Electricity, gas, and water utilities are the companies that keep daily life running: lights on, heating working, and clean water flowing. This Top 100 utility companies list ranks the largest utility companies in the world by market capitalization in 2026, making it easy to see which companies dominate the global utilities sector.

The list includes major electric utilities, gas utilities, and water utilities, from regulated grid operators to large-scale power generators. It also highlights a few state-owned giants where market cap doesn’t fully apply, because they can be bigger in real-world scale than many listed companies. Use this ranking as a fast reference for the world’s biggest utility companies and the key players shaping energy infrastructure worldwide.

By market capitalization: the world’s largest utility companies

1. State Grid Corporation of China — China

The State Grid Corporation of China is the largest utility company in the world by revenue, assets, and customers. It operates most of China’s national electricity transmission and distribution network, serving over one billion people. Entirely state-owned, it plays a strategic role in China’s energy security and industrial policy. The company is also a global leader in ultra-high-voltage (UHV) transmission technology, exporting grid expertise and investing in power infrastructure projects across Asia, Europe, and South America.

2. China Southern Power Grid — China

China Southern Power Grid manages electricity transmission and distribution across southern China, covering major industrial provinces such as Guangdong and Yunnan. While smaller than State Grid, it is still one of the largest utilities on Earth by customers and electricity volume. It is fully state-owned and not publicly listed. The company is particularly important for integrating large-scale hydropower and renewable energy from western China into coastal economic hubs.

3. NextEra Energy — United States

NextEra Energy is the largest publicly traded utility in the world by market capitalization. Based in Florida, it operates regulated electric utilities (Florida Power & Light) while also being the world’s biggest producer of wind and solar energy through its NextEra Energy Resources arm. The company is often cited as a model for combining regulated utility stability with aggressive renewable energy investment at scale.

4. Iberdrola — Spain

Iberdrola is a global energy powerhouse headquartered in Spain, with major operations in the UK, US, Brazil, and Mexico. It is one of the largest renewable-focused utilities in the world, especially strong in onshore and offshore wind power. Iberdrola was an early mover in renewables, which helped it build scale ahead of many competitors. Its international footprint makes it less dependent on any single national market.

5. Constellation Energy — United States

Constellation Energy is the largest producer of nuclear power in the United States, supplying carbon-free electricity to utilities, corporations, and governments. Spun off from Exelon, it focuses on generation rather than retail distribution. Its nuclear fleet gives it a unique position in decarbonization debates, as nuclear provides reliable baseload power without direct emissions.

6. Enel — Italy

Enel is Italy’s dominant utility and one of the largest integrated energy companies in the world. It operates across Europe, Latin America, and parts of North America, covering generation, distribution, and retail electricity. Enel is also a major global renewable player through Enel Green Power, with strong positions in solar, wind, and geothermal energy.

7. Southern Company — United States

Southern Company is a major regulated utility serving the southeastern United States. It owns several well-known utilities, including Alabama Power and Georgia Power. The company is notable for operating one of the largest nuclear fleets in the US and for completing the Vogtle nuclear expansion – one of the most complex energy infrastructure projects in recent US history.

8. China Yangtze Power — China

China Yangtze Power is the world’s largest hydropower company, owning and operating massive dams along the Yangtze River, including the Three Gorges Dam. Unlike China’s grid operators, it is publicly listed. Its revenues are closely tied to hydrological conditions, making water flow a critical business factor. The company plays a central role in China’s low-carbon electricity supply.

9. Duke Energy — United States

Duke Energy serves millions of customers across the Midwest and Southeast US. It operates a diversified generation mix including nuclear, natural gas, renewables, and legacy coal assets. Duke is gradually transitioning its portfolio toward cleaner energy while maintaining one of the largest regulated customer bases in the country.

10. TAQA — United Arab Emirates

TAQA (Abu Dhabi National Energy Company) is a diversified utility with operations spanning power generation, water desalination, oil & gas, and international energy assets. Backed by the Abu Dhabi government, it combines state influence with public market access. TAQA plays a major role in providing electricity and water across the UAE and in expanding energy investments abroad.

11. National Grid — United Kingdom

National Grid owns and operates the high-voltage electricity transmission system in England and Wales and major gas infrastructure in the UK and US. Unlike retail utilities, it focuses on backbone infrastructure rather than power generation. Its earnings are largely regulated, making it a core defensive asset in energy markets.

