Utilities

ONE Gas runs regulated natural gas networks in Oklahoma, Kansas, and Texas, giving it a steady utility profile. The most compelling parts are its protected service territories, improving leverage, and long runway for earnings tied to infrastructure investment.

NorthWestern runs regulated electric and natural gas utilities in Montana, South Dakota, and Nebraska. Its appeal centers on essential-service stability, local monopoly infrastructure, and a capital program that could expand earnings if regulators continue to support recovery.

NewJersey Resources is a New Jersey-focused gas utility with steadier earnings than its revenue swings suggest. Stronger margins, regulated infrastructure investment, and improving profitability make it a useful case study in durable utility economics.

SOLV Energy builds and services large U.S. solar and battery projects. Recent results show a sharp move from losses to profitability, backed by low leverage and strong sector demand, making its renewable infrastructure position worth a closer look.

Mercury NZ is a New Zealand renewable utility built around hydro, geothermal, and retail electricity sales. Its appeal comes from essential infrastructure, solid cash generation, and long-term electrification exposure, while profits remain more variable than revenue.

HK Electric runs a regulated power network serving Hong Kong Island and Lamma Island. The business stands out for strong margins, dependable infrastructure demand, and solid cash generation, while its narrow footprint keeps the analysis tightly tied to regulation and financing trends.

Fervo Energy is building advanced geothermal power using modern drilling methods aimed at delivering round-the-clock clean electricity. Its appeal rests on a large market opportunity, visible project momentum, and the possibility of turning geothermal into a broader power platform.