
Renewables
-4.6%
-2.8%
-6.2%
-3.0%
-0.8%
-6.1%
-3.7%
-3.4%
9.8%
13.0%
19.8%
23.8%
12.4%
13.4% 10.9x
8.8x
12.8x
15.0x
9.0x
10.0x
8.6x
• The generation segment returned a quarterly TSR of -3.0%,
marginally outperforming the regional index.
traded at 15.0x, which is the highest across all generation
segments globally.
Generation
• The gas utility segment returned a quarterly TSR of -6.2%,
the lowest across all segments globally.
traded at 9.0x, which is 7% less than the two-year historic
average multiple of 9.6x.
Gas utility
• The renewables segment returned a quarterly TSR of -
0.8%, the best of all Asia-Pacific segments.
traded at 12.8x, the highest among all renewable segments
globally.
Renewables
TSR of -6.1%, below the regional index average.
wastewater traded at 8.8x at Q2, which is 1% more than the
Year-to-date TSR
(from 1 January 2019 to
30 June 2019)
Q2
Quarter-to-date TSR
(from 1 April 2019 to
30 June 2019)
EV/FY2 EBITDA
(at 30 June 2019)*

Asia-Pacific
Rise in offshore wind partnerships
• The Government of Jiangsu and electricity generation company China Huaneng Group are partnering to develop an
offshore wind farm with a planned installed capacity of over 10,000 MW, requiring an investment of more than US$23.5b.
• The Indian Government and Danish Government have established an Indo-Danish center of excellence for renewable
energy in India, focusing on offshore wind.
• In Japan, Hitachi Zosen Corporation and Eco Power have formed a fifty-fifty joint venture (JV) to build and operate a 500
MW offshore wind farm.
Renewable integration boosts energy storage
• The Indian Government will invite bids for 40 GW battery plants with an investment of US$40b from 2019 to 2022.
• China also plans to deploy battery storage systems to increase the integration and utilization of renewable energy. The
China renewable energy and battery storage promotion project recently received US$300m from the World Bank.
• Australian energy company AGL announced that it will develop, own and operate a 250 MW pumped hydro energy
storage project in South Australia.
Smart meters roll out across the region
• The Indian Government is considering a plan to roll out 300 smart meters over three years, with potential subsidies to
cover costs.
• Australia’s Western Power plans to install approximately 238,000 smart meters as part of its meter replacement and
installation program.
• Japanese conglomerate Marubeni, together with Kansai Electric Power and Chubu Electric Power, are forming a JV with
Manila Electric Company to construct a smart grid comprised of 45 km of power lines and 30,000 electricity meters in a
new city in the Philippines.
We are very pleased to be a member of
the partnership involved in realizing the
first floating offshore wind farm in Asia.
If we succeed in realizing the project,
the Donghae floating offshore wind
project will be the world’s biggest
floating wind farm.17
Stephen Bull
Senior Vice President, Equinor
US$6b
Asia-Pacific’s investment in battery
energy storage by 2023 — making it the
largest market in the world16
“
Page 39
16 Smart Energy International, 2 May 2019.
17Equinor, 11 July 2019.

Asia-Pacific
EY Asia-Pacific Transaction Advisory Services P&U contacts
Global P&U TAS Leader Oceania P&U TAS Leader ASEAN P&U TAS Leader Greater China P&U TAS Leader
Miles Huq Nick Cardno Gilles Pascual Alex Zhu
+1 410 783 3735
miles.huq@ey.com
+61 2 9248 4817
nick.cardno@au.ey.com
+65 6309 6208
gilles.pascual@sg.ey.com
+86 10 5815 3891 alex.zhu@cn.ey.com
India P&U TAS Leader Japan P&U TAS Leader Korea P&U TAS Leader
Somesh Kumar Yo Takehana Bum Choong Kim
+91 11 4731 8270
somesh.kumar@in.ey.com
+81 3 4582 6623 yo.takehana@jp.ey.com +82 2 3787 4107
bum-choong.kim@kr.ey.com
Page 40