12. ENGIE — France

ENGIE is a global utility active in electricity, natural gas, energy services, and renewables. It has shifted significantly away from coal over the past decade and now positions itself as a leader in low-carbon energy systems, district heating, and industrial energy solutions. ENGIE operates across Europe, the Americas, and Asia.

13. E.ON — Germany

E.ON is one of Europe’s largest electricity distribution and energy retail companies. After restructuring, it largely exited conventional power generation to focus on grids, customer solutions, and retail energy services. The company plays a central role in Germany’s energy transition by managing infrastructure needed for renewables integration.

14. Dominion Energy — United States

Dominion Energy provides electricity and natural gas to customers primarily in Virginia and the Carolinas. It operates nuclear plants, gas infrastructure, and regulated utilities. Dominion is also involved in major energy infrastructure projects, including offshore wind development on the US East Coast.

15. Xcel Energy — United States

Xcel Energy serves customers across eight US states and is widely recognized for its early and aggressive renewable energy targets. It was one of the first major US utilities to commit to 100% carbon-free electricity by mid-century. Its service territory includes some of the best wind resources in North America.

16. Entergy — United States

Entergy operates electric utilities across the Gulf South, including Louisiana, Arkansas, Mississippi, and Texas. It owns a large nuclear fleet and plays a key role in storm recovery and grid resilience, given its exposure to hurricanes and extreme weather events in the region.

17. Dubai Electricity and Water Authority — United Arab Emirates

DEWA is the sole provider of electricity and water in Dubai. Although government-controlled, it is publicly listed and known for exceptionally high operational efficiency. DEWA also operates one of the world’s largest solar parks, supporting Dubai’s long-term clean energy strategy.

18. SSE — United Kingdom

SSE is a major UK utility focused on electricity networks, renewable generation, and flexible power assets. It is particularly strong in wind power, including offshore wind projects in the North Sea. SSE has steadily narrowed its focus to electricity as gas becomes less central to its strategy.

19. Endesa — Spain

Endesa is Spain’s largest electricity utility, majority-owned by Enel. Its operations are heavily concentrated in Spain and Portugal, covering generation, distribution, and retail. Endesa has been rapidly closing coal plants and expanding renewable capacity to align with European climate targets.

20. ACWA Power — Saudi Arabia

ACWA Power develops, owns, and operates power generation and water desalination plants, often through long-term public-private partnerships. It is especially active in the Middle East, Africa, and Asia. The company is notable for building large-scale solar and desalination projects in harsh environments.

21. WEC Energy Group — United States

WEC Energy Group provides electricity and natural gas across the US Midwest, particularly in Wisconsin and Illinois. Known for stable regulation and conservative financial management, it is often viewed as a benchmark for reliable utility operations with moderate growth.

22. Naturgy — Spain

Naturgy is a major player in natural gas distribution and electricity generation, with operations in Spain, Latin America, and other regions. Historically gas-focused, the company is repositioning toward renewables while maintaining its importance in gas supply and LNG infrastructure.

23. DTE Energy — United States

DTE Energy serves electric and gas customers primarily in Michigan. Alongside its regulated utility business, it has a growing non-utility energy segment focused on renewables, storage, and industrial energy services. DTE plays a critical role in Detroit’s regional energy system.

24. Atmos Energy — United States

Atmos Energy is one of the largest pure-play natural gas utilities in the US, serving customers across several states. Unlike electric utilities, its business is tightly focused on gas distribution and pipeline infrastructure, giving it a distinct risk and regulatory profile.

25. Eversource Energy — United States

Eversource Energy operates electric, gas, and water utilities across New England. It is heavily involved in grid modernization and offshore wind transmission, reflecting the region’s push toward decarbonization. Its dense urban service areas make reliability and resilience especially critical.

26. Fortis — Canada

Fortis is one of North America’s most “boring in a good way” utilities: mostly regulated electric and gas networks with predictable cash flows. It owns utilities across Canada, the United States, and the Caribbean, and tends to prioritize steady grid investment over flashy generation bets. Fortis as an infrastructure operator first – wires, poles, pipes, and reliability.

