Goldman Sachs and Morgan Stanley have emerged as the leading financial advisers for mergers and acquisitions (M&A) in the power sector during the first three quarters (Q1–Q3) of 2026, according to GlobalData's Financial Deals Database.
Goldman Sachs secured the top spot by deal value, advising on transactions worth $148.8bn.
Morgan Stanley led by deal volume, working on a total of 22 deals.
JPMorgan was ranked second by value, advising on $147.7bn in power sector deals.
Wells Fargo followed with $136.3bn, Bank of America with $132.6bn, and Lazard with $110.2bn.
For deal volume, JPMorgan and Rothschild & Co were both next, each advising on 15 deals, followed by Barclays with 14 deals and PWC with 13.
GlobalData lead analyst Aurojyoti Bose said: "Morgan Stanley saw a year-on-year growth in deal volume as well as an improvement in its ranking by this metric from second position during Q1-Q3 2025 to the top position during Q1-Q3 2026. It also held the eighth position by value.
"Similarly, Goldman Sachs registered a nearly three-fold jump in its total advised deals value, which helped improve its ranking by value from third to the top position.
"Involvement in the $102.5bn deal for Dominion Energy's merger with NextEra Energy and the $33.4bn deal for the acquisition of The AES by a consortium of investors played a pivotal role in Goldman Sachs securing the top spot by value. It also held the sixth position by volume."
GlobalData's league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available in the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.
To ensure further robustness of the data, the company also seeks submissions of deals from leading advisers.
"Goldman Sachs and Morgan Stanley lead power sector M&A for Q1-Q3 2026" was originally created and published by Power Technology , a GlobalData owned brand.