Africa and the
Middle East
Investments in grid
modernization and off-grid
systems

additional wind capacity to be
installed in the Kingdom of
Saudi Arabia (KSA) by 2028
tender launched by Dubai
Electricity and Water Authority
(DEWA) for the fifth phase of
Dubai’s solar project
6.2 GW
900 MW
Chart 13: Africa and the Middle East cumulative installed capacity of small-
scale PV (GW)
Source: Bloomberg New Energy Finance
Source: EY analysis based on publicly disclosed data
Chart 14: Africa and the Middle East deal value
(announced asset and corporate level deals, 2010–1H2019)
Page 42
Financial investors signal confidence in African renewables
• Chinese state-owned investment fund Silk Road Fund acquired a 49% stake in ACWA
Power Renewable Energy Holding Ltd., which will own concentrated solar power (CSP),
solar photovoltaic (PV) and wind assets across the United Arab Emirates (UAE), South
Africa, Jordan, Egypt and Morocco, with a total capacity of 1,668 MW.
• US-based off-grid investor Persistent Energy Capital and Nigerian private equity firm
Verod Capital Management invested US$10m in Africa’s Daystar Power, an off-grid solar
energy developer, to accelerate its expansion for commercial and industrial customers.
More investment in Middle Eastern solar
• DEWA launched a tender for the fifth phase of the 900 MW Mohammed bin Rashid Al
Maktoum solar project, which will be commissioned in the first half of 2020.
• Egypt’s Intro Energy plans to invest US$100m in building approximately 35 MW of solar
PV plants across the country over the next three years.
Setbacks in move toward cost-reflective pricing
• Lebanon’s electricity reform package to reduce electricity subsidies to cut public debt
has been stalled by a legal appeal against the changes.
• South Africa’s Eskom continues to face huge debt and operational issues, despite
regulatory efforts to increase tariffs. A recent US$4.8b government bailout to the utility,
which supplies 90% of South Africa’s power, may need to be topped up with more
support or additional tariff increases.
0.8 1.1 1.5 2.5 3.6
12.6
36.3
2016 2017 2018 2019F 2020F 2025F 2030F
0.1 0.2
0.7
0.3 0.5
2.6
5.8
1.3 1.2
0.6
2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019
US$b
Year

Grid infrastructure upgrades remain a priority
Distributed generation projects aim to increase electrification
• The World Bank and French development agency AFD have provided US$106m for the
rehabilitation and extension of Guinea’s Conakry power grid.
• The New Development Bank announced a US$180m financing facility to Eskom
Holdings to support the development of grid connection infrastructure for renewable
energy projects in South Africa.
• Egyptian Electricity Transmission Company (EETC) is planning to invest US$1.2b in grid
modernization in the 2020 financial year.
Focus on distributed generation solutions, renewables and grid modernization
The potential for electrification is huge, not only in the context of rural
electrification but also for companies wishing to have their own reliable
electricity network, such as banks and their networks of agencies, distributors,
electricity suppliers, etc. We need to help them support their current supply
with mini-grid systems.18
Paul-Francois Cattier,
Director of Economic Development for Africa and Middle-East Region, Schneider Electric
• Ignite Power, a solar energy provider and financier, has announced plans to install a pay-as-you-go off-grid energy solution that
offers a combined 10 to 15 watt solar panel and battery to 3.8 million people in Mozambique and Sierra Leone.
• African Enterprise Challenge Fund (AECF), set up by the UK Government, has invested US$20.8m to support the provision of off-
grid solar energy in five African countries.
• Japan’s Marubeni Corporation has invested US$26m in Azure Technologies, a UK-based company providing solar home systems in
Africa.
• The African Development Bank (AfDB) will provide a US$400m debt facility to support the development of small-scale renewable
power and mini-grid projects across Africa. AfDB has also offered a US$20m loan to support green mini-grid solutions of
approximately 10 MW capacity for off-grid cities in northern Democratic Republic of Congo.
• The Portuguese utility EDP is investing US$13.4m through its Access to Energy (A2E) fund to support the development of mini-grids
in Africa.
• French utility ENGIE plans to develop 2,000 mini-grids by 2025, which will supply electricity to
2.5 million people across Africa.
“
Page 43
Increased interest in African geothermal resources
• Between 2021 and 2025, the Tanzanian Government will develop seven geothermal
plants with a total capacity of 200 MW and for a total investment of US$182m.
• Reykjavik Geothermal, a power developer backed by Paris-based investor Paul Tudor
Jones II, has launched a US$4.4b geothermal exploration project in Ethiopia as part of a
long-tem plan to develop
1 GW of geothermal energy.
• The Ethiopian Council of Ministers is considering a legislative proposal to encourage
independent power producers (IPPs) to invest in geothermal energy production by easing
the registration and licensing process and providing incentives for participation.
40 GW of solar energy capacity in
Saudi Arabia by 2030
18Africa Oil and Power, 19 June 2019.