27. American Water Works — United States

American Water Works is the largest publicly traded water and wastewater utility in the US. Its business is less about power plants and more about treatment facilities, pipelines, and compliance with increasingly strict water standards. A key point: water utilities often grow through acquiring smaller municipal systems – American Water has been one of the most active consolidators in that space.

28. Verbund — Austria

Verbund is Austria’s dominant electricity company and a standout in Europe for one reason: hydropower. A large share of its generation comes from Alpine hydro assets, giving it relatively low-carbon electricity. It also operates important transmission and trading activities, so it isn’t just a “dams company” – it’s central to Austria’s power system and regional energy flows.

29. Eletrobrás — Brazil

Eletrobrás is Brazil’s historic electricity giant and still a major owner/operator of generation and transmission assets across the country. Its footprint includes large hydropower resources, which matter hugely in Brazil. The company has gone through major restructuring and ownership changes in recent years – so it’s often discussed as much for governance and reform as for engineering.

30. Edison International — United States

Edison International is best known as the parent of Southern California Edison, one of the largest electric utilities in the US. It serves a massive customer base in a region that’s pushing hard on electrification (EVs, heat pumps, grid upgrades). A special context here: California utilities face unusually complex wildfire and liability risks, which strongly shapes Edison’s strategy and investment priorities.

31. Hydro One — Canada

Hydro One is Ontario’s primary electricity transmission company and a major distribution utility. If you imagine the “electric highways” that move power across a province, Hydro One runs a lot of them. It’s a classic regulated network utility: growth is driven mostly by capital investment in grid upgrades rather than big swings in commodity prices.

32. Tenaga Nasional — Malaysia

Tenaga Nasional (often called TNB) is Malaysia’s national electricity champion, spanning generation, transmission, and distribution. It’s central to powering Malaysia’s industry and cities, and it also has meaningful activities outside Malaysia through subsidiaries and investments. Because of its national importance, its decisions often align closely with Malaysia’s broader energy policy goals.

33. CMS Energy — United States

CMS Energy, through its main utility Consumers Energy, provides electricity and natural gas primarily in Michigan. It’s often recognized for a relatively clear transition plan: retiring coal, expanding renewables, and modernizing the grid. CMS is a good example of a mid-sized US utility balancing reliability, affordability, and decarbonization under state regulation.

34. NiSource — United States

NiSource is a major regulated utility holding company with strong exposure to natural gas distribution as well as electric operations, particularly in the Midwest. Its business mix makes it heavily tied to pipeline safety, modernization, and regulatory approvals. If you’re studying “gas utilities” specifically, NiSource is one of the names that comes up a lot.

35. EDP Group — Portugal

EDP (Energias de Portugal) is Portugal’s flagship utility and a genuinely global operator, with significant positions in Iberia, Brazil, and parts of North America. It’s known for shifting aggressively toward renewables and networks. Many people know EDP through its renewable arm, EDP Renováveis, but the group as a whole combines power generation, grid operations, and energy retail.

36. KEPCO — Japan

KEPCO (Kansai Electric Power Company) is one of Japan’s major regional utilities, serving the Kansai area (including Osaka/Kyoto). It operates a mix of thermal power, hydro, and nuclear-related assets (within Japan’s regulatory constraints). KEPCO is important for understanding Japan’s electricity market because it represents the country’s long-standing regional utility structure.

37. Evergy — United States

Evergy serves customers mainly in Kansas and Missouri and was formed by a merger that created a larger regional utility footprint. Its story is largely about regulated electric service, grid investment, and gradual generation portfolio change over time. Evergy is a clean example of a “Heartland utility” where reliability and cost control are constant priorities.

38. Alliant Energy — United States

Alliant Energy provides electric and gas service primarily in Iowa and Wisconsin. It has spent years reshaping its generation mix – less coal, more renewables and gas – while keeping a strong regulated utility base. One practical way to describe Alliant: it’s a regionally focused utility that tries to deliver steady execution rather than dramatic expansion.

39. Power Assets — Hong Kong

Power Assets Holdings is a Hong Kong-listed utility investor/operator with a portfolio that extends beyond Hong Kong into the UK, Australia, and elsewhere. It’s not “just one utility” – it’s more like a utility ownership platform, holding stakes in regulated energy businesses. That structure is part of why investors often treat it differently from a single-country operating utility.

