Summary
According to S&P Global, U.S. utility deals reached $128.73 billion year-to-date as of September 25, compared to $76.43 billion during the same period in 2024. The rollback of clean energy tax credits under the “One Big Beautiful Bill” (OB3) has significantly altered investment incentives, prompting energy developers to race to secure federal tax credits before they are phased out. By 2028, U.S. datacenters are projected to require 95 GW of utility power, doubling from 2024 levels of 47.4 GW. With an increasing focus on fossil fuels, rising operational costs, supply chain risks, and diverging state and federal energy policies, how should investors reposition their portfolio strategies? Which asset class is likely to attract more investment? Where are the emerging hotspots for investment? What potential scenarios could impact M&A strategies and capital allocation in 2026?
Join our panel of industry leaders and S&P Global analysts as they explore the opportunities and challenges in the U.S. power sector M&A outlook for 2026.
Fireside Chat
S&P Global
Daniel Yergin, Ph.D.
Vice Chairman
Daniel Yergin is Vice Chairman of S&P Global. He is a highly respected authority on energy, international politics, and economics, and a Pulitzer Prize winner. He chairs S&P’s CERAWeek conference, which CNBC has called “the Super Bowl of world energy”.
Time Magazine said, “If there is one man whose opinion matters more than any other on global energy markets, it’s Daniel Yergin.” The New York Times called him “America’s most influential energy pundit” And The Wall Street Journal described him as “the energy sage”.
He plays a leadership role in the Commodity Insight research at S&P Global and recently led studies on LNG as a major new U.S. export industry and on “Copper in the Age of AI”.
Dr. Yergin’s most recent book The New Map: Energy, Climate and the Clash of Nations is described by NPR as “a master class on how the world works,” and in The Washington Post as “a tour de force of geopolitical understanding.,” It has been translated into 14 languages.
A Pulitzer Prize winner, Dr. Yergin is the author of the bestseller The Quest: Energy, Security, and the Remaking of the Modern World. The Quest, which The New York Times said it is “necessary reading for C.E.O.’s, conservationists, lawmakers, generals, spies, tech geeks (and) thriller writers.” Bill Gates summed up his review of The Quest by saying, “This is a fantastic book.”
Dr. Yergin is known around the world for his book The Prize: The Epic Quest for Oil Money and Power, which was awarded the Pulitzer Prize. It became a number one New York Times best seller and has been translated into 20 languages.
Of Dr. Yergin’s book Commanding Heights: The Battle for the World Economy, which has been translated into 13 languages, The Wall Street Journal said, “No one could ask for a better account of the world’s political and economic destiny since World War II.” Both The Prize and Commanding Heights were made into award- winning television documentaries for PBS and BBC, which Dr. Yergin co-produced, co-wrote, and narrated.
Dr. Yergin is a senior trustee of the Brookings Institution and a member of the Energy Advisory Council of the Dallas Federal Reserve. Dr. Yergin served on the U.S. Secretary of Energy Advisory Board under four U.S. presidents.
Among his honors, both the Prime Minister of India and the United States Association have presented Dr. Yergin with a “Lifetime Achievement” awards and the U.S. Department of Energy awarded him the first “James Schlesinger Medal for Energy Security.” The University of Pennsylvania presented him with the first Carnot Prize for “distinguished contributions to energy policy.” Dr. Yergin was awarded the Gold Medal of the President of the Republic of Italy for combining “an understanding of the dynamics of the market with a broad view of the forces of geopolitics as he seeks to point the way to the positive outcomes for the world community.
Dr. Yergin is a member of the advisory boards for the Columbia University Center on Global Energy policy and the MIT Energy Initiative.
Dr. Yergin holds a BA from Yale University and an M.A. and Ph.D. from Cambridge University, where he was a Marshall Scholar
S&P Global Energy
Philippe Frangules
Head of Research & Analytics Solutions
Philippe A. Frangules is Head of Research & Analytics Solutions (RAS) at S&P Global Energy. RAS brings together expert analytics and research capabilities in power, renewables, and the oil and gas sectors -- from wellhead to refining to end use -- including such as chemicals and agri-business, as well as related shipping and freight.
Previously, Philippe served as Head of Gas, Power and Climate Solutions at S&P Global Energy. In that role, he led the direction of product content, analytics, research, and insights. Prior to that, Philippe was in leadership since 2002 at IHS Markit before its 2022 merger with S&P Global, and in that capacity, he ran the businesses of Gas, Power and Energy Futures as well as Upstream Oil & Gas Consulting.
His career has spanned a number of disciplines, including being cofounder of Excelergy Corp., a software & internet service company focused on the intersection of the internet and deregulating energy; serving as Vice President of Strategic Planning at Boston Edison Company; working in strategy consulting with Alliance Consulting & Quantum Associates; and also having experience in investment and commercial banking.
Mr. Frangules holds a bachelor’s degree from Bowdoin College and a master’s degree from the MIT Sloan School of Management.
Panel Speakers
Onyx Renewables
Mary Beth Mandanas
CEO
Guggenheim Securities
Frank Nicklaus
Senior Managing Director
Citibank
Carl Cho
Director, Clean Energy Finance
S&P Global Energy
Curt Ophaug-Johansen
Director of Energy Product Management
Curt Ophaug-Johansen, Director of Energy Product Management with S&P Global Energy, has over 26 years’ experience in the energy information business services field.
Throughout his career, he has built a variety of information services products for FT Energy, Platts, SNL Energy, and S&P Global. These solutions span the coal, natural gas, power, and renewable energy sectors and provide essential industry insights. Curt specializes in the collection, standardization and analysis of complex financial and operational energy data. He graduated from the University of Colorado with a Bachelor of Science in Accounting and received an MBA in Integrated Marketing Strategy from Daniels College of Business at the University of Denver.
Agenda
*Agenda is subject to change.
S&P Global
Daniel Yergin
Daniel Yergin, Vice Chairman of S&P Global and a world-renowned expert on energy, geopolitics, and economics, will join our guest panelists to discuss about the US energy landscape, M&A trends and geopolitical dynamics impacting the US power sector.
Complimentary signed copies of his latest book will be available. We invite you to join us for drinks, conversation, and a thoughtful end to a day filled with impactful content.