Fundamental change is coming to the Middle East’s energy sector. The
region is fast adopting new technologies — smart meters, EVs and
renewables. The question is — can the region’s state-owned, vertically
integrated utilities adapt in time? Utilities not only need to build the
right operating and business models but also need to develop new skills
and capabilities.
Serge Colle,
EY Global Power & Utilities Advisory Leader
2,400 MW
renewable energy capacity to be installed in Jordan by
2021
Solar projects continue and wind investment is on the rise
• Petrochemical manufacturer SABIC plans to construct a 300 MW solar photovoltaic project in Yanbu, KSA.
• UAE-based Amea Power has announced that it will develop a 50 MW solar power plant in Jordan, backed by
US$59.2m of funding from Dutch development bank FMO and DEG, a unit of German development bank KfW.
• Oman Power and Water Procurement Company (OPWP) will invest US$1b to build a 300 MW wind-based IPP in
Duqm, Oman.
• The Renewable Energy Project Development Office (REPDO) of KSA plans to install 850 MW of wind capacity in
2019, which is expected to be commissioned in 2021 through 2022.
Renewables expansion drives grid and network investment in the Middle East
Ongoing investments to upgrade networks
• The Iraq Government is moving ahead with a four-year US$14b road map to increase installed generation
capacity and upgrade network infrastructure. While negotiations continue over specific projects, Siemens has
secured US$785m of contracts in a landmark deal.
• DEWA will partner with Canadian smart grid solutions company Enbala to build the
first virtual power plant in the region. The project aims to integrate distributed
energy resources (DERs) and provide energy balancing, frequency regulation and peak shaving services.
• Turkey aims to invest US$11b in energy efficiency over the next five years, with a focus on reducing demand
to decrease pressure on the grid. The Government also plans significant investment in increasing the
resilience of grid infrastructure.
• German solar equipment manufacturer Schmid Group, along with Saudi-based companies Nusaned
Investment and RIWAQ, signed a Memorandum of Understanding (MoU) to build a utility-scale energy
storage manufacturing facility in KSA. These storage systems will be critical to maintain the KSA’s grid
reliability as increasing amounts of renewable energy capacity are connected to the network.
Page 44
“

Bidder company/country Target country Project description Segment
Silk Road Fund/China KSA Silk Road Fund has bought a 49% stake in ACWA Power RenewCo,
strengthening strategic ties between KSA and China, particularly in
renewable investment
Renewables
Ministry of Energy, Industry and Mineral
Resources/KSA
KSA Bidder will develop seven greenfield solar PV projects with a
combined capacity of around 1.5 GW
Renewables
Dubai Electricity and Water Authority
(DEWA)/UAE
Dubai DEWA will develop a 900 MW solar PV project as the fifth phase of
the Mohammed bin Rashid Al Maktoum Solar Park
Renewables
Labacorp Power Company/US Zimbabwe Bidder proposes to develop a 900 MW solar plant to feed electricity
into the grid
Renewables
The Ministry of Electricity/Iraq Iraq The Ministry plans to develop 755 MW of solar PV capacity to
become operational by 2020
Renewables
Top five Africa and the Middle East greenfield investments – Q2 2019
Page 45

