Investment summary 3
Selective opportunities 10
Company profiles 25
Centrica 26
E.ON 34
EDF 40
Fortum 46
GDF Suez 51
Iberdrola 60
International Power 65
National Grid 70
Public Power Corporation 75
RWE 79
Pennon 83
Severn Trent 88
Suez Environnement 93
United Utilities 97
Veolia Environnement 101
Disclosure appendix 110
Disclaimer 115
We would like to acknowledge the contribution of the
following associates in the preparation of this report:
Pankaj Jain*, Viral Sheth*, Saurav Ghosh* and Prabal
Sidana*, Associates, Bangalore
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