40. Osaka Gas — Japan

Osaka Gas is one of Japan’s largest city gas utilities, serving the Kansai region. While gas distribution is its core, it also participates in power generation and broader energy services, reflecting Japan’s gradual market liberalization. A useful mental model: Osaka Gas is a gas-network company that has expanded into being an integrated energy provider.

41. Origin Energy — Australia

Origin is a major Australian energy company with retail electricity/gas customers and generation interests. It is often discussed alongside Australia’s energy transition debates because the country is both resource-rich and rapidly changing its power mix. Origin’s business combines customer retailing with upstream and generation exposure – so it’s broader than a “pure wires utility.”

42. Tata Power — India

Tata Power is one of India’s best-known integrated power companies, active across generation (including renewables), transmission, distribution, and increasingly EV charging and energy services. It’s part of the Tata Group, which gives it brand strength and access to long-term industrial relationships. Tata Power is also notable for operating distribution utilities in major Indian cities, making it visible to everyday consumers.

43. Italgas — Italy

Italgas is Italy’s leading natural gas distribution company – think networks, meters, and local delivery infrastructure rather than power plants. Its growth playbook is largely about modernizing and expanding distribution systems, including smart metering. Because it’s so network-heavy, its performance is strongly linked to regulation and long-term infrastructure investment cycles.

44. GAIL — India

GAIL is India’s flagship gas infrastructure company, best known for its role in gas transmission pipelines, city gas distribution stakes, and gas trading. It functions as a backbone player for India’s push to increase gas usage in industry and households. If you’re trying to understand India’s gas market structure, GAIL is one of the central nodes.

45. BKW AG — Switzerland

BKW is a Swiss energy and infrastructure group with roots in electricity supply and generation, but it’s also known for a significant engineering and services business. That combination makes it a bit different from the typical “pure utility.” Switzerland’s power context matters here too: hydro and cross-border electricity flows shape the economics of Swiss utilities.

46. Severn Trent — United Kingdom

Severn Trent is one of the UK’s major water and wastewater companies, serving large areas of England and Wales. UK water firms are heavily regulated and judged on service quality, leakage reduction, environmental performance, and investment plans. Severn Trent is often discussed in the context of long-term infrastructure upgrades – pipes, treatment works, and river quality.

47. United Utilities — United Kingdom

United Utilities provides water and wastewater services across North West England, including major urban areas. Like other UK water utilities, its business is structured around multi-year regulatory periods that set investment targets and allowed returns. A standout theme for United Utilities is managing aging infrastructure while meeting tighter environmental standards.

48. Pinnacle West Capital — United States

Pinnacle West is the parent company of Arizona Public Service (APS), Arizona’s largest electric utility. Its service territory includes fast-growing regions where rising demand and heat-driven peak loads matter a lot. That climate reality shapes planning: capacity, grid resilience, and resource adequacy are front-and-center in APS’s strategy.

49. Centrica — United Kingdom

Centrica is best known as the owner of British Gas, making it more retail- and services-oriented than many “grid utilities.” It supplies energy to households and businesses, and it also operates energy services and related infrastructure interests. Compared to regulated network operators, Centrica tends to be more exposed to competitive retail markets and policy shifts.

50. CPFL Energia — Brazil

CPFL Energia is a major Brazilian electricity company with strong positions in distribution and generation, and it is associated with one of Brazil’s largest energy groups. Its distribution footprint matters because Brazil’s market includes vast regions with very different demand patterns. CPFL also participates in renewables, but for many people the key identity is “big Brazilian distributor with integrated assets.”

51. Chubu Electric Power — Japan

Chubu Electric Power is one of Japan’s major regional utilities, serving central Japan, including the industrial Nagoya area. Its business spans electricity generation, transmission, and retail supply. Because this region is a manufacturing hub, Chubu plays a key role in supporting Japan’s industrial electricity demand. Like other Japanese utilities, it operates under a traditionally regional structure shaped by regulation and gradual market liberalization.

52. Enel Américas — Chile

Enel Américas is Enel’s main vehicle for electricity operations across Latin America, with assets in countries such as Brazil, Colombia, Peru, and Argentina. Headquartered in Chile, it focuses on power generation and distribution in fast-growing markets. The company is particularly active in expanding renewable energy across the region, benefiting from strong solar and wind resources.