Improving economics will drive microgrid deployment
• Across Africa, microgrid deployment will expand as a cheap solution to providing power to customers. Falling
costs, new technologies and a favorable operating environment have already enabled connection of 490
million people to these mini-grids. The cost of microgrid technology fell 9.7% from 2010 until 2018 and is
expected to fall by a further 2.4% by 2030.
• Nigerian firm Arnergy Solar recently raised US$9m to deploy solar and storage microgrid systems across
Africa.
• Also in Nigeria, local engineering company EM-ONE Energy Solutions will collaborate with Schneider Electric
to jointly produce microgrids in the country.
Renewables will continue to gain traction
• Over the next five years, the Madagascar Government and French company Tryba Energy will develop solar
power plants with a total capacity of 150 MW to improve the country’s electrification rates.
• MCX Environmental Energy Corporation, a US company specializing in renewable energy production, will build
a 30 MW solar PV park in western Kenya in late 2019.
• Saudi construction company alfanar aims to set up a 250 MW wind farm in Egypt by 2021, with a required
investment of US$250m.
• Zimbabwe’s Guarantee Risk Solar Energy and South Africa’s Bushveld Energy will develop three solar PV
power projects with a combined capacity of 250 MW.
• The Government of Lebanon announced plans to increase electricity production from
2 GW to 5.6 GW by 2030 with 30% coming from renewable energy sources. The plan
also envisages 170 MW of solar power and 200 MW of wind power being added to the grid by 2020.
4,000
microgrids planned for Africa — more than
half the total 7,507 mini-grids in development
globally
Page 46
Beyond the fact that there’s a moral duty
to provide all these people with
electricity, this may be considered also as
a huge business, as the sort of famous
billionth client that we are waiting for.
It’s a huge market, but this market has
still to be reached.19
Lamberto Dai Prà,
Head of Africa, Asia and the Pacific, Enel Green Power
“
19Climate Change News, 13 March 2019.

EY Africa and the Middle East Transaction Advisory Services P&U contacts
Page 47
Global P&U TAS Leader Middle East P&U TAS Leader Africa P&U TAS Leader
Miles Huq Taher Majidi Johan Greyling
+1 410 783 3735
miles.huq@ey.com
+971 4701 0773
taher.majidi@ae.ey.com
+27 11 772 4219
johan.greyling@za.ey.com

Appendix: Definitions
Company segment definitions
Segment EY definition
Large market capitalization Utilities with market capitalization more than US$10b and engaged in multiple segments of the power value chain — generation, T&D, and
retail, or T&D and retail — and utilities that have T&D business and substantial presence in other segments, as well as from the perspective of
revenues
Medium and small market capitalization Utilities with market capitalization less than US$10b and engaged in multiple segments of the power value chain — generation, T&D, and retail,
or T&D and retail — and utilities that have T&D business and substantial presence in other segments, as well as from the perspective of
revenues
Gas Utilities that generate the majority of their revenues from downstream gas, including transmission, distribution and the sale of gas as an energy
source
Generation Utilities that generate the majority of their revenues from power production through large centralized (nonrenewable) sources, including coal,
gas, oil, large hydro and nuclear, and are also involved in selling power to customers
Renewables Utilities that are engaged in generating power from centralized or distributed renewable energy sources, including solar, wind and small hydro
Water and wastewater Utilities that manage water and wastewater networks and engage in the distribution, supply or treatment of water and wastewater
Page 49

