SKN | Goldman Sachs and Morgan Stanley Lead Power Sector M&A Rankings in 2026

Key Takeaways:

• Goldman Sachs ranked first by advised deal value in the power sector during Q1–Q3 2026, with transactions totaling $148.8 billion.
• Morgan Stanley led by deal volume, advising on 22 transactions, while JPMorgan and Rothschild & Co each advised on 15 deals.
• Two major transactions—a reported $102.5 billion Dominion Energy–NextEra Energy merger and a $33.4 billion acquisition of The AES by an investor consortium—were pivotal to Goldman Sachs’ leading position by value.

Goldman Sachs Leads by Transaction Value

Goldman Sachs and Morgan Stanley emerged as leading financial advisers in power sector mergers and acquisitions during the first nine months of 2026, according to GlobalData’s Financial Deals Database.

Goldman Sachs secured the top position by deal value, advising on transactions worth $148.8 billion. This represented a nearly threefold increase in total advised deal value, according to GlobalData lead analyst Aurojyoti Bose, moving the firm from third place in the corresponding 2025 period to first place in Q1–Q3 2026.

JPMorgan ranked second, with $147.7 billion in advised power sector transactions. Wells Fargo followed with $136.3 billion, Bank of America recorded $132.6 billion, and Lazard completed the top five with $110.2 billion.

The relatively narrow gap between Goldman Sachs and JPMorgan underscores the scale of advisory activity among leading investment banks in the power sector. However, deal value rankings can be influenced significantly by the participation of individual large transactions and should not be interpreted as a direct measure of advisory revenue or profitability.

Morgan Stanley Leads by Deal Volume

Morgan Stanley ranked first by transaction volume, advising on 22 power sector deals during the period. The firm improved from second place in Q1–Q3 2025, reflecting year-over-year growth in its advised deal count, according to GlobalData.

JPMorgan and Rothschild & Co tied for second place, with 15 transactions each. Barclays followed with 14 deals, while PwC advised on 13.

Morgan Stanley also ranked eighth by total deal value, illustrating the distinction between transaction frequency and aggregate transaction size. A firm can lead by volume while another takes the top position by value, depending on the scale and composition of the mandates completed.

For investment banks, both measures provide useful but different perspectives on competitive positioning. Deal volume can indicate the breadth of advisory activity, while aggregate value highlights exposure to larger transactions.

Major Transactions Drive Goldman Sachs’ Ranking

Two transactions played a pivotal role in Goldman Sachs’ first-place ranking by value, according to GlobalData.

The first was a reported $102.5 billion deal involving Dominion Energy’s merger with NextEra Energy. The second was a $33.4 billion transaction involving the acquisition of The AES by a consortium of investors.

Together, these transactions accounted for a substantial portion of Goldman Sachs’ reported advised deal value. The firm nevertheless ranked sixth by volume, reinforcing how a small number of large mandates can influence value-based league tables.

The activity also highlights the importance of major corporate transactions in the power sector, where large-scale assets and strategic consolidation can generate substantial investment banking mandates.

Implications for Investment Banking

The Q1–Q3 rankings demonstrate continued competition among major financial institutions for power sector advisory assignments. Goldman Sachs’ value leadership and Morgan Stanley’s volume leadership reflect different strengths in transaction activity rather than a single, comprehensive measure of performance.

For investors and financial industry stakeholders, the rankings offer insight into advisory participation across the sector. They do not, by themselves, establish the profitability of individual mandates, the fees earned by each institution, or the future direction of power sector M&A.

GlobalData states that its league tables are based on real-time monitoring of company websites, advisory firm websites, and other secondary sources, supported by analyst review of transaction details and adviser participation.

Closing Insights

Goldman Sachs’ $148.8 billion in advised power sector deals and Morgan Stanley’s 22 transactions placed the two institutions at the forefront of the Q1–Q3 2026 rankings under different measures. Major transactions materially supported Goldman Sachs’ value leadership, while Morgan Stanley’s deal count reflected broader transaction activity.

The rankings provide a useful snapshot of competitive positioning in power sector investment banking. Their wider significance will depend on subsequent transaction activity, the completion and recognition of announced mandates, and the economics of the advisory work involved.

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