53. Petronas Gas — Malaysia

Petronas Gas is a core infrastructure subsidiary of Malaysia’s national oil company, Petronas. Its main activities include gas processing, transmission pipelines, and regasification terminals. Unlike retail utilities, its revenues are closely tied to long-term contracts with upstream and downstream energy players, making it more of a backbone infrastructure operator than a consumer-facing utility.

54. OGE Energy — United States

OGE Energy is the parent company of Oklahoma Gas & Electric, providing electricity across Oklahoma and western Arkansas. It is a relatively focused utility with a strong emphasis on regulated electric service. OGE is often cited as an example of a utility operating in a region where energy affordability and grid reliability are especially important for local industry.

55. ENN Natural Gas — China

ENN Natural Gas is one of China’s largest city gas distribution companies, supplying natural gas to residential, commercial, and industrial customers across hundreds of cities. Its growth has been closely linked to China’s push to replace coal with gas for heating and industrial use. Compared to grid operators, ENN’s business is more urban and customer-facing.

56. Equatorial Energia — Brazil

Equatorial Energia is a major Brazilian electricity distributor with operations in multiple states. It has built a reputation for improving underperforming distribution assets, particularly in challenging regions. Much of its value creation has come from operational turnarounds, reducing losses and improving service quality in areas with historically weak grids.

57. Canadian Utilities — Canada

Canadian Utilities is part of the ATCO group and operates a diversified portfolio including electricity, natural gas, pipelines, and international utility assets. Its operations span Canada, Australia, and other regions. The company is known for its long history of stable dividend payments, reflecting its focus on regulated and contracted infrastructure.

58. Meridian Energy — New Zealand

Meridian Energy is New Zealand’s largest electricity generator and is notable for producing almost all of its power from renewable sources, primarily hydro and wind. It also supplies electricity to retail customers. Meridian’s profile makes it a frequently cited case study in how a largely renewable power system can operate at national scale.

59. UGI Corporation — United States

UGI Corporation is a diversified energy company with strong roots in natural gas distribution, propane, and energy marketing. Its gas utilities serve customers mainly in Pennsylvania, while its propane business operates internationally. Compared to many electric-focused utilities, UGI’s exposure to gas and fuels gives it a different risk and growth profile.

60. Public Power Corporation — Greece

Public Power Corporation (often called PPC) is Greece’s dominant electricity utility, historically state-owned and now publicly listed. It remains central to Greece’s power system, covering generation, distribution, and retail. PPC has been transitioning away from coal-heavy generation toward renewables, reflecting broader European energy policy shifts.

61. Torrent Power — India

Torrent Power is an integrated Indian utility active in power generation, transmission, and especially urban electricity distribution. It serves major cities such as Ahmedabad and Surat. The company is known for relatively efficient distribution operations by Indian standards, making it a notable player in India’s complex power market.

62. IDACORP — United States

IDACORP is the parent of Idaho Power, serving customers in Idaho and eastern Oregon. Its generation mix includes a significant amount of hydropower, which is central to its identity. Because of its geography, water availability and environmental regulation are especially important factors in its long-term planning.

63. Hera Group — Italy

Hera Group is a multi-utility serving parts of northern and central Italy, providing electricity, gas, water, and waste management services. This combination makes it broader than many single-focus utilities. Hera’s business model emphasizes local public service delivery alongside market-based energy activities.

64. Copel — Brazil

Copel is the main electricity utility in the Brazilian state of Paraná, with activities in generation, transmission, and distribution. Hydropower plays an important role in its generation portfolio. Copel is often viewed as a regionally focused utility with strong ties to local economic development.

65. Adani Total Gas — India

Adani Total Gas is a joint venture between the Adani Group and TotalEnergies, focused on city gas distribution in India. It supplies piped natural gas to households and compressed natural gas (CNG) for vehicles. The company benefits from India’s long-term strategy to expand gas usage in urban areas.

66. ENGIE Brasil — Brazil

ENGIE Brasil Energia is one of Brazil’s largest private power generators, with a portfolio heavily weighted toward hydropower, complemented by wind and thermal assets. Unlike distributors, its business is more exposed to wholesale power markets and hydrological conditions, which can affect earnings year to year.

