Blog/Investment Banking
The top energy investment banks are Morgan Stanley, JPMorgan and Goldman Sachs on large deals, with Evercore and RBC Capital Markets ranking alongside them as energy specialists. In GlobalData’s 2025 tables, Morgan Stanley led both power M&A ($63.4bn) and oil and gas M&A ($57.3bn) by value.
Energy rankings split by sub-sector and deal size. Lazard and Moelis rank high in power and utilities. RBC Capital Markets leads oil and gas on deal count, with Jefferies second in H1 2026. Houlihan Lokey leads US energy and power deals under $1bn.
If you are choosing a group or an adviser, compare banks within the sub-sector and size band you will work in.
The table groups the leading banks by where they win energy mandates.
| Bank | Type | Where it leads in energy and power |
|---|---|---|
| Morgan Stanley | Bulge bracket | First by value in 2025 power ($63.4bn, 24 deals) and oil and gas ($57.3bn) |
| JPMorgan | Bulge bracket | Second in 2025 power ($62.9bn), adviser to Dominion and Constellation |
| Goldman Sachs | Bulge bracket | First by value in H1 2026 oil and gas ($48.3bn) |
| Evercore | Elite boutique | Second by value in H1 2026 oil and gas ($31.6bn), lead adviser to Calpine |
| RBC Capital Markets | Canadian bank | Most oil and gas deals in 2025 (24) and H1 2026 (12) |
| Lazard | Elite boutique | Fifth in 2025 power ($39.5bn), lead adviser to NextEra on Dominion |
| Moelis & Company | Elite boutique | Third in 2025 power by value ($45.5bn) |
| Rothschild and Barclays | Independent and UK bank | 20 and 18 power deals in 2025 |
| Jefferies | Independent investment bank | 14 oil and gas deals in 2025, 14 US energy deals under $1bn |
| Houlihan Lokey | Mid-market specialist | First for US energy and power deals under $1bn (18 in 2025) |
A league table ranks advisers by the total value of deals they advised on or by the number of deals.
Energy tables come in two families. Power tables cover utilities, generators and renewables. Oil and gas tables cover upstream, midstream and downstream companies. The same bank can rank very differently in each.
Scope also changes the order. GlobalData’s oil and gas tables count deals of $1bn or more. Houlihan Lokey publishes LSEG’s 2025 table of US energy and power deals under $1bn:
Morgan Stanley, JPMorgan and Goldman Sachs do not appear in that top six. Below $1bn, mid-market banks and energy specialists lead on deal count.
GlobalData ranked these banks top for 2025 power M&A by value:
By deal count, Rothschild (20) and Barclays (18) sat behind Morgan Stanley. Morgan Stanley advised on 11 deals worth $1bn or more and JPMorgan on 10.
The adviser line-ups on two of the largest recent power deals show the same names:
| Deal (announced) | Buyer’s advisers | Target’s advisers |
|---|---|---|
| NextEra Energy / Dominion Energy (May 2026) | Lazard (lead), BofA, Wells Fargo | Goldman Sachs, J.P. Morgan |
| Constellation / Calpine (Jan 2025) | Lazard, J.P. Morgan | Evercore (lead), Morgan Stanley, Goldman Sachs, Barclays |
Lazard advised the buyer on both deals, and JPMorgan and Goldman Sachs each appear on both. A single utility megamerger, such as NextEra and Dominion, can reshape a year’s value table.
Oil and gas rankings reward a different mix of banks. GlobalData’s 2025 table of deals worth $1bn or more looked like this:
In the first half of 2026, Goldman Sachs moved to first by value at $48.3bn, ahead of Evercore ($31.6bn), JPMorgan ($25.6bn), RBC ($25.4bn) and Barclays ($12.6bn). Goldman reached that total on three deals, two of them above $10bn.
RBC was the only adviser with a double-digit deal count in H1 2026, at 12. Jefferies (7), Moelis (6), Evercore (5) and Houlihan Lokey (5) followed.
Constellation agreed to buy Calpine for 50 million Constellation shares plus $4.5bn in cash. It also agreed to assume about $12.7bn of Calpine net debt. Constellation’s filing values the shares at their 20-day volume weighted average price of $237.98.
Calpine’s advisers would first break the price into its parts:
Constellation put the $26.6bn net price at 7.9x 2026 EV/EBITDA, which implies about $3.4bn of 2026 EBITDA ($26.6bn / 7.9). Because about 73% of the equity is paid in shares, Calpine’s advisers also test how much value moves with Constellation’s share price before closing. In a power group, analysts build this consideration analysis before signing, then update it as the buyer’s share price moves.
Deloitte, using S&P Global Market Intelligence data, puts power and utilities deal value at a record $205bn across 92 deals in H1 2026. That is more than three times the H1 2025 total. Ten deals of $1bn or more made up 97% of the value.
Four trends shape the mandates banks are pitching for:
Our guide to infrastructure private equity explains how infrastructure funds underwrite power assets, and our ranking of the top leveraged finance banks covers the lenders behind sponsor deals.
Use the table that matches the deals you want to work on. A value table shows who advises boards on the largest mergers. A count table shows who runs the most sales processes.
If you are recruiting, check three things for each bank:
If you are a seller choosing an adviser, ask for the bank’s recent deals in your sub-sector and size band. Then ask who on the team ran them. Our guide to the best investment banks for analysts compares training and exits, and our top industrials investment banks list shows how a neighbouring sector ranks. For mid-sized deals, see the best middle market investment banks.
Morgan Stanley led GlobalData’s 2025 tables by value in both power ($63.4bn) and oil and gas ($57.3bn). In H1 2026, Goldman Sachs moved to first in oil and gas at $48.3bn. For deal count, RBC Capital Markets led oil and gas in both periods, and Houlihan Lokey led US energy and power deals under $1bn in 2025 on LSEG’s count.
Evercore, Lazard and Moelis rank highest by value among the independent advisers. Rothschild was second by power deal count in 2025, with 20 deals. Evercore was second by value in H1 2026 oil and gas and led Calpine’s sale. Lazard led NextEra’s side of the Dominion merger and ranked fifth in 2025 power. Moelis was third in 2025 power at $45.5bn.
Yes, if you want technical depth. Power deals teach you regulated utility valuation and contracted cash flows. Oil and gas deals teach reserve-based and commodity-linked valuation. Deal flow is strong, with record power and utilities deal value of $205bn in H1 2026 on Deloitte’s figures.
Power and utilities teams cover regulated utilities, independent power producers and renewables. Oil and gas teams cover upstream producers, midstream pipelines and downstream refiners. Houlihan Lokey, for example, splits its energy practice into four oil and gas sub-sectors and nine power, utilities and renewables sub-sectors.
The top energy and power investment banks are Morgan Stanley, JPMorgan and Goldman Sachs on the largest deals, with Evercore, RBC, Lazard and Moelis ranking alongside them in their sub-sectors. Value tables move with one or two megadeals, as the oil and gas lead passed from Morgan Stanley in 2025 to Goldman Sachs in H1 2026. Use deal counts in your sub-sector and size band to judge which teams are busy year after year.
P.S. To study how these energy deals were priced and who advised on them, try the Transaction Master File. Our Premium Resources have more tools you may find useful, and the Private Equity Bros newsletter brings you weekly finance updates and the latest financial reports.
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