Top 15 Gas Utilities

2009 Rank	2008 Rank	Company Name	Market Cap ($US Bil.)	% Share Price Change (YoY)	Est P/E	Debt/Capital	HQ Country	Ticker/Exch.
1	1	GdF Suez	98.1	-9 %	9	40 %	France	GSZ FP
2		E.ON	83.9	4 %	39	48 %	Germany	EOAN GR
3		RWE	54.5	8 %	18	62 %	Germany	RWE GR
4	2	Centrica	23.3	17 %	51	51 %	UK	CNA LN
5	4	Gas Natural	19.4	-6 %	8	64 %	Spain	GAS SM
6	6	Hong Kong China Gas	16.4	67 %	27	33 %	Hong Kong	3 HK
7	5	Sempra Energy	13.8	31 %	11	48 %	US	SRE US
8	11	GAIL	11.3	110 %	19	20 %	India	GAIL IN
9	3	Tokyo Gas	10.9	-20 %	13	41 %	Japan	9531 JP
10	15	Perusahaan Gas	10.0	144 %	30	48 %	Indonesia	PGAS IJ
11		Edison	8.1	21 %	17	36 %	Italy	EDN IM
12	7	Osaka Gas	7.3	-26 %	19	43 %	Japan	9532 JP
13	9	Questar	7.2	27 %	19	39 %	US	STR US
14		EQT	5.7	31 %	38	48 %	US	EQT US
15	10	PETRONAS Gas	5.7	1 %	22	5 %	Malaysia	PTG MK

Source: Bloomberg, PFC Energy estimates as of 12/31/2009

Share price growth based on primary exchange tickers

P/E based on earnings from continuing operations for the 12 months ended 9/30/2009

Debt/Capital is ratio between total debt and total capital based on most recent published balance sheet

Excludes gas utilities that are components of diversified companies whose major business is electric power