67. TXN Energy — United States

TXN Energy is a Texas-focused electric utility, serving customers in a state with a uniquely structured and competitive power market. Texas’ independent grid and extreme weather events make reliability and generation planning especially critical. The company operates within this distinctive regulatory and market environment.

68. Enel Chile — Chile

Enel Chile focuses on electricity generation and distribution within Chile. It is part of the broader Enel group but operates with a local market focus. Chile’s strong solar and wind resources have driven Enel Chile’s increasing emphasis on renewable generation and grid integration.

69. EVN Group — Austria

EVN Group is an Austrian utility active in electricity, gas, water, and environmental services. It operates not only in Austria but also in parts of Eastern Europe. This mix of utilities and infrastructure services gives EVN a diversified earnings base compared with single-country electric utilities.

70. ACEA — Italy

ACEA is the main provider of electricity, water, and environmental services for Rome and surrounding areas. Water services are a particularly important part of its business. Because it serves Italy’s capital city, ACEA plays a visible public-service role alongside its commercial operations.

71. PGE Polska — Poland

PGE Polska Grupa Energetyczna is Poland’s largest power utility, historically centered on coal-fired generation. It is now navigating a difficult transition toward cleaner energy while maintaining energy security. PGE’s evolution is closely tied to Poland’s national energy policy and EU climate requirements.

72. Portland General Electric — United States

Portland General Electric serves customers in Oregon, including the Portland metro area. It has been expanding renewable generation and modernizing its grid to meet state climate goals. PGE operates in a region with strong environmental policy influence and growing electricity demand from electrification.

73. Black Hills — United States

Black Hills Corporation provides electric and gas services across several US states, primarily in the Midwest and Rocky Mountain regions. Its service areas are less densely populated, which shapes its cost structure and investment priorities. The company emphasizes regulated utility operations and system reliability.

74. Contact Energy — New Zealand

Contact Energy is a major electricity generator and retailer in New Zealand, with a generation mix dominated by geothermal and hydro power. Geothermal energy, in particular, is a distinctive feature of its portfolio. Contact’s operations highlight how local geology can shape a utility’s energy strategy.

75. Spire Energy — United States

Spire Energy is a natural gas utility serving customers mainly in Missouri, Alabama, and Mississippi. Its core focus is gas distribution and pipeline infrastructure rather than electricity generation. As with many gas utilities, regulatory oversight and pipeline modernization are central to its long-term outlook.

76. New Jersey Resources — United States

New Jersey Resources (NJR) is a diversified energy company best known for its regulated natural gas utility, which serves large parts of New Jersey. Beyond distribution, NJR has energy services and clean-energy investments, including solar projects. Its identity is essentially “local gas utility plus infrastructure/energy investments,” with regulation-driven stability as the core.

77. ATCO — Canada

ATCO is a Canadian infrastructure company with utility roots, operating electricity and natural gas distribution networks plus logistics, storage, and modular building businesses. Through its utility subsidiaries (and its relationship with Canadian Utilities), ATCO is deeply involved in regulated energy infrastructure in Canada and abroad. It stands out because it’s broader than a typical utility – part utility operator, part diversified infrastructure group.

78. ONE Gas — United States

ONE Gas is a pure-play regulated natural gas distributor, serving customers in Oklahoma, Kansas, and Texas. It doesn’t run power plants; it focuses on gas networks, safety, and system modernization. ONE Gas is a clean example of a “pipes-and-customers” company whose performance depends heavily on regulation and infrastructure planning.

79. Qatar Electricity & Water — Qatar

Qatar Electricity & Water Company (QEWC) is a core utility player in Qatar, supporting electricity generation and water desalination capacity in a country where desalinated water is essential. Its business is tightly linked to national infrastructure needs and long-term planning. In Gulf markets, integrated “power + water” models like this are common – and QEWC is one of the key names.

80. Aboitiz Power — Philippines

Aboitiz Power is one of the Philippines’ largest power companies, active in generation and power distribution through key assets and subsidiaries. It operates a varied portfolio (renewables and thermal), serving a fast-growing electricity market. The company matters because the Philippines faces rising demand and grid development needs – Aboitiz sits right in the middle of that growth story.

