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.