Goldman Sachs and Morgan Stanley were the top mergers and acquisitions (M&A) financial advisers in the power sector during the first three quarters (Q1-Q3) of 2026 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading intelligence and productivity platform.

An analysis of GlobalData’s Deals Database reveals that Goldman Sachs achieved the leading position in terms of value by advising on $148.8 billion worth of deals. Meanwhile, Morgan Stanley led in terms of volume by advising on a total of 22 deals

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “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 $102.5 billion deal for Dominion Energy’s merger with NextEra Energy and the $33.4 billion 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.”

JPMorgan occupied the second position in terms of value, by advising on $147.7 billion worth of deals, followed by Wells Fargo with $136.3 billion, Bank of America with $132.6 billion, and Lazard with $110.2 billion.

Meanwhile, JPMorgan occupied the second position in terms of volume with 15 deals, followed by Rothschild & Co with 15 deals, Barclays with 14 deals, and PWC with 13 deals.