81. Tauron Polska — Poland

Tauron is one of Poland’s biggest utility groups, involved in electricity distribution, supply, and generation. Like other Polish utilities, it has been under pressure to transition away from coal while keeping power affordable and secure. Tauron’s scale makes it a central actor in Poland’s energy transition – especially on the distribution side, where grid upgrades are unavoidable.

82. Pampa Energía — Argentina

Pampa Energía is an integrated Argentine energy company with electricity generation assets and significant exposure to the country’s broader energy sector. Compared with classic regulated utilities, Pampa’s results can be more sensitive to macroeconomic conditions, regulation, and energy market reforms. It’s a key name for understanding Argentina’s power landscape and energy infrastructure.

83. NorthWestern — United States

NorthWestern Corporation provides electricity and natural gas service in Montana, South Dakota, and Nebraska. It’s a regionally focused regulated utility where reliability is a dominant theme – especially given large geographic service territories and weather extremes. NorthWestern’s story is mostly “steady networks and regulated returns,” rather than global expansion or massive renewables portfolios.

84. Iren — Italy

Iren is a multi-utility serving parts of northern Italy, operating in electricity, gas, district heating, water services, and waste management. That mix makes it closer to a “municipal services champion” than a pure energy player. District heating and environmental services are notable features, reflecting how many Italian multi-utilities bundle essential services under one corporate roof.

85. ALLETE — United States

ALLETE is a utility holding company best known for Minnesota Power, serving industrial and residential customers in Minnesota. Its customer mix includes energy-intensive industry, which can shape demand patterns and investment planning. ALLETE has also had involvement in renewables and transmission-related assets, making it more diversified than a simple local electric utility.

86. AGL Energy — Australia

AGL Energy is one of Australia’s best-known energy retailers and generators. It has historically operated large thermal generation assets while facing intense pressure to decarbonize as Australia’s grid changes quickly. AGL is often discussed as a bellwether for Australia’s energy transition because it combines large customer retail exposure with the complex economics of legacy generation.

87. Tohoku Electric Power — Japan

Tohoku Electric serves Japan’s Tohoku region, an area known globally for the 2011 earthquake and tsunami. The company operates a conventional regional utility model – generation plus retail supply – with strategy shaped by Japan’s regulatory environment and post-Fukushima energy policies. It remains a critical provider in a region where resilience and grid stability have outsized importance.

88. Otter Tail — United States

Otter Tail Corporation is unusual: it combines a regulated electric utility with a manufacturing segment. Its utility serves parts of Minnesota and the Dakotas, while the industrial business adds diversification you don’t see in most utilities. Otter Tail is a good example of a “utility plus” structure where non-utility earnings can matter.

89. Pennon Group — United Kingdom

Pennon is a UK water-focused company, historically known for owning South West Water. It operates in the tightly regulated UK water sector, where performance is judged on leakage control, customer service, environmental outcomes, and long-term investment delivery. Pennon’s core identity is water infrastructure-pipes, treatment works, and compliance – more than energy generation.

90. Comgás — Brazil

Comgás is Brazil’s largest natural gas distribution company, operating primarily in the state of São Paulo. It delivers gas to households, businesses, and industrial users, making it a key infrastructure player in Brazil’s most economically important region. Gas distribution businesses like Comgás tend to be regulation-heavy and long-term infrastructure focused.

91. Avista — United States

Avista provides electricity and natural gas service in the Pacific Northwest, mainly in Washington, Idaho, and parts of Oregon. Its service territory includes regions where hydro resources and environmental policy influence the wider grid. Avista is a classic mid-sized regulated utility, with emphasis on reliability, gradual modernization, and balanced resource planning.

92. Gujarat Gas — India

Gujarat Gas is one of India’s largest city gas distribution companies, operating a network that supplies piped gas to homes and industry and CNG to vehicles. Its base in Gujarat matters: the state is highly industrialized, which supports strong demand. It’s a direct beneficiary of India’s long-term push to expand gas use in urban and industrial areas.

93. Toho Gas — Japan

Toho Gas is a major city gas utility serving central Japan, including the Nagoya area. Its core business is distributing natural gas, supported by supply procurement and energy services. Like other Japanese gas utilities, it has been gradually broadening into electricity retail and integrated energy offerings as markets evolve.

94. Colbún — Chile

Colbún is a major Chilean power generation company with a portfolio that includes hydro, solar, and thermal assets. It operates in a country that has become a global hotspot for solar growth due to excellent irradiation conditions in the north. Colbún is best understood as a generation-focused company rather than a pure regulated distribution utility.

