Companies in this sector own and operate the infrastructure of public utilities. These are typically in the Water, Electricity and Gas Distribution spheres. Water companies tend to be vertically integrated, encompassing all of production, distribution and supply, while the gas and electricity companies tend to focus on one or two functions.
The quoted companies tend to have a public sector background that has led to privatisation, and many of these businesses are linked to renewable energy production, cleantech, gas production and waste management, often having subsidiaries in these areas. The ‘classic’ utilities are price regulated ones (eg transmission and distribution), which are regarded as low-risk income generators.
Angelos has been an analyst for over 25 years, covering both UK and European utilities stocks, as well as businesses involved in the Renewables, Cleantech and Waste Management sectors. After studying Chemistry at Oxford University, Angelos worked at Panmure Gordon for eleven years. He initially covered the Engineering and Aerospace sectors, but he was subsequently involved in the privatisation of the UK Water industry and has followed the Utilities sector ever since. Angelos has been highly ranked in a number of City surveys, and his career includes spells at Credit Lyonnais, Williams de Broë and Investec.