Americas company segment tagging for valuations analysis
Large market capitalization
integrated
Alliant Energy Corporation
Ameren Corporation
American Electric Power Company, Inc.
An integrated utility based in Pennsylvania
Avangrid, Inc.
CenterPoint Energy, Inc.
CMS Energy Corporation
Consolidated Edison, Inc.
Dominion Energy, Inc.
Duke Energy Corporation
Edison International
Entergy Corporation
Evergy, Inc.
Eversource Energy
Exelon Corporation
FirstEnergy Corp.
Fortis Inc.
NextEra Energy, Inc.
PG&E Corporation
Pinnacle West Capital Corporation
Public Service Enterprise Group Incorporated
Sempra Energy
Southern Company
WEC Energy Group, Inc.
Xcel Energy Inc.
Appendix: Americas
integrated (cont.)
Black Hills Corporation
Canadian Utilities Limited
CELSIA S.A. E.S.P.
Companhia Energética de Minas Gerais
Companhia Energética do Ceará – Coelce
Companhia Energética do Maranhão – CEMAR
Companhia Energética do Rio Grande do Norte – COSERN
Companhia Paranaense de Energia – COPEL
Companhia de Eletricidade do Estado da Bahia – COELBA
Compañía General de Electricidad S.A.
CPFL Energia S.A.
DTE Energy Company
EDP - Energias do Brasil S.A.
El Paso Electric Company
Elektro Redes S.A.
Eletropaulo Metropolitana Eletricidade de São Paulo S.A.
Emera Incorporated
Empresa de Energia del Pacifico S.A. E.S.P.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
Enel Chile S.A.
Enel Distribucion Chile S.A.
Energisa S.A.
Equatorial Energia S.A.
Hawaiian Electric Industries, Inc.
Hydro One Limited
IDACORP, Inc.
Interconexión Eléctrica S.A. E.S.P.
MDU Resources Group, Inc.
MGE Energy, Inc.
NextEra Energy Partners, LP
NorthWestern Corporation
Otter Tail Corporation
Pampa Energía S.A.
PNM Resources, Inc.
Gas
AltaGas Canada Inc.
AltaGas Ltd.
Atmos Energy Corporation
Chesapeake Utilities Corporation
National Fuel Gas Company
New Jersey Resources Corporation
NiSource Inc.
Northwest Natural Holding Company
ONE Gas, Inc.
South Jersey Industries, Inc.
Southwest Gas Holdings, Inc.
TC Energy Corporation
UGI Corporation
Valener Inc.
Generation
Capital Power Corporation
Centrais Elétricas de Santa Catarina S.A.
Centrais Elétricas do Pará S.A.
CESP - Companhia Energética de São Paulo
Enel Generación Peru S.A.A.
Engie Energia Chile S.A.
Just Energy Group Inc.
NRG Energy, Inc.
OGE Energy Corp.
The AES Corporation
TransAlta Corporation
Vistra Energy Corp.
Renewables
AES Tietê Energia S.A.
Boralex Inc.
Brookfield Renewable Partners L.P.
Canadian Solar Inc.
Clearway Energy, Inc.
CPFL Energias Renováveis S.A.
ENGIE Brasil Energia S.A.
Innergex Renewable Energy Inc.
Northland Power Inc.
Omega Geração S.A.
Ormat Technologies, Inc.
Pattern Energy Group Inc.
SunPower Corporation
Sunrun Inc.
TerraForm Power, Inc.
TransAlta Renewables Inc.
Vivint Solar, Inc.
Aguas Andinas S.A.
American States Water Company
American Water Works Company, Inc.
Aqua America, Inc.
California Water Service Group
Companhia Catarinense de Águas e Saneamento – CASAN
Companhia de Saneamento de Minas Gerais
Companhia de Saneamento do Paraná – SANEPAR
Connecticut Water Service, Inc.
Covanta Holding Corporation
Inversiones Aguas Metropolitanas S.A.
Middlesex Water Company
Republic Services, Inc.
SJW Group
Page 50
integrated
Algonquin Power & Utilities Corp.
ALLETE, Inc.
Alupar Investimento S.A.
ATCO Ltd.
Avista Corporation
integrated (cont.)
Portland General Electric Company
Transmissora Aliança de Energia Elétrica S.A.
Unitil Corporation

