Explore the Data
Use our interactive screening tool to examine Corporate Carbon Overhang (COH) across 2,420 U.S.-listed firms—a comprehensive sample representing the U.S. stock market with a total market capitalization of $48.23 trillion as of December 31, 2023, covering nearly 97% of the S&P Total Market Index. Filter firms by COH metric, sector, firm size, or COH level. Search individual companies or download the dataset for research, teaching, and other non-commercial uses.
Cite as: Ahn, Byung Hyun, Sunil Dutta, and Panos N. Patatoukas. “Corporate Carbon Overhang: Valuing Corporate Exposure to Future Carbon Costs.” Energy Economics 152 (December 2025): 109022.
Correspondence:
carbon.overhang@gmail.com- Universe
- 2,420 U.S.-listed firms
- Valuation date
- December 31, 2023
- Total market capitalization
- $48.23 trillion
- Aggregate COH
- $3.1-$3.6 trillion
COH Metric
Sector
Market Cap Group
COH Level
| Company | Sector | Market Cap | Market Cap Group | COH Metric | COH Level | |
|---|---|---|---|---|---|---|
| The Southern Company (NYSE:SO) | Utilities | $76.5B | Mega Cap | Baseline | $169.8B | Severe |
| Duke Energy Corporation (NYSE:DUK) | Utilities | $74.8B | Mega Cap | Baseline | $121.2B | Severe |
| Xcel Energy Inc. (NASDAQGS:XEL) | Utilities | $34.2B | Mega Cap | Baseline | $115.1B | Severe |
| NextEra Energy, Inc. (NYSE:NEE) | Utilities | $124.6B | Mega Cap | Baseline | $112.6B | Severe |
| Vistra Corp. (NYSE:VST) | Utilities | $13.8B | Mega Cap | Baseline | $97.3B | Severe |
| Entergy Corporation (NYSE:ETR) | Utilities | $21.4B | Mega Cap | Baseline | $67.1B | Severe |
| PPL Corporation (NYSE:PPL) | Utilities | $20.0B | Mega Cap | Baseline | $61.2B | Severe |
| American Electric Power Company, Inc. (NASDAQGS:AEP) | Utilities | $42.7B | Mega Cap | Baseline | $55.4B | Severe |
| DTE Energy Company (NYSE:DTE) | Utilities | $22.7B | Mega Cap | Baseline | $54.3B | Severe |
| Evergy, Inc. (NASDAQGS:EVRG) | Utilities | $12.0B | Mega Cap | Baseline | $44.0B | Severe |
| Dominion Energy, Inc. (NYSE:D) | Utilities | $39.3B | Mega Cap | Baseline | $40.3B | Severe |
| The AES Corporation (NYSE:AES) | Utilities | $12.9B | Mega Cap | Baseline | $37.1B | Severe |
| NRG Energy, Inc. (NYSE:NRG) | Utilities | $11.7B | Mega Cap | Baseline | $31.2B | Severe |
| Ameren Corporation (NYSE:AEE) | Utilities | $19.0B | Mega Cap | Baseline | $30.2B | Severe |
| FirstEnergy Corp. (NYSE:FE) | Utilities | $21.0B | Mega Cap | Baseline | $27.7B | Severe |
| Constellation Energy Corporation (NASDAQGS:CEG) | Utilities | $37.3B | Mega Cap | Baseline | $25.3B | Severe |
| Alliant Energy Corporation (NASDAQGS:LNT) | Utilities | $13.1B | Mega Cap | Baseline | $23.7B | Severe |
| CMS Energy Corporation (NYSE:CMS) | Utilities | $16.9B | Mega Cap | Baseline | $19.9B | Severe |
| WEC Energy Group, Inc. (NYSE:WEC) | Utilities | $26.6B | Mega Cap | Baseline | $18.6B | Severe |
| CenterPoint Energy, Inc. (NYSE:CNP) | Utilities | $18.0B | Mega Cap | Baseline | $12.3B | Severe |
| Sempra (NYSE:SRE) | Utilities | $47.0B | Mega Cap | Baseline | $12.1B | Severe |
| PG&E Corporation (NYSE:PCG) | Utilities | $38.5B | Mega Cap | Baseline | $7.8B | Severe |
| NiSource Inc. (NYSE:NI) | Utilities | $11.0B | Mega Cap | Baseline | $6.0B | Severe |
| Consolidated Edison, Inc. (NYSE:ED) | Utilities | $31.4B | Mega Cap | Baseline | $3.2B | Severe |
| Edison International (NYSE:EIX) | Utilities | $27.4B | Mega Cap | Baseline | $2.4B | Severe |
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