Dealmaking is heating up—big time. Energy sector M&A totaled almost $142B last year, up from just under $28B the year before. (Utility Dive)
The back-of-the-napkin analysis from PwC: more deals with bigger price tags. It counted 35 deals in 2025, compared to 30 a year earlier. “Smaller and mid-tier utilities increasingly sought combinations to strengthen balance sheets and capture scale ahead of rising reliability and electrification needs,” PwC said.
Looking ahead: Signs point to more deal momentum in 2026.