Europe company segment tagging for valuations analysis
integrated
CEZ, a. s.
E.ON SE
EDP - Energias de Portugal, S.A.
Electricité de France S.A.
Endesa, S.A.
Enel SpA
ENGIE SA
Fortum Oyj
Iberdrola, S.A.
innogy SE
National Grid plc
Ørsted A/S
Red Eléctrica Corporación, S.A.
RWE Aktiengesellschaft
SSE plc
Terna - Rete Elettrica Nazionale Società per Azioni
VERBUND AG
integrated
Acciona, S.A.
Acea S.p.A.
Alpiq Holding AG
BKW AG
Budapesti Elektromos Muvek Nyrt.
Caribbean Utilities Company, Ltd.
Centrica plc
Drax Group plc
Elia System Operator SA
Enagás, S.A.
EnBW Energie Baden-Württemberg AG
ENEA S.A.
Energa SA
Energiedienst Holding AG
Energijos Skirstymo Operatorius AB
Enerjisa Enerji A.S.
Hera S.p.A.
Mainova AG
MVV Energie AG
PGE Polska Grupa Energetyczna S.A.
Public Joint Stock Company Inter RAO UES
Public Joint Stock Company Mosenergo
Public Joint-Stock Company Federal Grid Company of Unified
Energy System
Public Joint-Stock Company Lenenergo
Public Joint-Stock Company Moscow United Electric Grid
Company
REN - Redes Energéticas Nacionais, SGPS, S.A.
Rosseti, Public Joint Stock Company
Signify N.V.
TAURON Polska Energia S.A.
Gas
Italgas S.p.A.
Naturgy Energy Group, S.A.
Rubis
Snam S.p.A.
Generation
A2A S.p.A.
ContourGlobal plc
Irkutsk Public Joint Stock Company of Energetics and
Electrification
Public Joint Stock Company Territorial Generating Company
No. 1
Public Joint-Stock Company Enel Russia
Public Joint-Stock Company Federal Hydro-Generating
Company - RusHydro
Public Joint-Stock Company Unipro
S.N. Nuclearelectrica S.A.
Uniper SE
Renewables
Albioma
Atlantica Yield plc
EDP Renováveis, S.A.
Encavis AG
Falck Renewables S.p.A.
Scatec Solar ASA
Terna Energy Societe Anonyme Commercial Technical
Company
Voltalia SA
AquaVenture Holdings Limited
Pennon Group Plc
Severn Trent Plc
Suez SA
United Utilities Group PLC
Veolia Environnement S.A.
Appendix: Europe
Page 51