95. Chesapeake Utilities — United States

Chesapeake Utilities is a diversified energy delivery company with regulated natural gas distribution as a core business, particularly in the Mid-Atlantic and parts of Florida. It also has pipeline and energy service operations. The company is often described as a “growth utility” because it has historically expanded through infrastructure development and acquisitions.

96. Lechwerke (LEW) — Germany

Lechwerke (LEW) is a German regional utility focused on electricity distribution and related energy solutions, primarily in Bavaria. It operates networks and supports local energy transition efforts, including grid modernization and renewable integration. Compared with global giants, LEW is smaller—but it plays a crucial regional role in a country with aggressive decarbonization goals.

97. MGE Energy — United States

MGE Energy is the parent of Madison Gas and Electric, serving customers in and around Madison, Wisconsin. It provides both electricity and natural gas, and it is known for long-term planning toward cleaner generation. As a smaller regulated utility, MGE is primarily about steady service, infrastructure upgrades, and gradual decarbonization rather than rapid expansion.

98. SJW Group — United States

SJW Group is a regulated water utility serving parts of California, Texas, and Connecticut. Water utilities have a very different profile than electric ones: the main challenges are infrastructure replacement, water quality compliance, and drought resilience. SJW is notable for operating in California, where water policy and scarcity risks can strongly shape utility economics.

99. California Water Service Group — United States

California Water Service Group (Cal Water) is one of the largest investor-owned water utilities in the United States, serving communities primarily in California plus smaller operations in other states. Its business is built around long-lived assets—wells, treatment plants, storage, and pipelines—and the constant work of replacing aging infrastructure. Cal Water is a straightforward example of a large-scale regulated water utility.

100. Vector Limited — New Zealand

Vector Limited is a New Zealand energy infrastructure company best known for owning and operating the electricity distribution network across much of the Auckland region, along with a major gas distribution network in the same area. It’s essentially a “keep-the-city-running” utility: wires, pipelines, metering, and system reliability are the core business. Vector also has adjacent infrastructure activities such as smart metering and fibre network services via Vector Fibre, which makes it slightly more diversified than a typical distribution-only utility.

Other Notable Global Utility Companies to Know

Even beyond the top 100 by market capitalization, several major utility companies deserve mention due to their sheer scale, strategic importance, or unique role in national and regional energy systems. Some are excluded because they are fully state-owned, not publicly listed, or structured outside traditional market-cap rankings, but they remain hugely influential.

Here are a few notable utilities worth highlighting:

• Électricité de France — France
  EDF is one of the world’s largest electricity producers and the backbone of France’s power system, operating an extensive nuclear fleet that supplies the majority of the country’s electricity. It was fully nationalized in recent years, which removed it from market-cap rankings but not from global relevance.

• Korea Electric Power Corporation — South Korea
  Often abbreviated as KEPCO (distinct from Japan’s Kansai Electric), this state-controlled utility dominates South Korea’s electricity generation and transmission. It plays a central role in the country’s industrial economy and nuclear power program.

• NTPC — India
  NTPC is India’s largest power generation company by capacity, primarily focused on thermal power but rapidly expanding into renewables. While government-controlled, it is critical to India’s electricity supply and long-term energy transition.

• Tokyo Electric Power Company — Japan
  TEPCO serves the Tokyo metropolitan area and is one of the largest utilities in the world by customers. It remains closely associated with the Fukushima nuclear disaster, which continues to shape Japan’s energy policy and utility regulation.

• RWE — Germany
  RWE is a major European power producer that has undergone a dramatic transformation—from coal-heavy generation to becoming one of Europe’s largest investors in renewable energy and offshore wind. Its evolution mirrors Germany’s broader energy transition.

• Vattenfall — Sweden
  Vattenfall is a state-owned Nordic utility with operations across Northern Europe, active in hydropower, nuclear, wind, and electricity retail. It is particularly influential in shaping energy markets in Sweden, Germany, and the Netherlands.

• Statkraft — Norway
  Statkraft is Europe’s largest producer of renewable energy by generation, dominated by hydropower. Fully state-owned, it plays a major role in Nordic electricity markets and renewable project development across Europe.

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