Asia-Pacific company segment tagging for valuations analysis
integrated
Chubu Electric Power Company, Incorporated
CLP Holdings Limited
Huaneng Power International, Inc.
Korea Electric Power Corporation
NTPC Limited
Power Grid Corporation of India Limited
Tenaga Nasional Berhad
The Kansai Electric Power Company, Incorporated
integrated (cont.)
The Okinawa Electric Power Company, Incorporated
The Tata Power Company Limited
Tohoku Electric Power Company, Incorporated
Tokyo Electric Power Company Holdings, Incorporated
Trustpower Limited
Vector Limited
Xinjiang Tianfu Energy Co., Ltd.
Gas
APA Group
China Gas Holdings Limited
ENN Energy Holdings Limited
Indraprastha Gas Limited
Korea Gas Corporation
Osaka Gas Co., Ltd.
PT Perusahaan Gas Negara Tbk
Shaanxi Provincial Natural Gas Co., Ltd
Shanghai Dazhong Public Utilities(Group) Co., Ltd.
Shenzhen Gas Corporation Ltd.
Shizuoka Gas Co., Ltd.
Toho Gas Co., Ltd.
Tokyo Gas Co., Ltd.
Towngas China Company Limited
Xinjiang Xintai Natural Gas Co., Ltd.
Zhongyu Gas Holdings Limited
Generation (cont.)
Guangdong Electric Power Development Co., Ltd.
Guangxi Guiguan Electric PowerCo., Ltd.
Guodian Changyuan Electric Power Co., Ltd.
Henan Yuneng Holdings Co., Ltd.
Huadian Fuxin Energy Corporation Limited
Hubei Energy Group Co., Ltd.
Jiangsu Guoxin Corp. Ltd.
Jiangxi Ganneng Co., Ltd.
Jointo Energy Investment Co., ltd. Hebei.
Malakoff Corporation Berhad
Ratch Group Public Company Limited
Shanghai Electric Power Company Limited
Shenergy Company Limited
Shenzhen Nanshan Power Co., Ltd.
Sichuan Minjiang Hydropower Co., Ltd.
SJVN Limited
Taiwan Cogeneration Corporation
The Hong Kong and China Gas Company Limited
Zhejiang Zheneng Electric Power Co., Ltd.
Renewables (cont.)
NHPC Limited
Ning Xia Yin Xing Energy Co., Ltd.
Ningxia Jiaze Renewables Corporation Limited
Tunghsu Azure Renewable Energy Co., Ltd.
Zhongmin Energy Co., Ltd.
Anhui Guozhen Environment Protection Technology Joint Stock Co.,
Limited
Beijing Enterprises Water Group Limited
Beijing Originwater Technology Co., Ltd.
Beijing Water Business Doctor Co., Ltd.
Chengdu Xingrong Environment Co., Ltd.
China Everbright Water Limited
China Water Affairs Group Limited
Chongqing Water Group Co., Ltd.
Daiseki Co., Ltd.
Eastern Water Resources Development and Management Public
Company Limited
Guangdong Investment Limited
Guangxi Nanning Waterworks Co., Ltd.
Heilongjiang Interchina Water Treatment Co., Ltd.
Jiangsu Jiangnan Water Co., Ltd.
Jiangxi Hongcheng Waterworks Co., Ltd.
Luenmei Quantum Co., Ltd
Manila Water Company, Inc.
Qian Jiang Water Resources Development Co., Ltd.
SafBon Water Service (Holding) Inc., Shanghai
SIIC Environment Holdings Ltd.
TTW Public Company Limited
Tus Environmental Science and Technology Development Co., Ltd.
Wuhan Sanzhen Industry Holding Co., Ltd
Zhongshan Public Utilities Group Co., Ltd.
Appendix: Asia-Pacific
Page 52
integrated
AGL Energy Limited
AusNet Services Ltd.
CESC Limited
Chongqing Fuling Electric Power Industrial Co., Ltd.
Contact Energy Limited
Electric Power Development Co., Ltd.
First Philippine Holdings Corporation
Fujian Mindong Electric Power Limited Company
Genesis Energy Limited
HK Electric Investments and HK Electric Investments Limited
Hokkaido Electric Power Company, Incorporated
Hokuriku Electric Power Company
Huadian Power International Corporation Limited
Huaneng Renewables Corporation Limited
India Grid Trust
Infratil Limited
JSW Energy Limited
Kyushu Electric Power Company, Incorporated
Origin Energy Limited
Shikoku Electric Power Company, Incorporated
The Chugoku Electric Power Co., Inc.
Generation
An Hui Wenergy Company Limited
Beijing Jingneng Clean Energy Co., Limited
Beijing Jingneng Power Co., Ltd.
CGN New Energy Holdings Co., Ltd.
China Power International Development Limited
Datang International Power Generation Co., Ltd.
Global Power Synergy Public Company Limited
Renewables
BCPG Public Company Limited
Beijing Enterprises Clean Energy Group Limited
Canvest Environmental Protection Group Company Limited
CECEP Wind-power Corporation Co., Ltd.
China Datang Corporation Renewable Power Co., Limited
China Everbright Greentech Limited
CK Power Public Company Limited
eREX Co., Ltd.
First Gen Corporation
GEPIC Energy Development Co., Ltd.
GuiZhou QianYuan Power Co., Ltd.
Kaidi Ecological and Environmental Technology Co., Ltd.
Mercury NZ Limited
Meridian Energy Limited

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